Tezos ICO Lands $230+ Million! Here’s What It Does
Odds are you have at least one buddy who bought bitcoin a year or two back. Odds are that they are giddy about their good fortunes. And they should be–since Satoshi launched the network in 2009 bitcoin has risen to a market cap of $40 billion. The cryptocurrency saw a 200% surge this year to a record high just shy of $3000 in June.
But beneath these numbers, the feuds among core developers over resolving longstanding issues have simmered on, most critically how to increase block size. Under the current 1MB block capacity, congestion of the network has put bitcoin under strain, resulting in higher transaction times and processing fees. Two of the top scaling proposals are set to update the network on August 1st, dubbed Bitcoin Independence Day.
The community is bracing itself for the possibility of a chain split if the proposals end up being incompatible, an event that would result in two separate bitcoins. The players in this drama all have incentives to reach a consensus, which begs the question–how did we arrive at this juncture? One answer is that bitcoin’s key feature and strength–decentralization– also makes decision-making remarkably difficult.
With no central authority or mechanism to get participants with different interests and ideologies to agree on changes, bitcoin and new platforms like Ethereum are struggling to amend their core rules. Math may be math, but humans are also human.
Bitcoin will no doubt get through these trials and and hit a market cap in the trillions. But the civil wars raise important questions. Enter Tezos. The upstart platform is designed with an eye towards avoiding these flaws by baking governance into the protocol itself, allowing for formal coordination and upgrades.
In an interview for Flux I sat down with Kathleen Breitman, co-founder and CEO of Tezos, which is nearing the end of it’s two week fundraise.
With a whopping $200m raised (at current btc and eth prices) Tezos breaks all Initial Coin Offering records to date. That’s saying something given over $1 billion dollars has gone into ICOs (Kickstarters on steroids) in 2017. Exuberance, of the irrational variety, perhaps–but that doesn’t mean there is no real value underpinning some of the projects raising funds, or in the underlying crypto-token model.