The blockchain project Tezos has posed its past problems by launching the completely live platform on Monday. Tezos raised $ 232 million from the public in July 2017, but corporate governance disputes delayed the completion of the project so far.
In operation, Tezos presents extensive analogies with smartphone operating systems that allow third parties to connect their services via apps. The main difference is that Tezos has a decentralized structure, which means it is owned, managed and developed by its entire user community rather than by a single company or entity.
The platform has been operating in a live phase controlled since the end of June. At that time, users had been able to coin, or "cook", the digital Tezos tokens needed to make the system work knowing that the platform could have been closed in case of technical problems.
Tezos is now fully operational without such a kill switch or other forms of centralized control. "It is a testament to the Tezos project – technology and the community – that together we have arrived here and are thriving," Tezos Foundation president Ryan Jesperson said in a recent blog post external link .
Created by The US-French husband and wife Arthur and Kathleen Breitman, Tezos created a foundation in Switzerland last year to host and distribute the multiple millions collected in the form of cryptocurrencies from its initial coin offering (ICO). At one point, at the end of last year, the foundation was sitting on a plate worth about $ 1 billion.
Initially it was indicated that the project could be active and functioning as early as the end of 2017, but that time was abruptly thrown out of the window by a bitter government dispute among the Breitmans and the former head of the Johan Gevers foundation.
At one point it seemed that the acrimony could endanger the whole project, but it was finally resolved in February, when Gevers stepped aside for Jesperson and a renewed foundation council.
"There were adversities, but everyone came out stronger," Jesperson told swissinfo.ch in an interview for this year. "Tezos chooses to see the events in a positive light because it has galvanized the community and the developers and has led to the foundations of the foundations in order to move forward, I am very optimistic."
With the Tezos platform now launched and firmly in the hands of its decentralized user community, the Breitmans, the foundation and Gevers are left to deal with the consequences of the dispute. This includes civil lawsuits and a potential regulatory investigation into whether Tezos' pawns were illegally sold as securities last year