Crypto Spotlight: Tezos

We’ve welcomed even more new cryptocurrencies to the Wirex app recently. One of these awesome additions is XTZ, and in case you didn’t know, here’s the lowdown on the token.

What is XTZ?

XTZ is a proof-of-stake (PoS) token that powers the Tezos blockchain. The purposes of XTZ is to give its holders the power to vote on potential changes to the Tezos software. By implementing this kind of system, the aim is to reduce the chances of a blockchain fork.

Who created XTZ?

XTZ was co-founded by husband-and-wife duo Arthur and Kathleen Breitman and launched in 2014.

What does it do?

Like most crypto, XTZ can be used for holding, spending and sending. However, owners of the token can also “bake” the token, which gives them to ability to vote on potential upgrades or changes to software rules. Once decided and passed, the software is updated immediately. Users are also rewarded based on how many XTZ tokens they bake.

What makes it unique?

XTZ’s innovative voting features is what makes it unique, particularly in how passed votes are implemented immediately and without the need for a fork.