Book Hotels with Tezos (XTZ)

What is Tezos (XTZ)?

XTZ is the native token to the Tezos blockchain protocol, Tezos addresses key barriers facing blockchain adoption to date: smart contract safety, long-term upgradability, and open participation by all stakeholders. Tezos features a unique proof of stake consensus mechanism that enables various participants in Tezos reach consensus on the state of the blockchain. Unlike other PoS protocols, any stakeholder can participate in the consensus and their tokens always remain liquid. Tezos also offers a platform to create smart contracts and build decentralized applications that cannot be censored or shut-down by third parties. Furthermore, Tezos facilitates formal verification, a technique used to improve security by mathematically proving properties about programs such as smart contracts. Lastly, self-amendment allows Tezos to upgrade itself without having to split (“fork”) the network into two different blockchains. This is important as the suggestion or expectation of a fork can divide the community, alter stakeholder incentives, and disrupt the network effects that are formed over time. Self-amendment enables coordination and reduces execution costs for protocol upgrades and future innovations can be seamlessly implemented. Any developer can submit a proposal to upgrade the protocol with an invoice attached so the developer is incentivized for their work.

Why start traveling with XTZ

XTZ offered a safe and user-friendly alternative for making payments and it is now accepted as a means of paying for your hotel room at Travala.com. When it comes to traveling with XTZ, Travala.com makes it easy for you! You do not need to share your financial information when you book a holiday with XTZ. You will have your booking confirmed in seconds, you can let Travala.com worry about the rest.

XTZ use cases

Since Tezos is a feature rich, open-sourced protocol, it can be used for all use cases that apply for a blockchain. Some use-cases that are being built for Tezos are multi-billion dollar security token offerings (STOs), Payments, Gaming, NFTs, DeFi applications, and store of value.An example of a few entities that are utilizing Tezos are Institutional investment banks for STOs, the French military police to validate expenses, a town in Switzerland for payments. Beyond these entities, there are multiple projects being built like Decentralized Exchanges, Stablecoins, NFT platforms, and games. 

Key achievements for XTZ to date

Tezos has successfully upgraded its protocol multiple times using its on-chain governance mechanism with voting from stakeholders. Some features that have been implemented through these upgrades is reducing gas fees by over 75%, lowering the minimum amount of tokens required to be a Baker on the network (from 10,000 to 8000 tokens), a new version of the consensus mechanism, privacy contract features, a ticketing system, and upgrading the governance mechanism with shorter cycles. Tezos is designed with evolution in mind, thus every module is able to be upgraded including the governance mechanism. Additionally, there are over 400 bakers in the Tezos network and an unprecedented 80% of the total network (Bakers and token holders) is staking to further strengthen decentralization.

The XTZ core team

Tezos was founded by Arthur and Kathleen Breitman, however there is no centralized ‘core’ team in Tezos, rather there are multiple dev teams around the world that work on the core protocol. Some dev teams that are working on the Tezos core protocol are Nomadic Labs, DaiLambda, MetaState, Ligo/Marigold, and TQ Tezos. Since Tezos is a decentralized, permissionless blockchain, any development team can submit an upgrade proposal for vote and attach an invoice to get paid for their work. If the proposal successfully gets voted by token holders though the on-chain governance mechanism, the protocol will autonomously mint the requested amount of tokens and pay the development team.

Other XTZ use cases beyond paying for travel products

You can start up a baker if you have the minimum amount of tokens and participate in the network. When you participate in the network, you can vote on protocol proposals and be rewarded with XTZ via staking.If you don’t have the minimum amount, you can still participate in the network by delegating your XTZ to a baker through a wallet. The great thing about delegating is that you don’t ever transfer the ownership of your tokens, they always remain liquid, you will be rewarded with XTZ, and the baker will vote for you for protocol upgrades. You can also use your XTZ for DeFi applications like providing liquidity for Dexter. Exchange or minting wrapped tokens.

To learn more about Tezos, please visit https://tezos.com/