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The craze of cryptocurrency doesn’t look to stop as with the Dogecoin losing its 10% of the value within 24 hours it made many crypto enthusiasts worry, as Dogecoin was a cryptocurrency to be backed and adopted by Tesla billionaire Elon Musk. The cryptocurrencies owe their existence to Blockchains, which arrives with a promise to address the gaps left by their predecessors. There are various approaches taken by various Blockchain protocols to address these issues and one of them is Tezos which is snatching others limelight.
Let’s have a look over how Tezos is faring with its other counterparts in terms of various parameters –
Tezos project is an open-source Blockchain protocol that is designed to be an evolving network. According to the developers, the name Tezos is taken from the Greek language as it denotes Smart Contract in the native Greek language.
Tezos is a new generation Blockchain protocol written in Ocaml language that attempts to build the decision-making process into the network of users itself, rather than depending upon the development teams and mining communities to formulate new design choices. In the Tezos network, a developer can attach an invoice to be paid out to their address upon approval and inclusion of their upgrade when he proposes protocol upgrades.
Tezos Blockchain incentivizes its users for participation in the core development process, as it democratizes the development process and decentralizes maintenance. To verify Tezos uses mathematical proofs so that the properties are maintained and the Tezos network remains decentralized.
Tezos is an open-source Blockchain protocol based upon Delegated Proof-of-Stake mechanism which aims to address the key barriers faced in adopting Blockchain.
Reaching consensus is an important task in distributed networks, likewise in Tezos protocol, the consensus mechanism is based upon the Proof-of-Stake mechanism. In this mechanism, the participants in the consensus algorithm are chosen in function of their stake and this mechanism is also used in Tezos governance. Tezos provides the option of delegation, which can be used when a user does not have enough stake to participate on its own or perhaps does not want to set up the needed infrastructure. These delegates may participate in the consensus but their right to participate is determined by a follow-the coin-strategy mechanism.
In Tezos Blockchain protocol, the participants provide only the necessary computational resources to keep the network working, as it functions over the Proof-of-Stake (PoS) consensus mechanism. Due to this feature, the operating costs in Tezos is quite inexpensive as compared to other Blockchain protocols that use Proof-of-Work (PoW) or Proof-of-Stake (PoS) mechanism.
In terms of security, we can say that the Tezos ecosystem lives up to its name, as it allows any stakeholder to participate in the consensus mechanism and reward them for contributing to the security and stability of the network.
In terms of scalability, Tezos can handle 40 transactions per second, which is we hope will soon be taken care of as it is a precautionary measure.
Tezos smart contracts protocol is just like any other Blockchain when you think of deploying smart contracts, Tezos allows everything to developers right from creating a smart contract or developing dApps. The native Tezos smart contract language is Michelson facilitates formal verification which is necessary and commonly used in mission-critical environments like aerospace, nuclear, etc.
The native token in Tezos is called Tez or XTZ and is also known as the Tezzies. The Tezos currency is listed over a majority of cryptocurrency exchanges from where they can be brought and there are around 763,306,930 XTZ coins in supply.
Tezos has its official website where you can find much helpful information and documentation. There is a forum named Tezos Commons Foundation, which is started as a grassroots movement by the community and the main objective of it is to grow the ecosystem of Tezos by creating an engaging community. Apart from this, the Tezos is present over Reddit, Telegram.
In the Tezos Vs Ethereum comparison, we first need to know some basics about Ethereum as a Blockchain protocol regarding how it works and how it can be leveraged. Ethereum is one of the most famous and oldest Blockchain protocols here, as seldom there are any Blockchain or crypto enthusiasts, who never heard about Ethereum till now. Ethereum was the first Blockchain project to install smart contract technology, which eliminates the need for a third party to enter into an agreement and also Etherereum is called the ‘Queen of Cryptocurrencies’ by some. But in recent times Ethereum Blockchain got cornered by some new Blockchain protocols that are based upon new technologies to deliver more scalability, safety, and easy deployment of smart contracts. Due to this, there has been word about the Ethereum improvement proposals from the Ethereum community.
In Tezos Vs Ethereum comparison, Ethereum is an open-source Blockchain protocol since its inception in 2015 and its motive is to create a Decentralized Finance (DeFi) infrastructure where, outside the traditional banking system you can borrow, lend and earn interest on your cryptos and all that without the need for an intermediary. Therefore in Tezos comparison, the Ethereum Blockchain network ranks in the same parameter in terms of licensing.
When we do Tezos Vs Ethereum comparison in terms of consensus mechanism, Ethereum uses Proof-of-Work (PoW) mechanism to achieve consensus, whereas Tezos uses is Proof-of-Stake (PoS). Proof-of-Work (PoW) as a mechanism is plagued by some issues and one of the main is it consumes a lot amount of power and being power-hungry, a lot of energy consumption makes it inefficient.
