Tezos And It's Token's

What is Tezos ?

A fork is not required for Tezos' self-amending blockchain to develop over time. This is made possible by the use of the distinctive liquid proof-of-stake (LPoS) consensus method. Compared to conventional proof-of-work (PoW) or proof-of-stake (PoS) procedures, LPoS provides a more effective and secure consensus mechanism .

And it's Features

1. Tezos is the only self-amending blockchain that can develop over time without requiring a fork. This is made possible by the use of the distinctive liquid proof-of-stake (LPoS) consensus method.

2. Efficiency: Compared to conventional PoW or PoS blockchains, Tezos is a more efficient blockchain. The usage of LPoS, which uses less energy and processing power than PoW or PoS, is to blame for this.

3. Security: The blockchain Tezos is safe. This is because it uses LPoS, which is more attack-resistant than PoW or PoS.

4. Scalability: The blockchain Tezos is scalable. This is because the network can process more transactions per second using LPoS than it can with PoW or PoS.

And it's Uniquenes

1. On-chain governance: Tezos features an integrated governance framework that enables the community to vote on protocol updates. Tezos becomes more democratic as a result and is less likely to fork.

2. Smart contracts are self-executing contracts that can be used to automate a range of operations. Tezos supports smart contracts.

3. Decentralised applications (dApps): Tezos can be used to create dApps, or decentralised applications, which are blockchain-based programmes that are not governed by a single entity.

4. NFTs: Non-fungible tokens (NFTs), which are digital assets that are exclusive and cannot be replaced, can be created and traded on the well-known platform Tezos.

Discuss About TZIP - 7, TZIP - 12, TZIP -16, TZIP -21 in Tezoz :

1. TZIP-7: The fundamental characteristics of tokens on Tezos, including their name, symbol, and supply, are defined by TZIP-7. Additionally, it describes how tokens are created and transferred.

2. TZIP-12: The extra characteristics of NFTs on Tezos, such as their distinctive identity and minting guidelines, are defined by TZIP-12. Additionally, it describes how NFTs are produced and transported.

3. TZIP-16: The language and runtime environment for smart contracts on Tezos are specified in TZIP-16. Additionally, it describes how smart contracts are used and triggered.

4. TZIP-21: Tezos' governance structure is outlined in TZIP-21. It outlines the process by which the Tezos community can vote and propose protocol improvements.

The Tezos community created and maintains these standards, which are completely open source. They play a significant role in the Tezos ecosystem and contribute to the success of Tezos as a premier dApp development platform.

Let's Discuss some Token Standards on Tezos Chain :

FA1.2:

This is Tezos' original token specification. Since all tokens of a given type are identical, it is a fungible token standard. FA1.2 tokens lack sophisticated functionality but are simple to generate and use.

FA1.2 is a token standard on Tezos that defines the basic properties of tokens, such as their name, symbol, and supply. It also defines the way that tokens are created and transferred.

Let us understand this by an realtime example :

Let's say that you want to create a token that represents a unit of coffee. You would first need to create a smart contract that defines the properties of your token, such as its name, symbol, and supply. You would then need to mint some tokens by calling the mint() function on your smart contract. Once you have minted some tokens, you can transfer them to other users by sending them a transaction.

{ "to": "tz1...", "amount": 10, "operation": "transfer", "counterparty": "", "context": "" }

With the use of FA1.2 tokens, a number of decentralised apps can be developed. They can stand in for anything of value, including cash, products, and services. Additionally, FA1.2 tokens are compatible with other blockchains, enabling their use across several blockchains.

FA 2.0:

This is a more recent token standard that aims to be both more strong and versatile than FA1.2. FA2 tokens can have a range of attributes, such as expiration dates and minting caps, and they can be fungible or non-fungible. FA2 tokens offer a larger range of options than FA1.2 tokens but are more difficult to manufacture and utilise.

Here is an example of how FA2 could be used in a real-world application :

Think about developing a decentralised application (dApp) that enables users to trade NFTs. A token contract that represents the NFTs could be made using FA2. The NFTs' attributes, including their name, symbol, and scarcity, would be specified in the token contract. Additionally, it would specify how NFTs can be traded and transferred.

So you can make both token using single token contract .

Here are some examples of real-world applications that use FA2:

• Quipuswap: Quipuswap is a decentralized exchange (DEX) that allows users to trade FA2 tokens.

• Fez: Fez is a dApp that allows users to create and manage their own NFTs.

• Aleph.im: Aleph.im is a decentralized storage platform that supports FA2 tokens.

Benefits of using Tezos token standards over different chains :

1. The flexibility of Tezos token standards to work with other blockchains means that both tokens created on Tezos and their counterparts on other blockchains can be used. Because of this, Tezos is an excellent option for developers who wish to construct dApps that work on different blockchains.

2. Security: Because Tezos uses blockchain technology as its foundation, the standards for its tokens are secure. For programmers looking to design dApps that manage sensitive data, Tezos is a wise choice.

3. Scalability: Because Tezos uses blockchain technology as its foundation, the token specifications for this platform are scalable. Because of this, Tezos is a fantastic option for developers that wish to construct dApps that can manage a lot of users.