By Riya M 
Tezos, the self-organizing blockchain which can reprogram itself, has been forging ahead in terms of developing its platform and snapping up more clients, especially in the sphere of greener Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi). Founded in 2018, Tezos stood out due to its self-upgrade system, which means that there is no need to create new chains, or hard forks, as is the case with other cryptocurrencies.
One of the peculiarities of Tezos is to ensure the formal verification of smart contracts aimed at formal confirmation of their work before launching. That is why industries such as finance and healthcare have been most drawn to the approach used by Tezos, where consequences of the errors in code are simply inadmissible.
Over the past few years, Tezos has emerged as one of the most popular ecosystems by becoming an essential player in the NFT market. The newly developed Liquid Proof of Stake (LPoS) consensus mechanism makes it one of the best choices that crypto enthusiasts can go for due to the aspect of energy conservation as compared to other blockchains. This has brought a variety of NFT marketplaces, and artists into the platform, such as Hic et Nunc which gained a massive popularity due to its user-friendly approach to minting and trading NFTs.
It has also incorporated decentralised finance through the introduction of different DeFi projects like Kolibri Finance and Quipuswap. These allow users to lend, borrow and trade and those capabilities extend the use of XTZ, Tezos’ native cryptocurrency.
This has been evidenced by institutional adoption of the Tezos Blockchain as entities such as the French investment bank, Societe Generale, adopt the solution. These partnerships have helped in bringing more credibility and awareness of the Tezos brand as it boomed in the XTZ token.
In the future, the Tezos Foundation and its ecosystem have great plans to create even more changes on the side of governance and utility. Taking into account the principles of its governance, security and sustainability, Tezos will be able to hold a strong position in the future development of the blockchain industry.