Tezos ICO

Tezos ICO-ed in July, 2017 with a “Proof-of-Stake” (PoS) consensus model, allowing token holders to stake—lock up their coins—to validate new blocks, for which they received additional tokens as a reward. Raising over $230 million, Tezos far surpassed its $20 million target and for a short period, became the largest ICO—an indication of the 2017 crypto-mania in valuations. Tezos, as a PoS model, differed from proof-of-work models like Bitcoin and Ethereum—at that time—in that it was more environmentally friendly, efficient and managed lower fees. These three conditions would lead to Tezos becoming the site of a bohemian digital art market in early 2021. However, its launch would not be so simple, despite the success of its ICO. The record-setting ICO was overshadowed by internal disputes. The newly formed Tezos Foundation, led by Johann Gevers, controlled the funds and was tasked with delivering Tezos tokens (XTZ) to ICO participants. However, conflicts between the Foundation and Tezos creators Kathleen and Arthur Breitman delayed token distribution and prompted class-action lawsuits. Due to these challenges, Tezos development and release were delayed to the following year, in addition to instantly damaging relations with early investors.