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What is Tezos (XTZ)?
Irene avatar
Written by Irene
Updated over a week ago

Tezos (XTZ) is an open-source blockchain network based on smart contracts. It also supports the deployment of decentralized applications (dapps), which makes it similar to Ethereum, although it has a slightly higher throughput of 40 TPS (compared to ETH’s 14). One of the most prominent features of Tezos that distinguishes it from other blockchains is that it doesn't need to go through a hard fork to upgrade, thus avoiding the risk of splitting within the community.

Tezos is secured by a delegated proof-of-stake consensus mechanism, where XTZ holders stake their tokens in a smart contract to delegate them to a specific ‘baker’. Bakers perform the same role as miners and validators in that they are tasked with maintaining the integrity of the blockchain by approving transactions. This mechanism also enables the community to nominate bakers who will vote for protocol proposals.

Check out this article to choose the most convenient way to buy cryptocurrencies, including XTZ.

Important: please note that XTZ deposits and withdrawals are currently not supported. You can buy, exchange and store XTZ. If you'd like to receive or send it, you'll have to first exchange it for a currency which supports crypto deposits and withdrawals – you can always check with the list in this article.

In compliance with the Financial Promotion Act which came into force on 8 October, 2023, at 8 AM UTC, some account functionality is temporarily limited for the Cryptopay customers with verified UK residency.
Check what services are available: Service availability in the UK

The world of crypto is vast and intricate - if you feel overwhelmed, check out Cryptopay Learn. It is a perfect place to start for beginners trying to understand the basics of crypto. For more experienced crypto enthusiasts, this is also an excellent opportunity to brush up on their knowledge. The more you learn, the more you earn!

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