Tezos, the French-rooted blockchain that wants to compete with Ethereum

Co-founded by French Arthur Breitman, and developed with the help of a team of researchers in France, Tezos enables the exchange of value and the creation of decentralized applications.

Finance Minister Bruno Le Maire likes to cite Tezos as one of the French coins in the blockchain space. Tezos is not a company but a so called blockchain protocol. Just as the http:net protocol supports the Internet, the existence of a blockchain network essentially requires a set of rules that define the exchange between devices within the network, and then allow the development of decentralized applications. Bitcoin was the first blockchain protocol, and Ethereum is the last. And Tezos, co-founded by Frenchman Arthur Breitman, has been rolling out an alternative to Ethereum for two years.

Read also – By the way, what is a blockchain?

There are many big projects started in development. Societe Generale and its blockchain subsidiary Forge have chosen to pilot a central bank digital currency intended for interbank settlements. At the end of 2019, the National Gendarmerie’s Center for Combating Digital Crimes (C3N) also selected Tezos to provide payment orders, in cryptocurrency, from funds allocated by Europol. Globally, many projects are being developed on Tezos, such as the project of the American real estate management company Real Estate Capital Management, which has tokenized $300 million of real estate on the network.

Fierce competition between protocols

Tezos wants to overcome many known flaws in other public blockchains. He developed another governance system (with a voting system for amendments to the community protocol to make it evolve). Enhances infrastructure security by checking the quality of the code written in smart contracts. Its technology options, including the Proof of Stake consensus algorithm, consume relatively less power.

Exaion, an EDF subsidiary, also this year chose to be a player in the Tezos network, by becoming a validator (called a baker) for on-chain transactions. “The development of these institutional “bakers” allows certain companies, such as banks subject to more restrictions, to know and choose which block product will validate their transactions.Arthur Breitman explains. “This also makes it possible for the Tezos blockchain to become embedded in the French economic fabric.Adds Michel Mooney, President of Nomadics Labs, one of the largest research and development centers in the Tezos ecosystem.

Sovereignty issues

About 200 full-time developers work with Tezos around the world to improve the protocol and develop applications, a community that needs to grow. “There is fierce competition between the protocols and one of the main factors is fame. comes with timeArthur Breitman says: Its partners have accelerated the development of tools and interfaces to make it easier for developers to work with Tezos. Nomadic Labs also trains service companies to increase their skills in Tezos.

We have technological assets in France and there are sovereignty issues that the French government has become aware of“Michelle Mooney Estimates”. There are still many technological hurdles that need to be cleared to see more blockchain projects develop on them, particularly at the level of the French public authorities.

In addition to developing decentralized applications in finance, Arthur Breitman expects to see the development of interesting use cases in low-cost peer-to-peer security. “Above all, I expect to be surprised in the coming years. Who would have thought that the advent of smartphones would create the VTC industry?He adds. To take a new step in its expansion, the Tezos protocol must work on the “user experience”:You should be able to use as simple as possible without compromising technical performance. Developers should be able to focus most of their time on the application model and not on its integration. ‘ concludes Arthur Breitman.

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