In terms of speed when we go for Tezos Vs Ethereum comparison, we get to see that Ethereum is slow in handling transactions at around 30 transactions per second, which was initially only 7 transactions a second. Now again in terms of security Tezos Vs Ethereum tilts in favor of Tezos as the Ethereum ecosystem is more vulnerable to attacks and also in terms of scalability same happens. Therefore, in terms of trio speed, security, and scalability Tezos Vs Ethereum comparison, Tezos emerges as a performer.
When we go to compare the Smart Contract platform in Tezos Vs Ethereum comparison, we must know that there are mainly two developer-friendly languages for writing smart contracts in Ethereum – Solidity and Vyper. In Ethereum, you can deploy a smart contract you need to pay in form of gas just like a simple ETH transfer.
The native token in Ethereum is known as Ethereum Request for Comment (ERC-20), which is a standard token used over Ethereum for creating and issuing Smart Contracts. ERC-20 tokens are Blockchain-based, assets that can hold value and be sent and received. ERC-20 tokens are a revolutionary system that paved way for creating interoperability between tokens built on the Ethereum Network.
In Tezos vs Ethereum comparison, we see that like any other Blockchain protocol Ethereum too has a teaming community support forum that includes tens of thousands of developers, technologists, users, miners, HODLers, and enthusiasts all over the world. In this Ethereum users community, you can join a meetup group, contribute to a project or just attend an event.
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Solana is one of the fastest-growing open-source programmable Blockchain protocol that is super-fast, secure, and censorship-resistant Blockchain protocol with some of the unique qualities which led to its mass adoption in building open infrastructure in a flexible manner. Due to these qualities, Solana is widely used by developers and institutions around the world to build decentralized applications (DApps) and marketplaces.
Solana being an open-source Blockchain protocol it fares the same when compared as in Tezos vs Solana comparison.
It is worth mentioning in the Tezos vs Solana comparison that, Solana functions over the Proof of History (PoH) mechanism as a decentralized clock that helps secure the Blockchain, as it is a permissionless, globally available source of time on the Blockchain that works before the network reaches consensus.
Solana like other Blockchain platforms uses Proof-of-Stake (PoS) as a consensus model but additionally, it uses Tower Byzantine Fault Tolerance (BFT) consensus. The Tower BFT consensus works wonders in case there are potential attacks from malicious nodes, then in that scenario, it helps the network to reach consensus. The second advantage of Tower BFT is that it enforces a universal source of time across the network through PoH to create a common record of all the events and transactions on the network. For the nodes running the network, this serves as a permanent reference.
Solana as a Blockchain protocol is very competitive in terms of speed with respect to Tezos vs Solana comparison. Solana has the tag of most scalable and first truly web-scale Blockchain, which is one of the few protocols able to achieve over 1,000 TPS. Solana claims to support over 50,000 TPS, with over 200 nodes on the current testnet and due to the Proof-of-Work mechanism, the tag of one of most performing Blockchain goes to Solana.
When we do Tezos vs Solana's comparisons in terms of smart contract platforms, we see that Solana allows parallel running of Smart Contracts due to a feature named Sealevel, that can optimize the network’s resource usage in a better way to enable horizontal scaling across GPUs and SSDs. Additionally, the mempool system of Solana is known as Gulf Steam that too is much different from other legacy-based Blockchains. As in this mechanism, even before validators finalize the previous set of transactions, the Gulf Steam forwards the transactions to them and due to this transaction confirmation, speed increases manifold. Nevertheless, do not forget that the concurrent and parallel transaction capacity of the network also boosts the speed.
The Solana’s native is known as SOL, whose price is up by whopping 40 times in a short time of 12 months which astonished everyone and there’s a solid reason behind that appreciation. Also, in comparison of Tezos vs Solana, it is noteworthy to mention that SOL was traded at US$65.06 with a maximum supply of 489 million coins and a circulating supply of 286 million tokens, which conveniently states that there are a large number of token holders.
Now, let us know about Tezos vs Solana's comparison in terms of funding and community support. The affairs of funding and developing the Blockchain’s community-building initiatives of Solana are taken care of by Solana Foundation that functions as a non-profit organization. In terms of the core contributor, Solana Labs remains at the pinnacle.
When we go into comparison for Tezos Vs Cardano, it is again a fastest growing Blockchain platform based upon Proof-of-Stake (PoS) protocol that is built through peer-reviewed research. The development of Cardano was started in 2015 by Charles Hoskinson, who is also the co-founder of Ethereum. Cardano now stands as an alternative to Ethereum which claims to offer scalability, interoperability, and sustainability on their network.
