Blockchain technology has been turning heads around the world since Bitcoin’s birth in 2008. But it gained mass traction in 2018 when over 90% of US and European banks had started to explore blockchain’s potential. And that was just the start. Today blockchain technology is being applied in various industries, including supply chain, finance, real estate, and many others. Blockchain technology is no longer limited to cryptocurrencies but is being used to build dApps, Defi platforms, NFTs, etc. 

A decentralized application (dApp) is a network-based application that isn’t centrally governed and combines a smart contract and a frontend user interface. Numerous blockchain platforms are available that enable the smooth and rapid development of dApps and other use cases. Tezos is one such open-source multi-purpose blockchain platform supported by a global community of researchers, builders, and validators. 

Tezos solves the issues surrounding the adoption of blockchain technology for assets and applications. It was created to provide the required safety and code correctness for assets and other high-value use cases to the protocol and its application layers. It addresses several blockchain adoption barriers such as open participation, long-term upgradability, and smart contract safety. The network’s modular architecture and upgraded mechanism enable it to implement new technological innovations as they emerge.

Let’s discuss the Tezos coin before we tell you how to buy Tezos crypto and things you need to know before buying Tezos cryptocurrency.

What is Tezos (XTZ)?

The creation of Tezos was proposed in 2014 by Arthur Breitman and Kathleen Breitman under the pseudonym LM Goodman. The proposed Tezos protocol addressed one of the major shortcomings of blockchain technology at the time, namely “fork-based governance.” In 2017, the Tezos Foundation launched one of the most popular fundraisers and managed to accumulate a record-setting $232 million to support the development of the proposed protocol outlined in the Tezos white paper in 2014.

In 2018, the network finally launched with the intention to establish a stronger and more institutionalized presence in the crypto market. As a result, its native cryptocurrency XTZ came into existence. There are mechanisms built into the Tezos platform to ensure active community governance and participation. Tezos crypto holders can actively participate in the Tezos network by evaluating, proposing, or approving changes. This design encourages collaborative innovation that keeps Tezos at the forefront of technology.

In the words of Arthur Breitman,

“What we’re trying to bring, in some sense, is a rule of law that is, OK, if we have to have these changes because the network needs to evolve, at least we need to have a clear, decentralized procedure for making those changes.”

Tezos claims that its blockchain is the first “self amending” blockchain globally. It means that Tezos coin or XTZ holders can vote on-chain to propose any changes in the network without the need for in-person discussions as required in off-chain governance. 

Further, Tezos smart contracts can use formal verification, making them mathematically verifiable, dependable, and secure. Due to this reason, Tezos smart contracts are built to be suitable for financial agreements. 

In August 2021, Incore Bank, IT firm Inacta, and crypto trading firm Crypto Finance AG announced that they would use Tezos’ DAR-1 token standard to create regulated financial products. In addition, Incore Bank announced the launch of institutional grade storage, staking and trading services for the Tezos network.

The Tezos blockchain can be divided into the following parts:

• Shell – The code that is responsible for interpreting transactions and administrative operations. It can also amend itself based on user voting.
• Protocol – The code in charge of sending proposals to the shell for approval.

How does Tezos (XTZ) Work?

Tezos uses a variant of classic proof-of-stake (PoS) consensus known as liquid PoS (LPoS). LPoS is an algorithm that – like traditional PoS mechanisms – is used by computers running the Tezos software to secure the network, validate transactions, and distribute newly minted XTZ. 

Participants (“nodes”) must stake Tezos token or XTZ to participate in governance. This process is called “baking.” A node requires 8,000 XTZ to become a baker (also called a roll). A user can also delegate his Tezos token to other bakers. This means they are allocating their votes to the bakers to earn a share of the bakers’ XTZ rewards on the live blockchain in return. Bakers of Tezos are similar to miners of Bitcoin. Delegating XTZ does not involve the actual transfer of assets. Therefore, users can keep their tokens and change the bakers to whom they delegate at any time.

Bakers participate in blockchain governance by voting on proposed code changes. The voting process is divided into the following four distinct voting periods, each roughly 23 days apart:

• The Proposal Period
• The Exploration Vote Period
• The Testing Period
• The Promotion Vote Period

When token holders bake or delegate their tokens, they earn rewards proportional to their share of all tokens and retain their share of the total token supply. Holders’ shares of the total supply are diluted over time as new tokens are minted via baking rewards when they do not bake or delegate. As a result, Tezos inflation is “non-dilutive inflation,” as holders can easily avoid dilution by baking or delegating.

How to Buy Tezos (XTZ) Coins in India?

If you are wondering how to buy Tezos coin in India, then WazirX can be your best choice. You can buy XTZ coin in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:

#1 Sign Up on WazirX 

To begin with, create an account on WazirX by clicking here.

#2 Fill in the Required Details

Put in your email address and choose a secure password. 

#3 Email Verification and Account Security Setup

Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.

Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.

#4 Choose Your Country and Complete KYC

After selecting your country, complete the KYC process. Without completing your KYC, you can not trade peer-to-peer or withdraw funds on the WazirX app. 

To complete your KYC, you need to submit the following details:

• Your full name as it appears on your Aadhaar or any other ID proof
• Your birth date as stated on your Aadhaar or any other ID proof
• Your address as it appears on your Aadhaar any other ID proof
• A scanned copy of the document
• A selfie of yours to finish the procedure

And you are done creating your account! Within 24 to 48 hours, the account is usually validated.

Buy Tezos on WazirX via P2P

WazirX allows you to check the XTZ coin price in India before you proceed to buy Tezos crypto via WazirX. Check Tezos coin price in INR on WazirX here. You can buy XTZ using USDT.

To buy USDT, you can use the WazirX P2P route. This is fast, secure and free. Follow these simple steps to buy USDT and then your Tezos crypto: 

1. Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option. 

2. Next, Click on the ‘Convert INR into USDT’ option. 

3. Add the INR price at which you want to purchase USDT. Add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT. 

Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.

4. You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform, however, UPI linking is optional. 

5. Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, after confirmation, a minimum penalty of 10 USDT or 1.2% of trade value will be levied. False confirmations can also cause your account to get locked. 

6. Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.  

Once the seller confirms the receipt of payment, your order will be marked complete and the USDT purchase will be reflected in your “funds”. 

7. Now you can use this newly acquired USDT balance to purchase Tezos crypto on WazirX exchange. Go to the “exchange” option on the web/mobile app and select Tezos crypto from the list of the tokens available in the USDT market.  All price charts, order book data, and an order input form are visible on the right side of the screen. 

Fill out the buy order form and click on buy Tezos. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the Tezos coins you purchased in your WazirX wallet.

Learn how to buy crypto safely and securely via WazirX P2P:

Future of Tezos (XTZ)

At the time of writing, Tezos has a market capitalization of $1.33 billion and ranks 36 in the top cryptocurrency list. Tezos has put the ultimate power in the hands of the users, which means this protocol is adaptable to meet the various use cases of today and the future use cases. Tezos is expected to increase its real-life use cases by offering the following benefits:

• Low transaction fee 
• Better accessibility 
• Security
• Power in the hands of users and investors 
• Confidentiality 
• Fraud-proof network

In December 2017, Tezos cryptocurrency (XTZ) reached its ATH with a price of $12.13. At the time of writing, XTZ is priced at $1.48. However, experts predict that by the end of 2024, XTZ will reach $10.

Frequently Asked Questions

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.