Note: Currently, Tezos has not integrated IBC nor any other trustless bridge solution. At the moment, its connection to other chains is dependent on trusted and/or custodial bridges.
Tezos is a decentralized, open-source blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the Tez or XTZ.
One of the most distinctive features of Tezos is its governance model, which is designed to allow the protocol to evolve and improve over time. In Tezos, all stakeholders can participate in network upgrades by evaluating, proposing, or approving amendments. This on-chain governance model aims to reduce the risk of hard forks (splits in the blockchain) that can be divisive and damaging.
Baking and Consensus
Tezos uses a consensus mechanism called Liquid Proof-of-Stake (LPoS), and the process of creating new blocks is called “baking.” In Tezos, any stakeholder who owns 8,000 XTZ can become a baker. Bakers are responsible for validating transactions and adding them to the blockchain.
Smart Contracts and Formal Verification
Tezos allows developers to write smart contracts and build dApps. One of the key features of Tezos is its emphasis on formal verification, a technique used to improve security by mathematically proving the correctness of the code governing transactions.