Many believe that Cardano is an updated version of the second-generation Blockchain protocol – Ethereum. While Cardano claims to be a third-generation platform and is the first Blockchain platform to use a purely functional programming language named ‘Haskell’. This programming language is generally used in high-level software development, while many consider this language to be more precise, formally verifiable, and better suited to applications that require high assurance.
In Tezos Vs Cardano's comparison, it is worth mentioning that presently Cardano is being built over five different phases or parts to achieve its goals of developing the network into a decentralized application (DApp) development platform. Those parts of Cardano are named after different historical figures.
In terms of licensing too, Tezos vs Cardano fares the same. Cardano is an open-source Blockchain protocol under the custodianship of the Cardano Blockchain. The Cardano Foundation is a Swiss non-profit organization. Whereas Tezos too is an open-source Blockchain protocol that is supported by a global community of researchers, builders, and validators who do own research. Tezos is monitored by Tezos Foundation which was established in 2017, as a non-profit with a mandate to provide support to Tezos and related technologies.
When we come to compare Tezos vs Cardano in terms of consensus-building mechanism, it looks a bit different due to their way of functioning. The Ouroboros is the consensus protocol used by Cardano, which was created in its foundation phase. To validate a block in the Ouroboros mechanism of Cardano, the mechanism lets each node become an elected slot leader, this enhances the chances of becoming a slot leader increases alongside the amount of ADA staked to their pool up to the pool saturation point.
The stake pools receive rewards if validation happens successfully and further these rewards get distributed to delegates of the stake pool, providing an opportunity to earn ADA for taking part in consensus.
Whereas, Tezos uses the Proof-of-Stake (PoS) mechanism, which lets even smallholder too stands a chance to produce a block and get block reward, as in Tezos the system is delegated where token holders gets full freedom of taking part as a delegate.
When we come to compare the speed, security, and scalability between Tezos vs Cardano, the latter works with ADA cryptocurrency offer much cheaper and quick transactions compared to other older generation Blockchains. Due to the usage of the Proof-of-Stake (PoS) algorithm in Cardano, it can be said that it is one of the most reliable protocols in terms of security compared to other Blockchains. The need for extra machines within the system is not felt under the PoS algorithm of Cardano, as the nodes will be responsible for throughput and the system will be less susceptible to interference as a result.
When we do comparison of Tezos vs Cardano, knowing Smart Contract functionality is of utmost importance. The smart contract mechanism in Cardano comes with a two-tiered structure – Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL), here the Blockchain model is used together with Smart Contract and tokens. The transfer of the native Cardano (ADA) cryptocurrency between other blockchain participants happens through the CSL and the CCL consists of multiple components that enable tokenization, smart contracts, and dApps.
Due to incomplete smart-contract and token standards, there aren’t many projects implemented over Cardano till date and it is not suitable for those people who are looking to run their ICOs and implement asset tokenization.
Cardano has its native currency named ‘Ada’, which is named after Ada Lovelace, who is a 19th-century countess and English mathematician who is recognized as the first computer programmer. So, here too in native token’s comparison between Tezos vs Cardano, both fare almost the same.
Cardano has got a community support forum where you get an opportunity to interact and engage in an open discussion about the Cardano project, and to join that you need to sign in to their official website. Apart from that, there are community pages over various social media websites like Facebook, Twitter, Reddit, GitHub, and group over Telegram.
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Polkadot is a relatively new Blockchain protocol compared to Tezos, which made itself into the top 10 cryptocurrencies recently. In our comparison of Tezos vs Polkadot, it is worth mentioning that Polkadot is built for scalability, on chain mechanism governance model and one of the main features is the interoperability that lets it connect with different Blockchain protocols through a central platform. Polkadot with 100 developers and five teams was created by Web3 Foundation to make it easier than ever to create and connect decentralized applications, services, and institutions.
Just like its other counterpart in Tezos vs Polkadot, the Polkadot too is an open-source Blockchain protocol. Anyone can contribute or run a code or even build service, in the Polkadot codebase, and it is built to connect through various private and public, consortium chains and permissionless networks.
In Tezos vs Polkadot consensus mechanism comparison, it is worth noting that in Polkadot consensus mechanism functions as a shared security protocol by running over the Nominated-Proof-of-Stake mechanism. Due to Polkadot’s interoperability nature, the projects connected to the relay chain share the common consensus mechanism. Under this mechanism, the individual parachains can communicate and there is no need for additional state indicators in the network. The Polkadot can do interoperable communication with external Blockchains through via bridges and to do this exchange of information, for which the special parachains are responsible.
