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Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

wsj.com

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Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#6

Post by warent »

dmitrygr wrote: post #3

I've read half the article and still don't know what a Tezos is.

I skimmed their white paper[1] and saw this beauty:

> In order to reduce uncertainty regarding the monetary mass, addresses showing no activity for over a year (as determined by timestamps) are destroyed along with the coins they contain

It is, however, followed by this footnote:

> (inactive addresses will no longer lose their funds after one year as initially proposed in the white paper, they will only lose their staking rights until they become active again. What it means is that if an address is inactive, it will not be selected to create blocks (which would slow down the consensus algorithm), and it will not be allowed to vote until it is reactivated (to avoid uncertainty about participation rate).

1. https://www.tezos.com/static/papers/white_paper.pdf

Edit: Added footnote

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#8

Post by coldcode »

At this point I wonder if people will soon be doing ICOs and then skipping the country. Why are people investing in random things at such a ridiculous rates just because they are cryptocurrency based? You invest in things hoping it pays off for you, not handing out free "money". The Mafia must be envious.

Re: Tezos Raised $232M in a Hot Coin Offering, Then a Fight Broke Out

#9

Post by relyio »

It's still an interesting project, even if drama like this sucks.

Of course, I'd have preferred to see a technical article about the engineering backing the project. Rather than one about a bad apple making its way to a foundation board member sit and caught self-dealing by the rest of the team. But, it's not the end of the world. I hope people will move on soon. Guy was caught. He has been suspended. I guess his removal is pending modulo some legal process.

That being said, I'm a bit surprised the project hasn't had much more interest from HN readers though. Why is that?

It's going to be one of the largest commercial application of OCaml, alongside Jane Street's. There's lots of cool hacking going on and software engineering challenges associated to it e.g replacing wasteful Proof-of-Work with PoS, hot-swapping protocol upgrades (voted on by stakeholders) safely, figuring out constitutionalism etc. (https://github.com/tezos/tezos).

Among the thing that I'm most excited about is the inflation-funded innovation.

Every voting cycle, you can submit an amendment to the protocol alongside a potential token issuance (i.e an amount of tokens that will be issued to you if the amendment is accepted). That means you get directly rewarded for the added-value you bring to the protocol.

That's a great positive feedback loop. Right now, I believe that there can only be one amendment approved every cycle. So, the "great engineer quits menial technical job to work on state-of-the-art amendments to the Tezos protocol" scenario isn't quite feasible on the short term horizon. I'd wager that is a limitation that will be eventually engineered out. It has so much potential.

Disclaimer: author donated to the Tezos fundraiser.

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