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Tezos is a new decentralized blockchain that governs itself by establishing a true digital commonwealth. It facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts.
Tezos is a technology for deploying a blockchain capable of modifying its own set of rules with minimal disruption to the network through an on-chain governance model.
Unlike blockchains such as Bitcoin or Ethereum, in its most popular incarnation, a Tezos blockchain does not rely on mining (Proof of Work), but instead utilizes a Proof-of-Stake based consensus model. In August 2014, the project's founders released a paper called the 'Position Paper', and in September of the same year the Tezos whitepaper was released.