Tezos is a self-healing blockchain that upgrades itself over time. Stakeholders can vote on amendments to the protocol, not limited to any element of consensus on the proposal. Just like Ethereum, Tezos supports smart contracts and provides a platform for others to build decentralized applications (Dapps) on top of it.

It is characterized by supporting smart contracts and has its own smart contract language. For the first time, it proposes self-made transactions and network consensus mechanisms through mathematical proofs to solve the current difficult network upgrade fork problem. The white paper of the project was released at the same time as Ethereum, and the ICO started three years later after the test code was released. A total of 65,000 BTC and 360,000 ETH were raised, which was the largest ICO project at that time. Later, due to conflicts between the management team and the foundation, it encountered twists and turns, but still received strong support from the community. Bezos BetaNet was launched on the last day of Q2 in 2018, and all transfer records and assets on BetaNet will be carried to the subsequent Mainnet, which means that transactions on BetaNet are long-term valid transactions.

Dpos Algorithm of Tezos
In order to improve TPS and scalability, Tezos uses the same DPOS algorithm as EOS.
On Tezos, validators are also called bakers. There is no limit to the number of bakers. The condition for becoming a baker is to mortgage a certain amount of Tezos tokens (XTZ) to participate in the consensus. Mortgage tokens are calculated in units of "Roll", and each roll represents 10,000 XTZ. Each volume of mortgaged XTZ has a unique id, and this id will play an important role in the selection of validators during the consensus process. Blocks on Tezos are calculated in "cycles", and there are 4096 blocks in a cycle. Based on the block generation time of one minute, one cycle is 2 days, 20 hours and 16 minutes. As a reward for participating in consensus and maintaining network stability, bakers will receive XTZ as a reward. The reward amount is 16XTZ for each block and 2XTZ for each signature.

Tezos technical team and token economy (token economy)
Behind Tezos is a couple: husband Arthur Breitman and wife Kathleen Breitman. His wife, Kathleen, served as CEO and worked for professional services company Accenture for nearly two years before serving as a senior strategic assistant for distributed ledger startup R3CEV. Her husband, Authur, served as a vice president at Morgan Stanley from 2013 to 2016. Both of them can be described as veterans of Wall Street, and have considerable insights into traditional economics and finance.

Key milestones for Tezos
August 2014: Tezos position paper published.
September 2014: Tezos white paper released.
August 2015: Arthur and Kathleen Breitman co-founded Dynamic Ledger Solutions, Inc. This is a US-based company that develops the Tezos blockchain.
September 2016: The source code for Tezos is published on GitHub.
February 2017: Public alphanet launched.
July 2017: Tezos raised over 65,000 BTC and 360,000 ETH (worth ~$232 million) during ICO. The Tezos Foundation was established.
October 2017: Breitmans sends a letter to two other members of the Swiss Foundation who control Tezo funds and calls for the removal of Foundation Chairman Johann Gevers.
February 2018: Johann Gevers resigns from the Foundation.
June 30, 2018: Betanet initial block launches, seeding the network.
September 17, 2018: Tezos mainnet launched.

It was pointed out that in the original Tezos whitepaper, the Tezos network was scheduled to launch in "summer 2017". However, the network did not launch until September 17, 2018, more than a year later than originally planned in the white paper. Part of the reason for the delay is that ICO funds have been temporarily unutilized due to a civil war among foundation board members.

Tezos Advantage

Tezos’ self-healing capabilities allow any disagreements to be resolved through on-chain governance features, which can help eliminate hard forks around some major blockchains. Additionally, on-chain governance allows the network to adjust and improve over time.

The Tezos Foundation has sufficient resources to support the development of the protocol. The foundation is one of the most funded blockchain project foundations and has been actively giving grants to those who help grow the ecosystem.

The Tezos Commons Fund provides funding for projects that strengthen the Tezos ecosystem.

In a press conference on September 10, 2018, Foundation President Ryan Jesperson stated that they have committed over $30 million in grants to various academic institutions over the past six months (multi-year payments) , development group, etc. to support the protocol.

 On October 11, 2018, the foundation stated that they had committed to funding the training of over 1,000 new Tezos-focused software developers in 2019.

According to the foundation's latest fund and asset management update (released on October 10, 2018), they have approximately $500 million in assets. )
The baking threshold is quite low, which allows token holders to easily participate in the token lock-up mortgage and governance process. From a decentralization standpoint, that's fine. For small token holders or those who do not want to maintain a node themselves, they can delegate their share of tokens to other bakers for a fee.
Team members, including co-founder Arthur Breitman, often share their views on social media. This provides some transparency to the project.

Tezos Disadvantages

The throughput of the Tezos network is currently about 40 transactions per second, and there are currently many blockchain projects looking to achieve higher throughput. This level of capacity is not enough to support mass adoption.

The project has multiple negative events: After the Tezos Foundation received the cryptocurrency from "ICO" donors, it was delayed, and it encountered a class action and a management crisis; due to internal disputes, the Foundation's board of directors restructured, but there is still no clarity on how the ICO funds will be used.
Some of the roadmaps in the "Mars-shot" section of the white paper that make us think raising $232 million are justified include (1) negotiating with a small country to recognize Tezos as one of its official national currencies , and (2) buying a banking license and deploying the Tezos blockchain as the backbone of the business operation, but at the moment it seems that these are for no reason and will not happen.
Tezos has so far been unsuccessful in building a developer community, despite Tezos' ambitions. There are currently only 9 dApps on top of Tezos. Money is not the only motivation for developers. If developers choose to build on Tezos simply because of the funding they will receive, dApps will be far less likely to succeed.

Tezos Controversy
The Breitmans, the founders of Tezos, once posted a blog post in January 2018 accusing the director of an independent foundation that kept financing in Switzerland for defrauding the committee, allegedly sending himself a "Nonsense" large bonuses. The latter said the Breitmans had delayed the project by several months by trying to bypass the Swiss legal structure to gain direct control of the foundation. Although the tearing of Tezos happened within the foundation, not the technical personnel, so the impact on the project progress and technical architecture was not as great as that of Aeternity. However, from the perspective of public opinion and negative communication, it has had a certain impact on Tezos.

Related links:

A few directions to improve Tezos

https://medium.com/tezos/a-few-directions-to-improve-tezos-15359c79ec0f