Tezos is an open-source platform for assets and applications which uses a decentralized ledger and blockchain technology. Founded in 2018, Tezos is designed to make use of smart contracts, similar to how Ethereum works. Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself, removing the specter of hard forks.
Tezos is a Proof-of-Stake (PoS) blockchain. While rewards in most PoS protocols are reserved for node owners, Tezos operates differently. Any stakeholder may participate in the Tezos consensus process and be rewarded for contributing to the security and stability of the network. PoS has the added benefits of being less costly to operate and better for the environment than Proof-of-Work protocols, all while lowering the barrier to entry for involvement by new users.
Tezos has its own cryptocurrency called tez (XTZ). Tez is used to interact with decentralized applications (dApps), pay transaction fees, secure the network through staking, and provide a basic accounting unit on the Tezos platform.
