For a long time, Tezos (XTZ) has had a great reputation that’s hardly been represented in the markets. Only recently, has the price of the coin begun to reflect how users actually feel about the network. Now, the rapid rise of XTZ shows new found interest in the coin. 2020 provides new hope and aspirations for the altcoin standout, Tezos.
What is Tezos?
Tezos was first conceptualized in 2014, by Kathleen and Arthur Breitman. This resulted in a wildly successful ICO in July 2017, that raised around $232 million, the largest ICO at the time. In 2019, Wired Magazine reported that the then-head of the company, Johann Gevers, was in conflict with the Breitmans – this derailed the project. It was mostly because of this feud that Tezos started to flounder, stuck in the realms of development purgatory.
Still, things have turned around quite considerably for Tezos over the last year or so. It’s gaining momentum, and it’s strong reputation is finally proving useful.
Tezos hits high
Tezos hit highs amounting to around $3.90 in February, but the price has since dropped. Still, XTZ is outperforming the vast majority of other altcoins. The price drop isn’t really indicative of a lack of interest from the market. In fact, Tezos has been performing really well recently. So, what’s changed?
Much of the initial attraction of Tezos has to do with its three-layered platform. The network is built on transactions and consensus, a proof-of-stake protocol, and support from major market influencers like Tim Draper.
Proof-of-Stake has become an increasingly popular consensus algorithm, and that could be one of the factors leading to Tezos’ success. The ability to stake coins in exchanges like Coinbase, can provide an excellent source of revenue for XTZ holders – this further drives demand for the coin.
Cointelegraph interviewed a number of people about the Tezos phenomenon, many of whom cited three key areas for the renewed interest in the…