Tezos: the self-amending cryptographic ledger
Crowdsale period: 1. Jul 2017 – 14. Jul 2017
Funds raised: $232 (65,627 BTC (worth roughly $156m) and 361,122 ETH (worth about $76m). This record-setting token sale made Tezos the #1 among other ICO’s in the amount of funds raised.
Country: The U.S.A
Native token: Tez (Tezzies, XTZ)
Time: Work on this blockchain started in 2014. In the begining of the autumn in 2016 Tezos was represent at StrangeLoop. In July 2017 ICO of the platform was run.
Team: The Tezos crypto-currency team is represented by Arthur and Kathleen Breitman, and they are not a brother and sister – they are a husband and wife who are considered to be the developers of this crypto-currency in their married tandem. Arthur Breitman worked at Goldman Sachs and Morgan Stanley where he served as a vice president. Kathleen worked at The Wall Street Journal, Bridgewater Associates, Accenture, and R3 where she was a senior strategy associate.
The development team, led by the people already listed, has several advisers who are widely known in the field of the crypto industry. The headquarters of the members of the foundation is located in Zug, Switzerland. All people in the fund are successful businessmen who have been working with the blockade for years now. Zuko Wilcox, founder and executive director of the Zcash company, is a consultant. It’s advisors also include Emin Gün Sirer Associate Professor at Cornell University and Andrew Miller Assistant Professor at the University of Illinois, Urbana-Champaign in Computer Engineering and Computer Science.
About the project.
The developers of Tezos announce the creation of an alternative to Ethereum and present their own network protocol, specializing in safe and ready-to-apply smart contracts. The Tezos team created a powerful and unique technology that meet the most stringent requirements necessary to ensure the implementation of smart contracts in the public registry. One of the advantages is not borrowing by creators the programming language from Ethereum or Bitcoin. They created their own absolutely unique encoding — Michelson.
Among all the features that distinguish Tezos from other platforms, it is worth highlighting three the most important. First, all changes to the protocol should, pass through the platforms internal management mechanism. If a person or group makes a change with the help of a hardcore, but this change could easily be provoked inside Tezos, then the developers will reject this change and will treat it as illegal.
Secondly, Tezos is a safe language for smart contracts, which supports formal verification. Formal verification is a process that mathematically guarantees that certain sequences of operations in the code are executed correctly. It finds application in areas such as the aerospace industry, where the price of a missed error in the code is very large.
And thirdly, it is agreement on the Treaty, which means that each user can try to develop their own platform, and if the result is successful, you can get nice bonuses.
Why did Tezos achieve such a huge success?
- The newest technological achievement. One of the main goals of Tezos is to compete with such popular platforms as Ethereum and Bitcoin, while making its system more efficient, safe and much cheaper. The platform offers the best new alternative to the blockchain of the token, which can surpass all other altcoins.
- When the ICO was launched, the developers presented a practically ready project, which was ready to go into circulation from day to day. Literally a couple of months after that, it was already planned to launch the project itself.
- Clearly painted all the responsibilities in the team, as well as a detailed technical document.
- A great welcome was the news from the developers of Tezos. So, there will be no limit to the purchase of Tezzies tokens and everyone will be able to purchase as many as they want. Such tactics contributed to the rapid popularization of this digital coin. In addition, the platform guaranteed that the management will not depend only on the privileged status.
- Tezos also managed to control that investors can not suspend their participation or delay payment by setting a specific schedule for this, which consisted of 5 stages.
- ICO also additionally engaged in sales of virtual currency to individuals. They made a kind of promotion and the first tokens that were released (in September 2016 and March 2017) were sold at great discounts to reinsure themselves. This helped the best to complete in the final stages of development. In addition, the confidence of other investors increased significantly during this period.
- A reliable and strong base.The huge advantage of Tezos is that it Foundation guaranteed to provide a wide range of network functions, to help with research and advertising, as well as with the imposition of contacts.
- Work on this blockchain started in 2014, which is markedly different from many other projects that begin with simple idea or a product, which has yet to be finalized.