Tezos Upgrade Is Underway As The Team Utilizes Its $232 Million ICO Proceeds

In the summer of 2017, Tezos made headlines by raising $232 million in its ICO crowdfund which was much bigger than any Blockchain project crowdfunding at the time.

The ICO funds were meant for developing the Tezos Blockchain project in order to make it more user-friendly and applicable for various use-cases. Hence, many ICO contributors who were expecting the proceeds to fund forks and protocol development initiatives on the platform are being assured that upgrades and more projects are on the pipeline. This is according to the president of The Tocqueville Group (TQ Tezos), Alison Mangiero.

Tezos Focuses On Full Decentralization

Tezos is a leading open source platform that is defining the Blockchain space. According to Alison Mangiero, the overall model offers decentralized solutions and the team is promising to deliver a truly distributed platform that can be applied in various real-life use-cases.

While speaking to one of the leading Crypto news centers, Mangiero also said that the entities that work on Tezos are being digitized to promote a technological shift to Blockchain technology not only on the platform itself but also among its potential users who are currently operating on traditional systems.

She also reveals that the ICO funds are held by Tezos Foundation and the money is set to be spent on various initiatives to support the system such as providing grants to various players, communications and marketing, technical services, advocacy work, and more.

A Sneak Peek Into The Projects

One of the areas that the fund is being used to upgrade is the Tezos Blockchain core protocol. Mangiero is explaining that the Paris-based Nomadic Labs is one of the teams that is enhancing the core protocol of the platform to make it more efficient globally.

She further reveals that Nomadic Labs in Paris was one of the original software architects of the Tezos Blockchains which means that the team is in a better position to upgrade the core protocol to meet the expectations of not only the platform’s users but also Token holders who are anticipating a rally.

The other teams that are working on soft forks include Tezos Southeast Asia, Tezos Korea, Tezos Japan, just to mention a few.


Athens Fork Is One Of The Projects

One of the most famous Tezos projects is the Athens upgrade that began in January 2019 and still in the works. According to the TQ president, one of the unique characteristics of the Blockchain is that it can self-execute upgrades means that there has to be a mechanism of validating the progress and that is why teams such as the Nomadic Labs from Paris are needed to validate the processes of self-amending ledgers.

The importance of the ease of upgrades is that on-chain transactions such as selecting, proposing, activating, and testing protocol forks is managed by the community (which has the financial resources from the ICO). The implication is that the need for hard forks that often split Blockchain platforms and crush their native Token is eliminated.

In the meantime, Tezos’s native Token, XTZ, has a market cap of $1,038,968,011 and a USD price of $1.57. In the last 24 hours, XTZ/USD is bearish having shed off over 5% of its value in a market-wide price consolidation momentum.