A 232 Million Cryptocurrency Fight Comes To A Close

A 232 million cryptocurrency fight comes to a close

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.

A 232 million cryptocurrency fight comes to a close

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.[1]

In 2017, the Tezos Foundation, a Switzerland based non-profit, raised $232 million in a fundraiser and became one of the biggest ICOs at that moment.[2]


The primary protocol of Tezos utilizes proof of stake and supports Turing complete smart contracts in a domain specific language called Michelson[3][self-published source][4][self-published source].[5]

The Tezos protocol allows itself to be amended by a staged process performed by committing operations to the stored blockchain to submit proposals (intended code changes) and to vote on those changes.

Lawmakers want to protect your cryptocurrency transactions

If a proposal receives enough votes the protocol updates itself to incorporate the code changes.[6]

Use Cases[edit]

In July 2019, Banco BTG Pactual S.A. together with Dalma Capital, a Dubai based asset manager, announced plans to utilize the Tezos blockchain for Security Token Offerings (STOs).[7]

In February 2019, Elevated Returns (ER), a financial group focused on digitizing traditional financial assets and best known for its tokenization of the St.

Regis resort in Aspen, announced that it selected Tezos as the blockchain on which it will offer fully compliant tokenized real-estate offerings to qualified investors.[8]


In March 2019, the audit company Least Authority published the results of 5 checks, performed for Tezos Foundation during 2018.[9]

Tezos Foundation[edit]

The Tezos Foundation faced a management controversy about the use of raised funds by foundation president Johann Gevers.

Johann Gevers resigned on February 22, 2018.[10][11] The current Tezos Foundation Council has five members: Ryan Jesperson (President), Michel Mauny, Marylène Micheloud, Lars Haussmann, and Hubertus Thonhauser.[12]Ryan Lackey was appointed in July 2019 as the 6th member of the Council.[13]


  1. ^"Our History".

    One of the biggest cryptocurrency crowdsales hasn’t lived up to the hype.


  2. ^Cohney, Shaanan; Hoffman, David; Sklaroff, Jeremy; Wishnick, David (2019). "COIN-OPERATED CAPITALISM".

    Columbia Law Review. 119 (3): 661.

    Is It Too Late To Make Your Fortune In Cryptocurrency ICOs?

    ISSN 0010-1958. JSTOR 26652184.

  3. ^Harz, Dominik; Knottenbelt, William J.

    Crypto trading toolsbitcoin charts i can copy and paste

    (2018). "Towards Safer Smart Contracts: A Survey of Languages and Verification Methods": 4. arXiv:1809.09805.

    Undervalued Altcoins To Buy In 2020: XTZ (TEZOS)

    Bibcode:2018arXiv180909805H. Retrieved 2019-07-20.

  4. ^Das, Ankush; Balzer, Stephanie; Hoffmann, Jan; Pfenning, Frank (2019-02-16). "Resource-Aware Session Types for Digital Contracts". arXiv:1902.06056v2 [cs.PL].
  5. ^Chen, Shiping (2018).

    Tezos sold tokens on a network that didn’t exist

    Blockchain -- ICBC 2018 : first International Conference, held as part of the Services Conference Federation, SCF 2018, Seattle, WA, USA, June 25-30, 2018, Proceedings. Cham, Switzerland: Springer. ISBN . OCLC 1042075107.

  6. ^Vigna, Paul (2018).

    A $232 Million Cryptocurrency Fight Comes to a Close

    The Truth Machine: The Blockchain and the Future of Everything (March 2019 ed.). Picador.

    Late night show cryptocurrencies

    p. 89. ISBN .

  7. ^"BTG Pactual and Dalma Capital to utilize Tezos Blockchain for Security Token Offerings (STOs)".

    Special Report: Backroom battle imperils $230 million cryptocurrency venture

    Bloomberg. Retrieved 2019-07-19.

  8. ^"Restaurant Owner's Global Property Fund Plans to Sell Crypto Tokens".

    A 232 million cryptocurrency fight comes to a close


  9. ^"Tezos Protocol Final Security Audit Report"(PDF). Least Authority. March 16, 2019.

    Most Popular Videos

    Retrieved July 6, 2019.

  10. ^Gideon Levis-Kraus (June 18, 2018). "The blockchain: a love story— and a horror story". Wired Magazine. Retrieved June 18, 2018.
  11. ^Paul Vigna (February 22, 2018). "A $232 Million Cryptocurrency Fight Comes to a Close".

    A 232 million cryptocurrency fight comes to a close

    Wall Street Journal. Retrieved February 22, 2018.

  12. ^"About: Council - Tezos Foundation".

    From our Obsession

    tezos.foundation. Retrieved 2019-07-19.

  13. ^"Ryan Lackey, Chief Security Officer of the Tezos Foundation, is Appointed to the Council - Tezos Foundation". tezos.foundation.

    A 232 million cryptocurrency fight comes to a close

    Retrieved 2019-07-19.

External links[edit]