A recent Coindesk article offered a great in-depth look at the background and story of Tezos. The article back to the record-breaking fundraiser in July of 2017, and includes details on the Tezos Foundation fallout later that year. It also highlights all the events which happened in February including the removal of the prior board president and installation of new board members. The outlook on Tezos is very, very bright considering the groundbreaking technology and literal all-star panel which now makes up the Tezos board.
Back to the beginning, when Tezos smashed records and raised the largest amount ever for a crypto ICO:
To recap, the story begins when Dynamic Ledger Solutions (DLS) proposed a totally new blockchain called Tezos that would use proof-of-stake to confirm blocks and could amend itself over time, as technology changed.
In July, it raised $232 million in the largest ever ICO up to that point. The funds were controlled by the Tezos Foundation, which soon proved unwilling to spend the funds on developing the protocol.
Then something went wrong as former Foundation president Johann Gevers failed to hold up anything with regard to his responsibilities:
In October, this tension spilled out in public view when Reuters reported that the creators of the protocol, Arthur and Kathleen Breitman, had called for the ousting of the foundation’s chair, Johann Gevers.
From all accounts, Gevers was dead weight on the project. Despite having reasonable-sounding credentials, Gevers is a charlatan, uninterested in the Tezos project beyond his status as a Foundation President controlling a fundraiser pot of around $1 billion dollars.
The Tezos project waned for several months while the development team kept working. Jump to February of 2018, and the project regains course heading full-steam toward release:
Then, at the beginning of February, a group of activist Tezos investors set up an alternate legal entity called T2 in case DLS decided to launch the protocol under a different legal entity. By the end of the month, Gevers had stepped down and members of the T2 board were moving onto the foundation’s board.
“Through the adversity, we’ve grown and we’ve strengthened,” Ryan Jesperson, the new president of the Tezos Foundation board, told CoinDesk in his first interview taking a seat on the board.
The first two board members to join were Inria’s Michel Mauny and Jesperson, who initially founded T2.
The entire article is worth reading, go check it out. The