Tezos is on fire, moving up from 45 cents a week ago to a high of over 60 cents. The change in bitcoin’s price probably isn’t enough to do that by itself, and Tezos has been in both markets in the same direction. Luke Martin, a trader and analyst, asked the question first:
Why is everyone talking about Tezos?
— Luke Martin (@VentureCoinist)
Gains Not Based on Social Media Buzz
Santiment, a bot that follows the frequency of crypto terms in social media, noted that Tezos hasn’t seen a spike today:
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click .
🤔Everyone? hasn't pop up as a trending word in social media today:
Neither did the social volume skyrocket. But it did pick up a little:
Perhaps a while more before Everyone = Crowd. 😀
— Santiment (@santimentfeed)
Tezos sports on-chain governance. Ethereum founder Vitalik Buterin spoke to such models yesterday in a podcast. Buterin believes that on-chain governance may be overrated, while the governance model .
Decentralized Governance Is All The Rage
Tezos founder Arthur Breitman recently pointed out that Tezos is partly responsible for increased interest in blockchain protocol governance:
In 2014, before the Tezos paper came out, almost no one was talking about governance of cryptocurrencies. Today, there isn’t a single project that doesn’t discuss its own plans for governance. I am proud that Tezos led the way here. But what is governance, and why do we need it?
— Arthur B. 🚀 (@ArthurB)
Much of the renewed interest in Tezos stems from its Athens protocol upgrade, which is the first on-chain upgrade to feature an “invoice.”
Nomadic Labs that a small fee of 100 Tezos will be paid by the network to the developers. It’s an example of how protocol development can be funded in the future. The money is generated by everyone that holds Tezos. In the case of this particular upgrade, it boded well. The Tezos token has seen a lot more demand in the past couple weeks.
On-chain governance is all the rage. Tezos requires a multi-stage process and maximizes coin holder engagement to ensure the protocol moves in the direction its holders want. One aspect of the Athens upgrade that has seen some pushback is
The change means that contract holders can no longer create contracts allowing them to move money out without checks and balances in place. Arthur Breitman for this, explaining:
TL;DR the most pressing action item is to amend the protocol to prevent the creation of code carrying, spendable, KT1 addresses. The rest of the changes can follow.
A KT1 address in Tezos is an address that can stake (mint or “bake”) coins. Until now, KT1 addresses could be used like regular addresses. They are also used to create smart contracts in Tezos.
Elimination of Spendable Contracts
The change means KT1 addresses, which have some smart contract code, can’t directly move funds around. They will instead have to withdraw funds to a regular address to spend the coins. The goal is to make “baking,” the process by which new coins are created in the Tezos protocol, more efficient.
The Winklevoss twins have made it public that they are invested in Tezos. The platform shows . Interest from the Twins and speculation that the token might find its way to Gemini is a huge driving force for the Tezos market.
Tezos reached its all-time high of over $5 at the height of the crypto boom in December 2017. It has since lost more than 50 percent of its BTC value, which isn’t bad when compared to most other altcoins or bitcoin itself, which has lost a greater percentage of its value in the same time frame.
Published at Wed, 20 Mar 2019 22:47:03 +0000
