What is Tezos
Tezos (XTZ) is a smart contract blockchain whose main feature is the ability to upgrade itself without splitting the network. The idea was described by Arthur and Kathleen Breitman in 2014, and the mainnet went live in 2018. In most blockchains, major changes require a hard fork and the community risks splitting. In Tezos, upgrade proposals are put to a vote of coin holders and, if approved, applied automatically.
Tezos runs on proof-of-stake: XTZ holders can become bakers — as validators are called in Tezos — or delegate their coins to them and earn rewards. The blockchain is used for NFTs, asset tokenisation and brands’ digital projects. The XTZ coin, also called “tez”, pays fees, takes part in staking and grants voting rights.
Key facts
| Parameter | Value |
|---|---|
| Ticker | XTZ |
| Network at ROVEN exchange | Tezos (mainnet) |
| Address format | Starts with “tz1”, “tz2”, “tz3”, “tz4” or “KT1” (contract) |
| Block time | A few seconds |
| Consensus | Proof of Stake (baking) |
| Network fee | Paid in XTZ, usually a fraction of a cent |
| Memo / tag | Not needed |
What Tezos is used for
- NFTs and digital art. Low fees and energy efficiency made Tezos popular with artists.
- Staking. Delegating XTZ to a baker earns regular rewards.
- Governance. Holders vote on protocol upgrades.
- Smart contracts and tokenisation. Tokens are issued and decentralised apps built on Tezos.
How to exchange Tezos at ROVEN exchange
- Choose a direction, for example XTZ → USDT TRC20 or USDT TRC20 → XTZ, and enter the amount.
- If you’re receiving XTZ, enter a Tezos address starting with “tz1”, “tz2”, “tz3” or “tz4”.
- Create the order — the rate is locked for 30 minutes — and send the exact amount to the address in the order.
- Tezos produces blocks every few seconds, so a swap usually takes a few minutes.
What to watch out for
- Addresses starting with “KT1” are smart contracts. To receive XTZ, it’s better to use a regular “tz…” wallet address.
- Don’t confuse Tezos with networks whose addresses have a similar length — check the “tz” prefix.
- Delegating XTZ doesn’t lock the coins: you can send them at any time.
- The first outgoing transaction from a new address may include a small extra fee for revealing the key.
A self-amending blockchain
The Tezos upgrade mechanism consists of several voting stages. Developers propose changes, bakers vote on them, a testing period follows, and only after final approval is the upgrade activated on the network. Thanks to this, Tezos has carried out many major upgrades without a single split. By tradition each upgrade is named after a city — for example Athens, Babylon or Paris.
How to store Tezos
XTZ is supported by Temple, Kukai, Umami, Trust Wallet and the Ledger hardware wallet. Many of them let you delegate coins to a baker in a couple of taps. Keep your seed phrase offline and check the address before sending.
Frequently asked questions
Does Tezos need a memo?
No. Every recipient has their own address; no memo is used.
Can I swap staked XTZ?
Yes. Delegated XTZ stays in your wallet and is available to send at any time.
How long does an XTZ transfer take?
A transaction is included in a block within seconds, and the whole swap at ROVEN exchange usually takes a few minutes.