Arthur Breitman first proposed Tezos in 2014 as a response to what he saw as Bitcoin’s failed design, which did not give all stakeholders a voice or facilitate the creation of new tokens. As a multipurpose blockchain that aims to combine a self-amending protocol and on-chain governance, Tezos enables all token holders to propose rule changes and make decisions together (each token accounts for one vote) to improve the network over time. It supports the creation of new tokens and smart contracts. When it launched in 2018, Tezos introduced a new version of a Proof-of-Stake consensus model. The Tezos design expands on traditional PoS systems by enabling users to delegate tokens to stakers (which Tezos users refer to as bakers) without transferring ownership. When a baker receives a block reward in the form of new XTZ tokens, a proportional amount is distributed to users that delegated tokens to the baker. This egalitarian system enables smaller token holders to participate in the validation and reward process just as easily as those with larger stakes.