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Concept
Tezos
Summary
Tezos is an open-source blockchain that can execute peer-to-peer transactions and serve as a platform for deploying smart contracts. The native cryptocurrency for the Tezos blockchain is the tez (ISO 4217: XTZ; sign: ꜩ). The Tezos network achieves consensus using proof-of-stake. Tezos uses an on-chain governance model that enables the protocol to be amended when upgrade proposals receive a favorable vote from the community. Its testnet was launched in June 2018, and its mainnet went live in September 2018.
Tezos, first proposed in 2014, was created by husband-and-wife team Arthur and Kathleen Breitman. While working at Morgan Stanley in 2014, Arthur Breitman released two papers proposing a new type of blockchain under the pseudonym "L. M Goodman", referencing a journalist at Newsweek who had misidentified the creator of Bitcoin. He chose the name "Tezos" after writing a program to list unclaimed websites that could be pronounced in English. In 2015, with the goal of developing Tezos, Arthur Breitman registered a company called Dynamic Ledger Solutions Inc (DLS) in Delaware, with himself as chief executive. He contracted French firm OCamlPro to help develop the software. Arthur worked at Morgan Stanley at the time, but he did not provide them with notice of his work on Tezos as required by the Financial Industry Regulatory Authority (FINRA), and he was eventually fined 5 to 612,000 from 10 backers while the Breitmans planned for an initial coin offering (ICO).
They received a $1.5 million investment from Tim Draper and hired public relations firm Strange Brew to promote their project. The firm was alleged to have falsely claimed that large American financial firms were using Tezos.
In 2011, Arthur Breitman first met South African cryptocurrency entrepreneur Johann Gevers through his friend Patri Friedman, the founder of The Seasteading Institute, who had hired Gevers for a project which Breitman had followed closely.
Official source
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