A self-amending cryptographic ledger, Tezos aims to have its token holders make decisions together to govern the platform – with the aim of improving it over time. It’s popularly identified as a kind of hybrid between Ethereum and Dash: it’s a smart contracts platform, but one with built-in governance and formal verification.
Its protocol can be upgraded over time through on-chain governance – avoiding the need for hard forks in the blockchain (like those that occurred with Bitcoin and Ethereum).
Developers can also independently submit proposals for protocol upgrades, wherein they can include a request for compensation. Token holders can then vote on whether or not this proposal is approved.
Again, Tezos’ ICO didn’t fail in the traditional sense: the company raised $232 million. So…
Why did Tezos’ ICO fail?
All talk, no turkey
All that stuff we mentioned above? It hasn’t actually happened yet. Whether it’s due to development issues or something else entirely, Tezos’ offering remains a good concept – with no current basis in reality. The development team isn’t very well-established, and little has been done to invest in skilled professionals.
The founders (who own the code) and the president (who controls the funds) have been fighting for some time. This quite obviously makes it much harder to present a unified front in the eyes of the public. Several attempts to avoid regulation have also contributed to severe delays (and unfortunately, lawsuits).
Tezos is planning on launching a revamped ICO later in 2018, so hopefully we’ll have to eat our words on this one.