How does Tezos work?

Tezos is a decentralized blockchain platform that enables the creation and execution of smart contracts and decentralized applications (dApps).

It is built on a proof-of-stake consensus mechanism, which allows users to stake their tokens in order to participate in the network’s consensus process. The Tezos protocol is designed to be self-amending, meaning that it can be upgraded without hard forks or disruption of the network. This is accomplished through a process called “on-chain governance”, which allows stakeholders to vote on proposed protocol upgrades.

The voting process is based on a delegated proof-of-stake (DPoS) system, where stakeholders can delegate their voting power to other users. This ensures that the most popular upgrades are implemented while preventing malicious actors from taking control of the network. The Tezos blockchain also supports smart contracts written in Michelson, a functional programming language specifically designed for use on the Tezos blockchain.

Smart contracts are self-executing pieces of code that can be used to facilitate transactions and agreements between two or more parties without requiring third party intermediaries. This makes them ideal for creating decentralized applications (dApps) that can interact with each other without relying on centralized servers or databases. In addition to its smart contract capabilities, Tezos also features an advanced security model which helps protect against malicious actors attempting to take control of the network or steal funds from users’ wallets.

The security model uses cryptographic techniques such as digital signatures and zero knowledge proofs to ensure that only authorized transactions are executed on the network.