Tezos Ico Review

Tezos Ico Review – The self-amending cryptographic ledger

About Tezos

The language is stack based, with high level data types and primitives and strict static type checking. Its design is insipired by Forth, Scheme, ML and Cat. A full specification of the instruction set is available in[5]. This specification gives the complete instruction set, type system and semantics of the language. It is meant as a precise reference manual, not an easy introduction. So far, this system is similar to the way Ethereum handles transaction. However,
Tezos differ in the way handle fees.

Ethereum allows arbitrarily long programs to execute by requiring a fee that increases linearly with the program’s executing time. Unfortunately, while this does provide an incentive for one miner to verify the transaction, it does not provide such an incentive to other miners, who must also verify this transaction. In practice, most of the interesting programs that can be used for smart contracts are very short. Thus, Tezos simplify the construction by imposing a hard cap on the number of steps allow the programs to run for.

Tezos Gold Key Information

KeyPoints
Token NameTezos
Soft cap500,000 USD
Hard cap1,000,000 USD
Distributed in ICO50%
Tokens for sale25,000,000
CountryUSA
AcceptingBTC, fiat
Token SymbolGGTG
Token TypeERC20
RaisedUnknown
PlatformEthereum
Price in ICO125.0000 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

The Game Change Team Behind Tezos

Tezos Ico Review - The self-amending cryptographic ledger

The network shell

This formal mathematical description doesn’t tell how to build the block tree. This is the role of the network shell, which acts as an interface between a gossip network and the protocol. The network shell works by maintaining the best chain known to the client. It is aware of three type of objects. The first two are transactions and blocks, which are only propagated through the network if deemed valid. The third are protocols, Tezos modules used to amend the existing protocol. They will be described in more details later on. For now they will focus on transaction and blocks. The most arduous part of the network shell is to protect nodes against denial-of-service attacks.

Chain selection algorithm

The shell maintains a single chain rather than a full tree of blocks. This chain is only overwritten if the client becomes aware of a strictly better chain. Tezos Maintaining a tree would be more parsimonious in terms of network communications but would be susceptible to denial-of service attacks where an attacker produces a large number of low-scoring but valid forks. Yet, it remains possible for a node to lie about the score of a given chain, a lie that the client may only uncover after having processed a potentially large number of blocks.

However, such a node can be subsequently ignored. Fortunately, a protocol can have the property that low scoring chains exhibit a low rate of block creation. Thus, the client would only consider a few blocks of a “weak” fork before concluding that the announced score was a lie. In addition, the shell is “defensive”. It attempts to connect to many peers across various IP ranges. It detects disconnected peers and bans malicious nodes.

Mining and signing rewards

Tezos conjecture that the security of any decentralized currency requires to incentivize the participants with a pecuniary reward (they are in the process of finalizing the rewards schedule at the moment). As explained in the position paper, relying on transaction costs alone suffers from a tragedy of the commons. In Tezos, rely on the combination of a bond and a reward. Bonds are one year (bonds will now only last a single cycle, given the high opportunity cost and little benefit to security of extending the bonding period past one cycle) security deposits purchased by miners (endorsers will also be required to purchase bonds).

In the event of a double signing, these bonds are forfeited. After a year (cycle), the miners (and endorsers) receive a reward along with their bond to compensate for their opportunity cost. The security is primarily being provided by the value of the bond and the reward need only be a small percentage of that value. The purpose of the bonds is to diminish the amount of reward needed, and perhaps to use the loss aversion effect to the network’s advantage.

Proof-of-stake mechanism

Tezos proof-of-stake mechanism is a mix of several ideas, including Slasher[1], chain-of-activity[2], and proof-of-burn. The following is a brief overview of the algorithm, the components of which are explained in more details below. Each block is mined by a random stakeholder (the miner) and includes multiple signatures of the previous block provided by random stakeholders (the signers). Mining and signing both offer a small reward but also require making a one year (un-bonding will happen after one cycle, and not one year as initially suggested. Prolonging the period longer than a cycle did not really improve security at the cost of immobilizing a lot of capital) safety deposit to be forfeited in the event of a double mining or double signing.

Follow-the-coin procedure

Principle The idea is known in bitcoin as follow-the-satoshi. The procedures works “as-if” every satoshi ever minted had a unique serial number. Tezos are implicitly ordered by creation time, a random satoshi is drawn and tracked through the blockchain. Of course, individual cents are not tracked directly. Instead, rules are applied to describe what happens when inputs are combined and spent over multiple output. In the end, the algorithm keeps track of a set of intervals associated with each key. Each intervals represents a “range” of Toshiba. Unfortunately, over time, the database becomes more and more fragmented, increasing bloat on the client side.

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