Can Tezos Be A Millionaire Maker?
Tezos has seen considerable development since the start of the year, with the platform making several announcements like Tezos joining OpenSea, the arrival of StablyUSD, and the Edo upgrade.
So is Tezos the ideal investment for 2021? Can we assume that Tezos can be a millionaire-maker investment? Several factors could influence the price of Tezos but let us take a quick look at what factors could have an influence on Tezos and if it is indeed an investment that could completely change the fortunes of investors.
At the moment, Tezos is experiencing exponential growth thanks to mass adoption and inbound development and is predicted to reach record price levels.
So What Is Tezos?
Like Ethereum, Tezos is a smart contract platform that functions through a process known as an "on-chain governance model." This model allows Tezos to implement any change or upgrade to the blockchain without needing to undergo a hard fork automatically.
A hard fork occurs when developers cannot reach a consensus on changes or actions that need to be implemented on the blockchain, leading to a split in the blockchain. The automated implementation of changes on Tezos is a considerable advantage that it has over other cryptocurrencies.
Released in 2018, Tezos allows any individual who owns the Tezos cryptocurrency XTZ to vote on any changes to the platform's rules or any action undertaken on the platform. Once users have voted and a consensus is reached on the new rules, Tezos automatically initiates the update and ensures that the new rules are implemented. This ensures that the Tezos blockchain does not have to undergo a hard fork and also ensures that the future direction that the project takes is decided upon democratically.
Is Tezos The Investment To Make?
To answer this question, let's look at how Tezos has performed over the past few months and look at the factors that could potentially affect the price. Since the start of the new year, Tezos's price has seen an upward trend, even though there was a certain degree of volatility. At $1.96 on the 3rd January 2021, the price jumped to $2.84 by 10th January 2021, almost doubling in price. By 23rd January, the price had reached $3.21, and by 14th February, the price had shot up to $5.20.
It is clear that Tezos is going only one way, and that is up. The platform has several advantages over other giants such as Cardano, Ethereum, and EOS. So what are the factors that could make this altcoin a millionaire-maker? Investors have been flocking to Tezos for a few months, so let us look at what the fuss is about.
Factors That Could Make Tezos A Millionaire Maker:
1. Tezos is more than just a cryptocurrency.
Tezos is a scalable platform that runs on smart contracts. Investors believe that because Tezos is more than just a cryptocurrency and has several use cases, it has significant growth potential. This is why investors are flocking to Tezos.
It can be used in several businesses and industries, including the gaming industry, one of the fastest-growing industries globally.
2. Self Amending Blockchain
Tezos is a self-amending blockchain; meaning that developers can implement upgrades and changes to Tezos without the blockchain having to split into two separate blockchains. Because changes are decided upon by voting on them, it eliminates the need for the blockchain's hard fork.
3. Liquid Proof-of-Stake Mechanism And A Unique Governance Process
Tezos uses a unique and innovative governance process called "Baking." Tezos describe baking as an act of signing and publishing blocks on Tezos's blockchain. To participate in the Baking process, users have to furnish a security deposit and stake 8000 XTZ.
Baking is an excellent way for users to earn rewards and generate income, making it an advantage to invest in XTZ. Tezos also combined traditional Proof-of-Stake and delegated Proof-of-Stake, allowing bakers who participate in the consensus mechanism to generate rewards and contribute to the network.
4. Value Among Investors
Tezos is a valued asset in the investor community thanks to its constant innovation. It has secured several high-profile investments from companies like PolyChain Capital. Tezos has also entered into partnerships with several financial institutions, including Brazil's leading bank, Banco BTG Pactual. Venture capitalist Tim Draper has also backed Tezos and invested in it.
5. A Large and Ever-Growing Community
One of the most significant advantages of Tezos is that the team behind the platform offers grants to developers to study and improve the platform. Tezos is actively working with Kingsland University to train those who are interested in XTZ.
All these factors go a long way in having a positive influence on the price of Tezos.
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New Announcements And Edo
Since the start of the year, Tezos has made several announcements that have sent a wave of positivity across the investor community.
Tezos announced that StablyUSD had made its way to the Tezos blockchain. Earlier, StablyUSD had been issued on Ethereum.
Tezos's built-in mechanism allows developers to implement new features and functionalities to the platform without compromising on long-term stability. Stably also decided to launch USDS on Tezos due to the rising cost of gas on Ethereum.
Tezos also announced that it had joined OpenSea, the largest NFT marketplace and exchange platform. NFTs have surged since the start of the year, and OpenSea dominates the NFT space with more than 30% of the volume share.
The most crucial development for Tezos was the successful upgrade to Edo. This is the fifth Tezos upgrade in the past two years and is the most ambitious and significant upgrade to Tezos. Edo adds several new features, bug fixes, improvements in performance, and gas consumption. You can find the full list of changes that Edo brings here.
Ready to invest In Tezos XTZ?
So, Will Tezos Become A Millionaire Maker?
Tezos has several advantages over other cryptocurrencies, leading experts to believe that it has the potential to be a very profitable investment. Some predictions state that an investment in Tezos would yield returns of over 300% in the next five years, so imagine how much your investment in Tezos would be worth if you invested today.
Tezos is predicted to grow if it can deliver on its promises and able to develop a stable user-base. We can safely say Tezos could become a millionaire maker.
Currently, Tezos has a market capitalization of $3.77 billion, making it one of the largest cryptocurrencies by market capitalization. Tezos has performed significantly well, even better than most other cryptocurrencies over the past few months. As Tezos gains more recognition and sees mass adoption, the price of Tezos will increase significantly.
Read Also: Pros and Cons of Investing in Tezos XTZ
With a significant growth potential, there is no doubt that Tezos is an investment worth considering. Tezos, as an investment asset, is gaining popularity amongst investors. As a long-term investment, Tezos has the potential to be a millionaire-maker, with some analysts predicting returns of more than 300% in 5 years.
The price of Tezos set to surge in 2021 as it has attracted the interest of multinational corporations and financial institutions. However, investing in cryptocurrencies does come with its own set of risks, so you should be extremely thorough in your research before investing.
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