A consortium of Swiss cryptocurrency companies has incorporated bitcoin onto the Tezos blockchain. The move brings Tezos, which has based its foundation in Switzerland, a step closer to rival blockchain Ethereum.
This content was published on
2 minutes
swissinfo.ch/mga
Launched in 2018, the Tezos blockchain was designed to play host to a new generation of decentralised finance, business and social projects. It competes with a number of other blockchains, including Ethereum, which introduced bitcoin applications more than a year ago.
Ethereum is also backed by a Swiss-based foundation but has drifted away from Switzerland operationally since its launch in 2015. Tezos is a decentralised blockchain that was designed in the United States and largely built in Paris (France). But while its foundation went through a painful chapter of events two years ago, it has gone to great lengths to highlight a degree of Swissness.
The Tezos Foundation has teamed up with the Bitcoin Association Switzerland and Swiss digital asset service providers Bitcoin Suisse, Bity, Sygnum, Inacta, Lexr and Swiss Crypto Token to create the TZBTC digital tokenExternal link.
This essentially marries Tezos “smart contracts” with the world’s original cryptocurrency, allowing holders to code commands that transfer bitcoin from one party to another.
“This collaboration demonstrates that Switzerland is still a leader in financial innovation – and not just a place to save taxes,” Tezos foundation operational head Roman Schnider told swissinfo.ch. “TZBTC is probably not for people who are just interested in holding bitcoin as an investment. But it demonstrates that we have the full toolkit available for people who want to create new and agile financial services.”
Blockchain allows people to exchange items of value without the need of third-party intermediaries, such as banks or lawyers. It promises to preserve privacy, add transparency and bring efficiencies to established digital systems.
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
High-net-worth individuals prioritise well-being over material possessions
This content was published on
The priorities of wealthy private individuals have shifted against the backdrop of ongoing geopolitical tensions and trade disputes. While spending on luxury goods is declining, demand for travel and experiences is unabated.
Swiss researchers sequence genome of 1918 Spanish flu virus
This content was published on
Researchers from the Universities of Basel and Zurich (UZH) have sequenced the genome of the Spanish flu virus, thanks to a sample taken from an 18-year-old Swiss boy who died in the city on the Limmat in 1918, when the pandemic spread around the world.
Swiss martyr beatified in Barcelona by Catholic Church
This content was published on
François-Benjamin May (1870-1909), a member of the Marist Brothers congregation, has been recognised as a 'blessed' by the Catholic Church.
Prevention and tech could help save billions on Swiss healthcare costs, says Deloitte
This content was published on
By focusing on prevention and technology, it would be possible to reduce Switzerland's healthcare bill by CHF30 billion a year by 2040, according to Deloitte Switzerland.
Environment director warns of increasing climate-related risks in Switzerland
This content was published on
The director of the Swiss Federal Office for the Environment (FOEN) has warned of increasing climate-related risks in Switzerland in an interview with SonntagsBlick on Sunday.
Gotthard traffic queue hits 11km at start of holiday season
This content was published on
The start of the summer holidays saw a long traffic jam in front of the Gotthard tunnel on Saturday. Traffic jams between Erstfeld and Göschenen in canton Uri were up to 11 kilometres long early in the morning.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
How the Tezos blockchain could empower the poor
This content was published on
Head of the Tezos foundation believes the blockchain can help lift people out of poverty. But it first must deal with regulatory and investor demands.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.