Tezos is a public permissionless blockchain platform with smart contract capabilities.
Tezos has the Liquid Proof-of-Stake (LPoS) consensus algorithm.
In LPoS, the network participants stake XTZ to produce a block—a process called "baking". To become a baker, the participant needs a certain amount of XTZ (opens new window) to be locked in a smart contract. The certain amount of XTZ is called a roll.
Non-baking network participants can also delegate their tokens to bakers.
Bakers are incentivized to perform because the delegating network participants can switch between the bakers.
Bakers take part in the governance of the Tezos protocol and network by voting on proposed code changes. This is the on-chain governance that makes Tezos a self-amending network not susceptible to hard forks.