Bitcoin has always the priority over many other assets and the price of Bitcoin is up around 30% so far this year even after amid the deadly coronavirus pandemic. But the noticeable thing is that there is a minor cryptocurrency namely Tezos, a proof-of-work based coin, has risen by 85% since the beginning of the year. The rise has given Tezos a market capitalization of almost $1.8 billion.
Tezos was thought to be the 15th most valuable cryptocurrency by market capitalization but now it has been the most popular platform for new projects to build on. Tezos is a multi-purpose blockchain aiming to combine a self-amending protocol and on-chain governance to manage future changes and implementations to the network. It supports the creation of new tokens and smart contracts.
Several projects are now using XTZ. The on-chain governance system enables token holders to make decisions together and improve the network over time. Tezos which uses proof-of-stake got a high demand for tokenized real-estate and security tokens. As bitcoin’s closely-watched supply squeeze this week, miners might switch their computing power to other cryptocurrencies.
The advantages of proof-of-stake blockchains are that it is more scalable and less resource-intensive and incentivize tokenholder participation in network security. Tezos holders can stake their XTZ and receive additional tokens as a reward. The benefit to XTZ came from various platforms supporting the ability to stake tezos tokens over recent months. This cryptocurrency cannot be mined for being a proof-of-work based coin. Being a promising project, XTZ became able to earn transaction with its rise.