While doing a comparison between Tezos vs Polkadot in terms of speed one needs to know that Polkadot is a sharded multichain network, due to this it does not get bottlenecked like other isolated Blockchains, any such issues are unheard of which usually happen over legacy networks. The parallel processing ability of Polkadot improves scalability greatly, which creates favorable conditions for its increased adoption and future growth prospects.
In terms of security in the Tezos vs Polkadot comparison, it is worth mentioning that Polkadot runs on a Nominated-Proof-of-Stake (NPoS) mechanism that translates to shared security. In this mechanism, all DOTs staked in the system are essentially backing all of the projects in the ecosystem. Due to this pooled security system of NPoS mechanism, the security costs are greatly reduced on all projects those are built over Polkadot.
So, speed, security, and scalability are well addressed in Polkadot and if any business wants additional security then they can bootstrap their own security with their validators, nominators, etc.
In Tezos vs Poltadot comparison, one of the main drawbacks Polkadot faces is in the Smart Contract functionality, as Smart Contract is actively not supported in Polkadot Relay Chain. However, with the help of parachains you can deploy Smart Contracts over Polkadot.
Polkadot too has its native token to boast off and it goes by the name of DOT. A DOT can be used for several functions over Relay Chain. A DOT token is used for system-wide governance process in Polkadot and is needed by developers to start a new project or to couple it to the Relay Chain as well.
In Tezos vs Polkadot comparison, in terms of community support, Polkadot too has an active forum of community, where you can discuss with like-minded people and developers. There are also other mediums to stay updated with the latest announcements with regard to developments over Polkadot over Twitter, Reddit, GitHub, and an active Discord community.
In the saga of Tezos vs other Blockchain comparison article, now this Tezos vs Flow comes so let’s know what is Flow and its main features. The Flow Blockchain protocol was built by NBA Top Shot developer Dapper Labs in 2017 as a purpose-built to support things like NFT collectibles and large-scale crypto games initially. Flow is designed for extensive scaling without the use of sharding while providing fast and low-cost transactions that make sense for dApps such as NFT Marketplace and crypto-infused video games.
Just like other Blockchain protocols, Flow too is an open-source Blockchain protocol that is developer-friendly as it is built for open-ecosystems allowing consumers easy access to assets and applications. So, here in Tezos vs Flow comparison both fare the same as both are open-source in terms of licensing.
In Tezos vs Flow consensus mechanism comparison, the Flow uses Proof-of-Stake (PoS) mechanism to achieve consensus that requires validators to stake a certain number of FLOW tokens to participate in the network. In Flow, the validation mechanism works differently as Flow splits validation tasks into four separate types of nodes – namely: consensus, verification, execution, and collection. These four types of nodes together take part in the validation process of each transaction.
In terms of speed in Tezos vs Flow comparison, the makers of Flow have a belief that if tasks are split, then processing each transaction will be faster than other rival Blockchain protocols. It serves as an alternative option to sharding, where the storage and computational needs of a Blockchain get spread out into various nodes. According to the Dapper Labs, Flow is able to support billions of transactions and is highly scalable due to the execution and collection nodes. The architecture of Flow is of multi-role therefore execution and collection node.
In terms of smart contracts in Tezos vs Flow comparison, it is worth noting that Flow comes with an upgradeable smart contract that can be deployed in beta and then can be enhanced or fixed before being finally deployed and made immutable. In short, it can be said that smart contracts over Flow can be assembled like Lego blocks to power the apps catering to the needs of billions of people to businesses with mission-critical requirements.
The FLOW token is the native token of the Flow network that is required for functioning ultimately. The Flow token is a required asset by validators, developers, and users to participate in the FLOW network, which is a low-inflation and low-circulating-supply asset that can be used to earn rewards. FLOW is designed as a payment method and a long-term reserve asset for the functioning of the entire Flow economy.
When we come in terms of community support in the Tezos vs Flow comparison, there is a teaming community forum of Flow Blockchain consisting of an active community of developers and Blockchain enthusiasts. In that forum, you can discuss with like-minded people and know about recent announcements regarding the development of the Flow Blockchain protocol. Apart from their forum, they are available over Discord, YouTube, and Telegram where they keep posting about their oncoming updates.
These five Blockchain protocols are pitted against each other and it is found that they will have fierce competition, as currently, Ethereum holds the largest share as a Blockchain technology being adopted. The fast-emerging Solana will certainly supersede it with its high throughput speed, but Tezos with its more decentralized philosophy than Solano or Polkadot can certainly have a steady growth over time.
Another news is that Tezos already had been selected by Crypto Finance, InCore Bank, and Inacta for innovative, compliant on chain governance in digital financial products. Also, over the horizon we see Tezos founder calling for fierce competition amongst competing Blockchains, which again signals that Tezos is ready to take the challenge heads on!
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