Tezos Hard Fork Cryptocurrency nTezos Created By Community After KYC Updates
Have you ever heard of the Tezos blockchain? This new platform for smart contracts and decentralized apps have just appeared, but it is already somewhat controversial as it already has some planned hard forks. Today, we will talk about one of them: nTezos.
What Is nTezos And How Will It Work?
nTezos will be an independent network that will run on the Tezos software. This new network will have the main characteristics of the official Tezos network but add some new ones and change some things.
It will be proof of stake and have mining just as the original Tezos and will use smart contracts. In these aspects, the technology is almost the same. The main difference between the original Tezos and nTezos is how governance will work on the platform.
The main difference between this new platform is that it will have its governance mechanisms and it will be independent from the rules established by the main network. For instance, the creators of nTezos are strongly against Know Your Customer procedures, so they will not be enforced on this new blockchain.
The KYC issue has concerned some of the original Tezos investors since the beginning. The new project will handle the token allocation in a similar fashion of the one chosen by the original project, but no tokens will be sent as special rewards.
nTezos will also differ from the original project by by having its own auditable genesis block, which can also be a controversial topic.
The original Tezos foundation will lose its veto powers and on-chain voting will be implemented as a way to decentralize the project and make it more interesting for the investors. The tokens that would go to the foundation will be locked for some time and then later they will be spent by the community in a way that will be decided by on-chain voting.
Should You Trust nTezos?
A common doubt that appears every time that something like this happens is: should you actually trust this new team that is promoting this fork? That is very hard to say, but let’s look at the evidence that we have found so far.
Our impression is that the team behind this effort is real and is really interested in taking this project forward. They have no associations whatsoever with the original Tezos Foundation. On the other hand, we are not necessarily sure that this project will ever see the light of day, so there is this issue.
While there seems to be some interest around this fork, first it would have to be more consensus about it and everybody that has been in the crypto market for some time already knows that consensus can be sometimes very hard to reach in this type of community and that hard forks can be specially messy.
It is still considerably early to tell how successful nTezos will manage to be in the end. We would say that this fork definitely has some chances but that would not necessarily be a very certain business, so be aware that there is some risk involved in backing this fork. In any case, if it does happen, at least the team seem serious enough to move the project forward.