Tezos may be having a number of legal troubles in its way, but under the revived management team this project is moving ahead at a much faster rate than expected by anyone. According to latest update released by Tezos Foundation the project is headed for a beta launch in the current quarter and a mainnet launch by 3rd quarter of this year. This is some seriously great news not only for all the stakeholders associated with this project but also for the blockchain community as a whole.
Perhaps the most important detail shared by company in latest update is completion of its Proof-of-Stake based consensus algorithm. Now when this has been achieved, a number of remaining tasks are also expected to be completed within this quarter thus paving the way for a Q2 beta launch and Q3 mainnet launch. There’s a major chance that this revived team won’t miss the deadline, because a lot has happened within a month of new board members taking over the control of Tezos Foundation. Let me explain to you how things came into shape for this troubled blockchain project.
In order to properly understand what significant things have happened within a month of new board members taking over, and why a takeover was needed at all, you first need to know a bit about the background of this project. Tezos project started last year when a company named Dynamic Ledger Solutions (DLS) owned by Arthur Breitman and Kathleen Breitman proposed a proof-of-stake based blockchain project that would be capable of amending itself overtime as needed. With much hopes and fan fair in July it raised as much as $232 million, becoming the largest ICO of its time. The funds raised were under control of an entity called Tezos Foundation. So DLS controlled the intellectual property of project, while Tezos Foundation controlled the funds.
The project, however, failed to start developing in time. Instead, an internal power struggle broke out between Tezos Foundation board chairman Johann Gevers and the young founders of project (Breitmans). The foundation was a Swiss company supposed to be independent under Swiss laws. Breitmans had established Tezos Foundation for the purpose of ICO, but a spat broke out between them and foundation chairman Johann Gevers right after the successful coin offering. In october Breitmans wrote a letter to two other board members of foundation, seeking prompt removal of Gevers from the board. The project continued to be delayed because of this spat, and what followed was obvious: a number of class action lawsuits filed by the investors!
Then in February a group of activist investors headed by Ryan Jesperson formed a new legal entity called T2 Foundation as a backup plan. The idea was to help DLS launch the project under a separate legal entity if it wanted to. But that wasn’t needed – Gevers resigned himself in February and the board members of T2 Foundation took over as new board members of existing Tezos Foundation.
Now, talking about the whole development Ryan Jesperson (who has become the new President of Tezos Foundation) told Coindesk in a recent phone interview:
“Really, the purpose of the T2 Foundation was to find a safe and timely place for the whole network to launch. Over time it became apparent that there became another solution.”
Cornell’s Prof. Emin Gun Sirer, who serves as an advisor to Tezos, also told Coindesk that she didn’t expect things to be fixed so quickly:
“I don’t think anyone expected the dramatic situation to be resolved this quickly.”
Jesperson, however, didn’t reveal what gave him and other new board members leverage to take over as new board members. He said:
“I generally want to be forward focusing as much as possible and not rehash the past.”
Hopefully the project won’t get delayed anymore now under this new team and we’ll see what has been prepared by them in next few months.