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In July 2017, the Tezos Foundation raised $232 million in a fundraiser and became one of the biggest ICOs of the 2017 cryptocurrency boom. In April 2017, the Tezos Foundation was chartered in Zug, Switzerland, as a non-profit with a mandate to provide support to Tezos and related technologies. In August 2015, Arthur & Kathleen Breitman founded a company called Dynamic Ledger Solutions, to support the project’s development.
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Together with his wife Kathleen, Arthur contracted French firm OCamlPro to help develop the software. Breitman wrote the two papers under the pseudonym "LM Goodman", in reference to the author of a notorious article in Newsweek magazine claiming to have located Satoshi Nakamoto, the pseudonymous creator of Bitcoin. In August and September 2014, respectively, Breitman released the Tezos "Position Paper", and white paper. Tezos was designed by Waymo engineer Arthur Breitman, who had previously worked at Goldman Sachs and Morgan Stanley as a quantitative analyst. OneOf, a music NFT platform backed by Quincy Jones, as well as Red Bull Racing and McLaren Racing have all selected Tezos to build their NFT platforms on, citing energy-efficiency as a main reason. Its testnet was launched in June 2018, and its mainnet went live in September 2018.ĭue to its Proof of Stake energy efficient algorithm which became a popular topic amid concerns of the energy requirements of alternative Proof of Work platforms, Tezos has been selected by brands to build their Non-Fungible Tokens (NFTs) platforms and fan experiences. Tezos was first proposed in a whitepaper published in 2014. This feature allows Tezos to avoid hard forks that other blockchains have to contend with.
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Tezos features an on-chain governance model that allows the protocol to amend itself when upgrade proposals receive a favorable vote from the community. The Tezos network achieves consensus using a liquid proof-of-stake model. As of August 2021, there are about 400 block validating nodes (referred to as bakers) on the Tezos network. The native cryptocurrency for the Tezos blockchain is the tez which has the symbol XTZ. Tezos is a decentralized, open-source Proof of Stake blockchain network that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts.