Tezos Soars 22% in a Week on NFT and Google Boosts...

Rise on news of Tezos blockchain support on Rareable
Google Cloud joining network validators also a positive factor

The price of the virtual asset Tezos is soaring due to positive news related to non-fungible tokens (NFTs) and Google. According to the global virtual asset market tracking site CoinMarketCap, as of 4:11 PM on the 23rd, the price of Tezos was recorded at $1.42 (approximately 1,843 KRW), up 12.02% from the previous day. Compared to a week ago, this marks a sharp increase of 22.15%. The price of Tezos began to rise starting from the 17th of this month. The price, which had been around the $1 to $1.1 range, continued to climb and even approached $1.5 in the morning of the same day.

It is analyzed that the news of the NFT marketplace Rarible supporting the Tezos blockchain was the starting point of the upward trend. On the 16th (local time), Rarible, an NFT marketplace, announced that it plans to support the Tezos blockchain in its proprietary aggregation tool that analyzes and allows trading of all NFT market data. Rarible users will be able to trade NFTs created based on the Tezos blockchain.

Rarible stated that Tezos is "one of the blockchains that has scalability and low transaction costs without affecting decentralization." Rarible is considered a platform similar to OpenSea, the world's largest marketplace, where anyone can issue and trade NFTs.

Additionally, positive news from Google also played a role. The virtual asset specialized media CoinDesk reported the day before that Google Cloud is joining as a validator of the Tezos network. Google Cloud’s enterprise customers will be able to deploy Tezos nodes to build Web3 applications and record and verify transaction histories. Web3 refers to a decentralized model based on blockchain technology where users have ownership without being dependent on a platform.

CoinDesk said, "This integration reflects the interest that technology companies have in blockchain and Web3 projects," adding, "Knowing that they can use infrastructure based on the scale and resilience provided by companies like Google can give confidence to companies interested in entering the blockchain industry." Nodes, which participate as validators in blockchain networks, are the core of decentralization technology, and expectations are rising as Google Cloud joins as a validator of the Tezos network.

Tezos currently ranks 42nd in market capitalization among all virtual assets. It was launched in 2014 as a platform for smart contract and DApp (decentralized application) development. Tezos is also recognized for solving governance issues related to decision-making within the blockchain.

In the case of other blockchains like Bitcoin or Ethereum, they have split through hard forks because they could not incorporate all participants’ opinions. In contrast, Tezos has the advantage of being safe from the hard fork problem that threatens existing blockchains. Tezos has a "self-amending system." This provides a ledger to all blockchain participants that allows protocol modifications, and proposals that receive more consensus replace the existing protocol. It performs upgrades autonomously. Even if a proposal receives fewer votes, it still has the same opportunity to present future proposals, enabling the creation of a democratic ecosystem.

Furthermore, Tezos uses the Liquid Proof of Stake (LPoS) consensus algorithm. Among those who stake more than 10,000 Tezos tokens, representatives are randomly selected to make decisions through consensus. Due to its relative safety from hard fork risks and stable blockchain operation, Tezos was able to raise about 260 billion KRW during its initial coin offering (ICO).

Of course, there are weaknesses. Although it was launched for DApp development, practical DApps have yet to be released. Additionally, internal disputes during the ICO process and issues such as inadequate development after fundraising have led to numerous lawsuits.

This content was produced with the assistance of AI translation services.