Tezos was a lurid ICO in 2017, which coin was listed on exchanges only in the summer of 2018. However, its price was deadly dumped due to market crash in the end of 2018. Now the cryptocurrency is showing some signs of recovery after a prolonged “illness”. Is it worth buying it now?
What Is Tezos?
Nothing new: it’s a platform for decentralized applications and smart contracts. It’s very similar to Ethereum, is not it? According to the information on the official website, a key feature of the platform is that its participants can manage the development of the blockchain by voting. The basis of Tezos is also the Proof-of-Stake (PoS) algorithm, according to which only some of the selected validators can participate in transaction verification instead of miners (XTZ cannot be mined).
Tezos is one of the sensational ICO in 2017, which managed to collect a fantastic $232 million in bitcoins. Due to disagreements between the founders, collective claims from investors and other legal problems, the launch of the platform was postponed.
ETH is fuel of Ethereum and XTZ performs the same role in Tezos platform. It’s very simple. The coin can be obtained through the Proof-of-Stake (PoS) algorithm. It is used to execute smart contracts created on the platform. It can also serve as a means of exchange and reward within Tezos and the applications created on its basis.
You can buy the cryptocurrency on Kraken, Gate.io, HitBTC, Bitfinex and some other, less popular exchanges.
Tezos Coin News
Tezos Foundation is actively working to provide grants to start-ups working to improve the ecosystem of the platform. In 2018, the French company OCamlPro was funded. That year, the Foundation also announced support for the start-up company Cryptonomic, which should bring smart contracts to a new functional level.
At SXSW 2019, the Winklevoss Twins mentioned this platform as an Ethereum competitor. The video with these words went viral, causing price-boosting effect on XTZ.
In the near future, the migration from the current protocol to the upgraded Athens one is planned. The upgrade, which include, in particular, increase of the gas limit, will occur if the participants agree for it.
Tezos (XTZ) 2019-2020 Price Forecast
In early July 2018, XTZ token was added to the Gate.io exchange (before that, the tokens had been traded as futures on HitBTC). Its price fell from $ 4.58 to $ 1.22 in a few days. This is due to the fact that investors began to sell their tokens, in addition, coin ranking websites such as Coinmarketcap hadn’t been able to find enough information about the turnover of coins (after updating the data, Tezos market capitalization decreased).
After launching the beta version of the platform, Tezos price began to recover, reaching $2.45. Some investors who had not sold the tokens were quite optimistic. They had a reason to think so. The project has a working blockchain platform, which is a very important growth factor. However, their expectations were literally buried in November-December 2018. Recently, the coin has begun to rise in price.
In 2019, we expect that the cryptocurrency will be added to other large crypto exchanges, such as Binance and Huobi, which might cause new surge. One historical example: in mid-October 2018, the crypto was listed on Kraken. This immediately led to 8% price increase. This was a good achievement taking into account then situation of a protracted flat on the cryptocurrency market.
However, it is unlikely that XTZ will significantly rise in value. It has at least two giant rivals: Ethereum and EOS. Our Tezos price prediction for 2019 and 2020 is shown in the table below.
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Disclaimer: this forecast is our estimate. Always conduct your own research before investing in any cryptocurrency. There are no guarantees in this market, but you can correctly manage your risks.
Featured image from Pexels.