It only took weeks for Bancor’s record-breaking ICO to be shattered by another newcomer. Tezos ICO brought in a record-setting $232 million worth of BTC and ETH during its selling period. In comparison, The DAO, the precursor of Ethereum and the blockchain Tezo is using to create its token, had an ICO of $18.4 million.
Setting the record
Tezos collected 65,627 BTC and 361,122 ETC once everything was set and done. At closing prices, that represented $156 million and $76 million respectively. The time of the sale was defined by blocks mined on the Bitcoin Network. The period lasted exactly 2,000 transaction blocks.
In that short timeframe, Tezos ICO broke all possible records an ICO can collect. From the backers to the money raised, Tezos was a dominant force. This incredible achievement was only possible due to the idea behind the coin.
The Heart of Tezos
Tezos revolves around the question of development and governance under a decentralised network. When you are dealing with multiple entities, with varying incentives, goals and self-interest, a self-amending blockchain must exist. There must be a set of static rules that works to prevent conflicts between its users. This problem is quite significant.
Especially after the fork that was created after the collapse of The DAO, and the potential split that will be created with Bitcoin.
Once Tezos goes live, it will support smart contracts and use a PoS consensus algorithm. Proof-of-stake mans that validators will use their coins to increase their chances of being elected to create the new block.
From the Lion’s Mouth
Tezos co-founder and technology chief Arthur Breitman spoke with Coindesk. In his conversation Mr Breitman explained: “What we’re trying to bring, in some sense, is a rule of law that is, OK, if we have to have these changes because the network needs to evolve, at least we need to have a clear, decentralised procedure for making those changes.”
The T Team
Arthur and his wife Kathleen have been the force behind Tezos since 2014. That is when the coin’s white paper was published. However, this couple is not your average married couple,
Kathleen worked as a senior strategy associated for R3CEV after spending two years working for professional firm services Accenture, according to her LinkedIn profile. Arthur, on the other hand, served as president of Morgan Stanley between 2013 and 2016, before moving on to this project.
Behind the power couple is the Tezos Foundation, which is based in Zug, Switzerland. The Foundation’s goal is to help drive activity at a community level. They plan to do that by organising meetups around the planet, as well as hosting a forum and creating other sources for community interaction.
Success can be finicky
It is amazing the level of success Tezo has. But it is important to keep going it needs the long-term support of speculators and investors. Moreover, their support must extend beyond specific applications, and instead concentrate on the entire idea.
In a way, for Tezos to last, it must follow the path of Ethereum. The idea behind the Ethereum Blockchain was a first of its kind by the time of its appearance. However, because of early adopters and active investors, the idea went from a mere $18 million ICO to a market cap of $20 billion and the pillar behind all new ICO tokens. If Tezos follows a similar path, Tezos will be here to stay.