Comeback Kid Tezos (XTZ) Jumps into Fight Against COVID-19 on Heels of $200 Million Deal

Tezos (XTZ) – nearly tripled in the first few months of 2020 while the overall markets saw their biggest declines in decades. While many believed that crypto would act as a safe-heaven during a financial market collapse the opposite happened and investors dumped btc and crypto just as fast as the rest of their investments.

While XTZ has been highly volatile it has also seen significant gains in recent months. In March Tezos announced that more than 20 companies expect to tokenize securities on the Tezos blockchain, representing some $200 million in deals, through a new partnership with fintech merchant bank DealBox and software provider Vertalo. Tezos also jumped into the fight against coronavirus COVID 19 when Tezos developer Johann Tanzer organized a prize pool, which has accumulated 340 XTZ ($1,000). LetzBake, a leading Tezos baker, was responsible for contributing half of that amount. The remainder was donated by several individuals, and the prize pool is likely to grow over time.

Tezos (XTZ) is a proof-of-stake cryptocurrency developed to provide a self-governing protocol with advanced scalability that supports dApps and smart contracts. Tezos aims to combine a self-correcting protocol and on-chain governance to manage network modifications. Tezos is powered by XTZ, which is created through ‘baking’. Bakers put up deposits and are rewarded for signing and publishing blocks. Witnesses then validate the blocks. Dishonest bakers lose their XTZ deposits. Tezos uses delegated proof-of-stake (DPoS) and supports Turing complete smart contracts. Tezos is implemented in the OCaml programming language, which is said to offer ‘functional, imperative, and object-oriented styles’.

The XTZ coin was developed in 2014 by ex-Morgan Stanley broker Arthur Breitman and his wife Kathleen. In July 2017, XTZ held a wildly successful initial coin offering that raised $232 million, making it the largest STO in history at that time. The project sagged after Switzerland-based, nonprofit Tezos Foundation got into a very public messy dispute with Johann Gevers.

Comeback kid Tezos XTZ has seen a surge of interest from investors in recent months and one key area driving interest is the ability to stake the coins on large exchanges such as Coinbase. Investors also note the “STO Pipeline” of projects that will soon be announced, Tazos superior technology and the well-funded treasury of the Tezos Foundation

As stated earlier in the article more than 20 companies expect to tokenize securities on the Tezos blockchain, representing some $200 million in deals, through a new partnership with fintech merchant bank DealBox and software provider Vertalo. The move comes a month and a half after Vertalo formally picked the Tezos network as its default blockchain for issuing securities.

Tezos has the right idea with a virtual conference:

Mining Tezos to fight coronavirus COVID – 19

The Tezos community has come together with the positive goal of contributing their spare computing power to medical research concerning Coronavirus (COVID-19). Tezos developer Johann Tanzer has organized a prize pool, which has accumulated 340 XTZ ($1,000). LetzBake, a leading Tezos baker, was responsible for contributing half of that amount. The remainder was donated by several individuals, and the prize pool is likely to grow over time. The competition relies on [email protected], a distributed computing project that uses participants’ computers to perform calculations related to protein folding and the top prize to the top-performing participant or team was awarded on Mar. 30.

 

 


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Coinbase

Coinbase is a digital currency exchange headquartered in San Francisco, California.

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Chad Rechtien Author

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