Tezos, one of the biggest initial coin offerings (ICOs) of last year has had governance issues leading to a series of problems causing its recent unsteadiness.
To begin with, the president of the Swiss-based foundation started off announcing his intentions to hire operational staff; those remarks were later deleted from his blog post. The foundation then announced that they had a new board member, Lars Haussmann who was coming in to fill a seat that was vacant since December.
Reported by the Wall Street Journal, a husband and wife team who had been rivals with the Gevers who are among Tezos’ founding fathers, created a counter foundation of their own called T2. T2 actually consists of a foundation and an association. The conflict between the couple and the Tezos foundation owners dates back to July of last year when Tezos raised $232 million dollars.
Polychain capital founder and T2 board member Olaf Clarkson-wee explained to CoinDesk that within this short period, people have a voice in this and that it is evident that the people and foundation have not agreed yet. Carlson further told CoinDesk that he had applied to be a board member of Tezos foundation but he was denied prompting him to join the rival T2 foundation instead.
T2 foundation was founded by Ryan Jespersen, who is also a former member of Tezos.
What went wrong?
CoinDesk didn’t say much regarding the behind the scenes rancor between the original parties associated with Tezos. However, Carlson wee says that there are two legitimate paths but Tezos has taken up a third path by refusing to corporate with its investors. Carlson believes that some of the most basic things don’t even cost much. He is empathic that the projects should at least have basic community buildings.
How it ended
There were many disagreements. There was another website launched by Tezos foundation, but some of its blogs have been deleted and are no longer accessible. The accusations now known to the public are giving Tezos bad representation in the media.