While all blockchains offer financial incentives for maintaining
consensus on their ledgers, no blockchain has a robust on-chain
mechanism that seamlessly amends the rules governing its protocol
and rewards protocol development. As a result, first-generation
blockchains empower de facto, centralized core development teams or
miners to formulate design choices.
Tezos takes a fundamentally different approach by creating
governance rules for stakeholders to approve of protocol upgrades
that are then automatically deployed on the network. When a
developer proposes a protocol upgrade, they can attach an invoice
to be paid out to their address upon approval and inclusion of
their upgrade. This approach provides a strong incentive for
participation in the Tezos core development and further
decentralizes the maintenance of the network. It compensates
developers with tokens that have immediate value rather than
forcing them to seek corporate sponsorships, foundation salaries,
or work for Internet fame alone.
Tezos instantiates new technical innovations but also enforces
types of constitutionalism through the use of formal proofs to
mathematically verify that key properties are upheld over time. By
allowing stakeholders to coordinate on-chain, the network also
allows for the creation of bounties to implement specific features
or discover bugs. Collectively, the network maintains the
decentralized aspect of blockchains while introducing a mechanism
to enable collective decision making. Tezos tokens not only power
smart contracts in the network, but also allow votes on protocol
amendments. The initial Tezos rollout is simple by design, but its
self-amending nature means that the rules governing the network can
be improved over time.
Attention. There is a risk that unverified members are not actually members of the team
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