Trying to Stem Fallout of Spat, Tezos Foundation Replaces President ‎Gevers

The Tezos Foundation has appointed a new president to manage the +$1 ‎billion funds of its embattled cryptocurrency project. Ryan Jesperson, a ‎contributor of the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term, will replace Johann Gevers, who ‎departs after a prolonged spat with the inventors of the Tezos technology, Arthur ‎and Kathleen Breitman. ‎

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The Swiss foundation has also added Michel ‎Mauny, a French computer programming academic, to its three-person directorship panel. He ‎succeeded the outgoing board member Diego Olivier Fernandez Pons.‎

In a statement issued on Thursday, the foundation said that the decision to appoint ‎Jesperson and Mauny had been unanimous. The duo joins Lars Haussmann, who ‎was appointed last month, as new members to the board.‎

The management spat and the limited progress in developing its product has sent derivatives ‎on Tezos tokens sharply lower as anxious investors unwound bets that the project would be ‎launched while the actual tokens, known as ‘tezzies’, have yet to be ‎created.‎

‎“With the appointment of the two new members to the Board, the Foundation is preparing itself to assist in the timely launch of the Tezos network,” the startup said.‎

The outgoing chief ‎is also facing his own set of problems after his digital payment start-up ‎Monetas was declared bankrupt by a court in Zug. He previously announced plans ‎to create an executive board to handle the day-to-day running of the foundation’s ‎responsibilities

Tezos has set up a complex governance structure whereby the token’s developers own the code, ‎but the $232 million raised in the ICO, which has now grown to more than $1 billion, will be ‎managed and controlled by an independent Swiss foundation - the foundation now headed by Ryan Jesperson.‎