Tezos

What is Tezos?

Tezos is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications backed by a global community of validators, researchers, and builders.

By design, Tezos embraces long-term upgradability, open participation, collaboration, and smart contract safety.

Why we choose Tezos?

We chose to use the Tezos environment to build our app. There are several reasons for that, the main ones being.

Fast transactions

When you buy a ticket, you want to get it quickly. The time for validating a block on Tezos is now 30 seconds, and thanks to the new consensus protocol used, it only takes 2 blocks to validate a transaction. Therefore, a transaction usually takes a minute to go through.

Future evolutions of the Tezos blockchain will most likely allow this time to be divided by two in the near future , which will allow people to receive their NFT tickets in their wallet very rapidly, even before they need to show it to the bouncer at the club.

Cost efficient

If you have ever minted NFTs, you know how expensive it can get because of the gas fees on some blockchains like Ethereum.

It is very important for us to reduce these fees to the minimum so users pay less expensive tickets and organizers can be confident with their pricing. Fees on the Tezos network are only a few cents per transaction, allowing the operator (us) to reduce our fees and retribute the biggest part of it.

An Energy-Efficient Algorithm

Tezos, as a pioneering layer 1 Proof-of-Stake blockchain, has always been recognized as an energy-efficient alternative to more traditional Proof of Work blockchains.

Where other popular Proof-of-Work networks use significantly more energy (26 TWh for Ethereum or 130 TWh for Bitcoin), Tezos Proof-of-Stake blockchain uses only 0.001 TWh a year and its total annual carbon footprint represents the average footprint of 17 world citizens.

This makes it the ideal platform for building our blockchain application in an energy-efficient and sustainable way.

Governance by the People

The Tezos platform was built with mechanisms to ensure active community governance and participation–a key component of Web3. Users can actively participate by evaluating, proposing, or approving amendments to Tezos.

This empowers the type of collaborative innovation that keeps Tezos on the bleeding edge of technology, and it’s why Tezos is best positioned to underpin the Web3 revolution.

Institutional Grade Security

Tezos is designed to provide the safety and code correctness required for assets and other high value use cases at both the protocol and application layers by leveraging languages OCaml and Michelson, which facilitate formal verification, a practice commonly used in mission-critical industries. The future of Web3 can be secure on Tezos.

Smarter Smart Contracts

Tezos is one of the leading smart contracts Proof of Stake blockchains. Tezos smart contracts can use formal verification, allowing them to be mathematically verified, reliable, and secure.

Seamlessly, Forklessly, Endlessly Upgradeable

Tezos is built to adjust, adapt, and add features and functionality through its proven on-chain upgrade mechanism.

Powerfully Scalable

Tezos is built to remain state-of-the-art. Its modular architecture and formal upgrade mechanism minimizes disruptions while offering regular upgradability and enhanced functionality over time.

Sources: Tezos / Nomadic Labs