# Tezos (XTZ) — machine-readable summary

> FORTUNA SIGNAL · FORA-01 evidence dossier · Researched 2026-09-15 · https://ron-delhaye-studios.github.io/fortuna-signal-live/tokens/xtz.html

## Definition
Tezos is a self-amending proof-of-stake blockchain (2014, L.M. Goodman) designed so stakeholders can upgrade the protocol itself onchain without hard forks, and it supports Turing-complete smart contracts.

## What the holder owns (FORA-01 Q1)
Native asset of the Tezos network — pays fees, bonded by bakers as collateral, and grants on-chain governance votes. Evidence: the open protocol — the token is the chain’s native unit by consensus rules; there is no issuer to claim against.

## Verification verdict
Class NATIVE (Native) — FORA-01 scale: verification, not a quality ranking.
q1 VERIFIED · q2–q5 N/A (structural — bearer-native asset)

## Plain-language utility
Fuel for the Tezos network — pays for transactions and on-chain governance.

## Key risks & notes
The 2014 whitepaper predates many amendments, so its specifics (rewards, cycles) are outdated. XTZ has staking-driven inflation that dilutes non-stakers. Competes with Ethereum L2s and newer L1s for developers and TVL, and onchain governance can concentrate among large bakers.

## Primary source
- https://tezos.com/whitepaper.pdf?L=17

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Machine summary generated at build time from the same fields as the human page. Free educational content — not investment advice.