Platform with smart contracts it was assumed as a system with a decent reputation, however, investors peppered her with lawsuits, and the launch of the core network took place with a delay of almost a year
Tezos — traditional cryptocurrency platform, which works on technology-based smart contracts. She appeared in 2014, but the launch of the core network took place only four years later. In 2017, the company has collected on ICO record at the time of $230 million, and then received a lot of lawsuits from investors.
In the spring of 2014 the couple Arthur and Kathleen Breitman started to develop a platform Tezos. That summer, they spent the ICO, which raised $18 million, and three years later, just two weeks they received from various investors another $230 million. However, the widespread acclaim the project has gained not because of its technology, but due to conflicts and litigation.
According to leaders of a startup, hardwork — unsuccessful approach to the updating of the network of cryptocurrencies, so they developed a special system which allows you to make changes to the project without the need of branching of the chain. Also, the team has built technology algorithm changes, which, among other things, financial compensation for their work. Thus, the project is not required to seek investors.
The main problem of the startup started after the American company DLS started the proceedings with Tezos Foundation. Wife of Bratman accused Johanna of Givers that he used the money obtained through the ICO, for their own selfish purposes.
In turn, Gevers said that the pair is trying to remove him from the project to pick up all the money. Along the way it became clear that the development of the platform has stopped. After that investors have filed at least three class action since the launch of the network was to be held at the end of 2017, and tokens to go public even earlier, but that did not happen.
DLS was able to achieve the exclusion of Givers from the project, together with him Tezos Foundation left several key figures. After that, the Agency on regulation of activities of financial institutions in the US fined Arthur Breitman $20 thousand and forbade him to interact with broker-dealers for two years for the fact that in 2014-2015 he was a member of the Bank Morgan Stanley and engaged in parallel Tezos, but was not warned about this by their employer.
In the summer of 2018, the network appeared information about the fact that the output of tokens Tezos users will have to undergo the KYC procedure, the community did not like and there was talk about holding hard forks nTezos. Startup was almost the first project with a branch circuit even before its official launch.
This situation was completely contrary to the basic principles and ideas of the project, which was announced prior to the holding of ICO. Among them were friendly reputation and the inability to conduct hard forks.
The principles and values Tezos
It is an intelligent system with smart contracts, focused on safety. The system employs a special technology which allows to implement major changes and to improve network performance without the need for branching of the chain, that is holding hardforce. Stakeholders can develop a network and upgrade it.
The main principles of the project is not dogmatic — the developers appreciate the rules and will follow them, but not to bring the situation to the absurd. Aggressiveness — whatever other purposes Tezos should not be used to initiate violence or fraud, both directly and with the help of a third party. The company must protect the interests of the holders of coins regardless of their share. In General, it also means making decisions that positively affect the growth of asset prices.
The value of the project: developers not interested in decentralization as a fact, just for the sake of resistance to censorship. Interests must coincide with the desires of the holders of the cryptocurrency. The user adheres to the idea of evolution, not revolution. Open source should not interfere with the product’s introduction into the market, opportunities to trade and to profit from it.
The company should adhere to friendly and meaningful way, and the team Tezos supports research that can positively affect the project. Startup supports innovations to increase the usefulness of the system.
In fact, most of these principles were violated due to conflicts within the leadership of the project. The launch of the core network took place in September 2018, after that was solved many questions of a legal nature.
Soon after such a major platform to trade digital money as Bitfinex and Kraken, announced the addition of the asset. Now the capitalization of a token is $813 million, he is ranked 18th in the list of the largest cryptocurrencies on this indicator.