$232 Million: Tezos Blockchain Project Finishes Record-Setting Token Sale

Former Tweney Media client Tezos just had the most successful fundraising event for a new blockchain technology ever held.

Tweney Media helped Tezos with content and PR from approximately November through May of this year, leading to coverage in Wired, Coindesk, and other publications; we also helped them produce their intro video.

The success of their fundraising is due entirely to the brilliance of the founding team, however. Tezos has a uniquely compelling model for self-governance, and implements smart contracts through a new, carefully built language they call Michelson.

From a recent writeup of the fundraising event on Coindesk:

At close, Tezos had netted 65,627 BTC (worth roughly $156m at current prices) and 361,122 ETH (worth about $76m). The crowdsale, which didn’t have a cap on the total amount of tokens sold, began on July 1, and was timed with the passage of 2,000 transaction blocks on the bitcoin network.The total represents the most collected via an ICO to date, topping the amount raised by Bancor, a platform for launching new blockchain tokens, which raised $150m at then-current prices in mid-June.

At its heart, Tezos tackles the question of governance and development in the context of a decentralized network composed of different entities with possibly varying incentives and goals. The project has been described in the past as a “self-amending” blockchain, given that one of its central concepts is the ability for network-wide changes to be decided upon at the protocol level by stakeholders.

In a conversation with CoinDesk earlier this year, Tezos co-founder and technology chief Arthur Breitman explained that those mechanics would act as a kind of “rule of law” that could work to prevent conflicts like the ethereum blockchain split following the collapse of the smart-contract funding vehicle The DAO last summer.

He told CoinDesk in February: “What we’re trying to bring, in some sense, is a rule of law that is, OK, if we have to have these changes because the network needs to evolve, at least we need to have a clear, decentralized procedure for making those changes.”

Source: $232 Million: Tezos Blockchain Project Finishes Record-Setting Token Sale – CoinDesk

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