One of the digital assets on the Tezos network is the Tezos coin (XTZ).
The Tezos coin (XTZ) is the native cryptocurrency of the Tezos blockchain platform. It is used as a form of payment for transaction fees and as a reward for network validators who stake their assets to secure the network.
Within the Tezos ecosystem, the Tezos coin is the governance token of the self-amending blockchain network. It allows stakeholders to vote on proposed upgrades to the network, including protocol changes, the on-chain governance system, and the core software.
This on-chain governance system ensures that the network is always up-to-date and capable of meeting the changing needs of its users.
In recent years, the asset has become increasingly popular due to its unique governance mechanism and scalability. According to Arthur Breitman, the co-founder of Tezos, the network’s on-chain governance system is very adaptable, unlike other blockchains.
He also noted the platform is very secure for developing dapps since the network supports formal verification (a mathematical proof of correctness), making it a more secure platform for building decentralised applications.
Tezos uses a proof-of-stake consensus algorithm, which is more energy efficient than Bitcoin’s proof-of-work algorithm. Again, Tezos has a self-amending mechanism that guarantees smooth upgrades and avoids hard forks, making it an attractive platform for developers and businesses.
Real-world use cases of Tezos Coin
Tezos coin has several real-world use cases. One of the most notable is in the gaming industry.
The Tezos network offers a high degree of flexibility and programmability, making it an ideal platform for developing blockchain-based games. For example, the blockchain game, Emergents, is built on the Tezos network. The game allows players to buy, sell, and trade unique in-game assets using XTZ.
Another real-world use case of Tezos coin is in the digital art industry. Tezos-based platforms such as the Kalamint and the Hic et Nunc, allow artists to sell their digital artworks as non-fungible tokens (NFTs) using XTZ. These platforms offer artists a decentralised and transparent way to monetise their creations.
Again, the French bank Société Générale has used the Tezos blockchain to issue a security token called “SG-MAEVA. This suggests the potential of the Tezos chain for traditional financial instruments.
In the long term, this may likely lead to an increase in the adoption of Tezos and its associated cryptocurrency, XTZ.
Price predictions
Like many other digital assets, the price of Tezos coin (XTZ) has experienced significant fluctuations over the past few years. In 2021, XTZ’s price reached an all-time high of over $8 amid a broader cryptocurrency market rally.
With the increase in real-world applications of the Tezos chain, Tezos will likely continue to gain traction and may see another price surge. Cryptocurrency research firm Digital Coin Price predicts that the price of XTZ could reach as high as $10.69 by the end of 2023, $13.48 by the end of 2025, and $20.86 by the end of 2028.
According to CoinPriceForecast, Tezos coin could reach a price of $10.19 by the end of 2023 and $25.88 by the end of 2025.
Tezos for the future?
The fact remains that Tezos is a promising project. The unique blockchain platform allows developers to create smart contracts and decentralised applications using proof-of-stake consensus and on-chain governance.
Its unique features and real-world applications make it attractive to developers and investors.
As a result of its security and scalability, the blockchain has also gained popularity in various industries, including gaming, real estate, and art. If this continues, the platform’s native coin, XTZ, will also be in for better times.
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