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Arthur Breitman, an early architect and council member of the Tezos Foundation, discussed security during his speech at UDC 2021, a blockchain conference hosted by Dunamu from Sept. 1 to 2.
Dunamu is the firm that operates South Korea's Upbit exchange.
Breitman spoke during the first day.
Tezos Foundation is an open-source blockchain protocol. Its native token is Tezos (XTZ). The network is backed by a global community of validators, researchers and builders. For this reason, Breitman says its security is on another level.
"Tezos is built on a network that offers the best in security," he said.
He cited Tezos' ability to easily upgrade whenever needed.
Conventionally, a blockchain upgrade requires creating a new chain, or fork, that deviates from the original chain, creating two separate chains. The transition period during which users migrate from the original chain to the fork could expose the network to security risks.
Tezos, however, is more adaptable, Breitman says. The network's proof of stake (POS) consensus mechanism allows token holders to propose and vote on upgrades, which take place on the original chain without creating a fork.
So far, Tezos has undergone seven network upgrades.
These seamless and quick upgrades, he says, allow for greater security and more efficient smart contracts, as well as lower gas fees.
According to Breitman, upgrades have lowered the network’s gas fees by three-fold.
"Tezos has evolved to rival Ethereum in terms of usage volume," Breitman said. "And its expanding to the worlds of DeFi, NFTs, and CBDCs."
UDC 2021 articles are sponsored by Upbit.