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What is Tezos?

Tezos is a decentralized, open-source blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez or tezzie, which has the symbol XTZ. As of October 2020, XTZ had a market capitalization of $1.6 billion, which makes it the 18th most valuable cryptocurrency by market capitalization. As of October 2020, there are more than 400 block validating nodes (bakers) on the Tezos network. The vast majority of transactions currently happening on Tezos today though are mostly to maintain consensus and are not for more substantive operations, such as executing smart contracts, even though the network has the capacity to handle many more transactions.

The Tezos network achieves consensus using a liquid proof-of-stake model. Tezos features an on-chain governance model that allows the protocol to amend itself when upgrade proposals receive a favorable vote from the community. This feature allows Tezos to avoid forks that other blockchains have to contend with.

What is Tezos faucet?

Tezos faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth XTZ, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Faucets usually give fractions of a tezos, but the amount will typically fluctuate according to the value of tezos.

Faucets are a great way to help introduce new people to tezos, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.