Describe Tezos. Simply explained, Tezos is a self-governing and self-evolving platform for smart contracts built on the blockchain.
If the terms “blockchain” and “smart contracts” conjure up images of well-known platforms like Ethereum and what some refer to as its Chinese counterpart, NEO, then you might not be alone.
Fortunately, the Tezos team appears to be cognizant of this given it asserts that Tezos does, in fact, differ significantly from existing blockchain platforms. The self-amending capabilities of their platform are what the Tezos team emphasises the most.
XTZ wallet is a decentralized, open-source blockchain that will serve as a platform for any smart contracts. ZenGo is also a Tezos (XTZ) wallet that will allow you to trade, send, and receive stake Tezos (XTZ) at any time.
ICO to Infighting
Although Tezos’ history is less than a year old, investors and backers have already experienced quite the rollercoaster.
On 14th July 2017, Tezos held an incredible ICO that was a huge success. It exceeded the creators’ estimates by a factor of ten and raised an incredible $232 million in a single day. It appeared as though everything was going quite nicely for Tezos.
Unfortunately, that was not the case, and for founders Arthur and Kathleen Breitman, things quickly got out of control. Due to Switzerland’s weak banking restrictions, Tezos established a Swiss Foundation to manage its assets, like many other cryptocurrency initiatives.
What the two overlooked was the fact that, according to Swiss law, a foundation’s board of directors has total power over all of the foundation’s assets.
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It was Johann Gevers in this instance who quickly locked the Breitmans out of Tezos’ assets. Since that time, Johann Gevers has been the target of at least four class action lawsuits, and the Breitmans have been engaged in a battle to retake control of Tezos.
The Breitmans did maintain ownership of the project’s source code through the Delaware-based Dynamic Ledger Solutions, but it was not of much use to them without possession of the ICO assets.
All Tezos investors were simultaneously locked out of their investments and unable to access their tokens, let alone trade or sell them.
Though no one yet was able to claim any single Tezos token, it is noteworthy that the XTZ token got listed on Coinmarketcap.com on 2nd October 2017, at $1.66/token, and was trading @ $4.44/token on 30th June 2018.
Additionally, the $232 million raised has increased to $555 million as a result of the surge in the price of Bitcoin and Ethereum since the ICO.
Should we expect anything out of Tezos?
Tezos appears to be one of the most disruptive initiatives in the cryptocurrency space based on what it claims to be able to do, which is alter how cryptocurrency platforms might operate.
It uses self-governance principles from networks like Dash in addition to smart contracts from Ethereum and NEO. This gives Tezos investors a “best of both worlds” kind of option, which is really fine.