Legal problems rife
After a seemingly endless run of legal problems and lawsuits and speculation, the project is finally showing signs of life, nearly a year after the record-breaking ICO launched, in June of 2017.
Indeed, following the ICO, investors were left confused and anxious after the company failed to deliver on its promises. The aim of Tezos was to revolutionize worldwide governance so it’s ironic that the project was held up by the very problems it was trying to solve.
Finally, it looks as though the project is back on track, though. There are still outstanding issues, mostly of a bureaucratic nature, but things are looking better.
“Nice to be back in business”
Venture capitalist Timothy Draper, a financial backer of Tezos, said in an email to CoinDesk: “Nice to be back business.”
Additionally, Ryan Jesperson, who’s the new president of the said: “Through the adversity, we’ve grown and we’ve strengthened”.
Kathleen Breitman, one of the two original creators of Tezos, told CoinDesk in an interview:
"If we're going to talk about silver linings of the past few months there's been a bunch of people who've just stepped up and kind of been drawn – by their passion moreso than anything else – to self-organize."
In February, an alternative legal entity was set up to try and tackle some of the legal problems facing Tezos, called T2.
Cornell's Prof. Emin Gun Sirer, an advisor to Tezos, told CoinDesk re T2: "I don't think anyone expected the dramatic situation to be resolved this quickly."
Indeed, at the time, Jesperson talked about T2 more as a backup plan. The first two board members to join were Inria's Michel Mauny and Jesperson, who initially founded T2.
Jesperson said: "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."
The future looks bright
Essentially, the T2 board members ended up taking over the Tezos Foundation to replace the board members who’d stepped down.
Now, the team is looking forward and feels optimistic about the project which managed to raise a whopping $232 million form investors during its record-breaking ICO.
Watch this space for more info on the future of Tesoz…