Blockchain foundation launched in Zug

Tezos, a new blockchain platform created by the US-based company Dynamic Ledger Solutions Inc, has set up a foundation in Zug to promote and foster the use of the Tezos blockchain and technology.

Blockchain foundation launched in Zug (image: Antana,flickr/Creative Commons)

Tezos is a new blockchain platform that is looking to disrupt the fintech world with its decentralised governance model. Unlike conventional blockchain operators, which centralise update procedures, Tezos offers decentralised, automated upgrades decided by stakeholder consensus. This means that no one single core development team holds disproportionate influence over the upgrade process. Tezos also gives developers an incentive to improve the blockchain system by compensating them with tokens.

Tezos has now taken an important step toward expanding its platform by setting up the Tezos Foundation in Zug. Its goal is to promote and foster the use of the Tezos blockchain, its technology and its ongoing development, according to a Tezos paper. The Tezos foundation will retain a veto power over protocol upgrades for a period of one year from minting the Genesis block, but it will not have any privileged power in proposing protocol upgrades.

The foundation's directors are: Johann Gevers, one of the founders of the Cryptovalley ecosystem in Zug and CEO of the Zug-based digital payments company Monetas; Diego Ponz, a computer scientist and entrepreneur; and Guido Schmitz-Krummacher, a businessman from the Zug area.

Founded in San Francisco in 2014, the Tezos blockchain is primarily being developed by the US-based company Dynamic Ledger Solutions, Inc. Tezos will initiate a Blockchain Token Sale on 22 May to launch the new network, and it is already attracting some big names. Just last week the billionaire venture capitalist Tim Draper announced that he will invest in Tezos.

“Over time, I actually feel that some of these tokens are going to improve the world, and I want to make sure those tokens get promoted as well,” Draper told Reuters. “I think Tezos is one of those tokens.”