The Tezos Foundation recently announced a new program that will offer grants to people that want to help the platform grow. The Foundation has been struggling to maintain credibility with many in the crypto space. They raised more than USD 200 million about a year ago, but since then, many participants have been critical of how the Foundation has been run.
Tezos’ call for grants is coming in August, according to the foundation. They have broken down the grants into three categories; “efforts to strengthen and nurture the burgeoning Tezos community.” “development of tools and applications to support the Tezos ecosystem,” and also “research that furthers the Tezos protocol and related technologies.”
Tezos’ beta network comes online
This announcement came on the heels of their beta network launch last month. The beta network is now live, and the company is working towards launching their main network in the near future. According to Tezos, all transactions that are made on the beta network will be transferred to the main network, and there is no safety net for early users of the platform.
Tezos made many people who participated in their ICO unhappy last month when they announced they would apply a Know-Your-Customer (KYC) protocol retroactively. This represents a lag time of a year between the time they accepted hundreds of millions of dollars and realized their ICO lacked due diligence.
The Tezos Foundation had this to say on the matter, “The Foundation values and respects the privacy of its contributors, and along with countless others around the world, it opposes the unnecessary collection of personal information that has become pervasive on the Internet. However, it is important to comply with a rapidly evolving regulatory landscape. To that end, performing KYC/AML checks – as has become the norm for blockchain projects – is the best way forward.”
Today they are working to make their blockchain better, but with these kinds of oversights, it is easy to understand why some in the crypto community are skeptical of the platform. There are still active class action lawsuits against the company, which illustrates the frustration among some of its investors.
Despite the glaring procedural oversights and setbacks, Tezos’ platform does bring some interesting ideas to the table. Their original whitepapers outlined some of the flaws in Bitcoin and created novel solutions to eliminate them. Scalability has become a buzzword recently. It could be argued that Arthur Breitman was one of the first people to identify this issue and create a realistic solution.
Now that the beta network is live, and many tokens are in circulation, the real test of Arthur Breitman’s vision can begin. Hopefully, this grant initiative furthers Tezos’ goals and creates value for the people who have supported the project up to this point. Ultimately compliance issues like KYC will become more important in the crypto space, regardless of how unpopular they may be.
Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.