GCrypto, the in-app crypto trading feature of GCash, has added the native token of Tezos, $XTZ, to its pool of 28 available cryptocurrencies for spot trading within the e-wallet.
PDAX first added $XTZ to its app in early 2023. PDAX is a Bangko Sentral ng Pilipinas (BSP)-licensed virtual asset service provider (VASP) that powers GCrypto.
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What is $XTZ?
$XTZ is an ISO-4217-compatible code for representing tez, a unit of the cryptocurrency native to a Tezos chain, on the most economically relevant Tezos blockchain (https://tezos.com/).
Tezos is an open-source, decentralized blockchain that utilizes Smart Rollups and claims to host up to one million transactions per second.
Despite having the ability to hold a massive number of transactions per second, Tezos is also called a clean blockchain, as it uses a proof-of-stake, a consensus mechanism that eliminates the need for high energy use.
Its consensus mechanism also allows users to stake $XTZ to earn the right to create blocks and receive rewards and earn the ability to propose changes to how Tezos works, such as changes to gas fees and block times.
Moreover, for developers, Tezos offers formal verification, a process that ensures that a smart contract does what it says it does and has no side effects. Formal verification reduces errors, bugs, and security vulnerabilities in contracts and allows users to trust them, according to the team.
Lastly, one of the features that Tezos has is its built-in capability to upgrade itself, which allows the network to evolve without requiring a hard fork. Basically, bakers, or node validators, can propose an upgrade and Tezos can adopt it without affecting the platform’s performance.
Tezos Ecosystem in #CryptoPH Scene
Tezos is one of the prominent blockchains used by NFT art enthusiasts in the country.
On January 30, when GCash first confirmed the listing of $XTZ on the e-wallet, the initiative was well-appreciated by the community, including Crypto Art Philippines Founder Jopet Arias, who even thanked GCrypto Chief Luis Buenaventura.
Before concluding 2023, Tezos Philippines hosted “Tezmas 2023,” an annual NFT minting competition. The event had an esteemed jury with Sheree Gotuaco of Scarletbox, Ombeline Rosset (Cabline) of OBJKT, Natasha Lau of TZ APAC, Kimi Delgado from Galeria Paloma, Henry Banayat of Bitshares Labs, and artist Jopet Arias of CryptoArtPH. The contest also showcased a substantial prize pool totaling over USD 2,900 in tez.
It also had its Philippine-themed community NFT minting event called Tezos Kultura for the month of August. The event focused on the country’s rich history, culture, and heroism.
Meanwhile, in February 2023, in line with the celebration of National Arts Month 2023, Tezos Filipinos, a group of Filipino NFT artists using Tezos platforms, had the “Ani ng Sining, Bunga ng Galinh” event that highlighted the works of Filipino artists in the web3 space.
A month later, Tezos Philippines, supported by TZ APAC, hosted the Women of Web3 NFT Community Minting Event. This event was in celebration of Women’s Month and International Women’s Day, aiming to recognize and honor women’s contributions in the rapidly evolving web3 space, while promoting inclusivity and diversity in the ecosystem.
This article is published on BitPinas: XTZ Now Available in GCrypto of GCash
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