The medium article has been deleted.
Who ruins the project? Our investors even have no information to know where is the problem.
Too much money raised make the dev team be evil! Damned it.
yes, we should stay away from those who rised too much and unnecessary money, the team may lose the ambition to deliever the project if they get too much money easily
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you can view the cached copy.
https://webcache.googleusercontent.com/search?q=cache:j74ne9D6gb4J:https://medium.com/%40johanngevers/moving-tezos-forward-85d1de2f9bd4+&cd=1&hl=en&ct=clnk&gl=us--Medium Post--
Johann GeversFollow
johanngevers.com
Jan 28
MOVING TEZOS FORWARD
— Johann Gevers, President, Tezos Foundation
As announced last week, the Tezos Foundation has regained significant operational capability. In this update we provide further information on these developments.
Before outlining our operational priorities and progress, I want to acknowledge the community’s frustration at the Foundation’s long silence. The two main reasons were that we were advised against making public statements until the disputes had been resolved, and that I had hoped for the tensions to be resolved quickly and without further public exposure. However, I believe the community has waited long enough and deserves regular updates going forward, even if this involves some risks. Our communications will focus on the Foundation’s priorities and progress, not on personal issues. I am happy to answer questions regarding the conflicts that arose and set the record straight regarding various allegations — for example, in a public Ask Me Anything — once the Foundation’s most urgent priorities are on track.
In this update:
Organizational structure and interim arrangements
Professional service providers
Financial transactions
Engineering development
Independence and new leadership
Organizational Structure and Interim Arrangements
I am glad to announce that the Foundation has regained access to banking services, which — due to the controversy surrounding the Tezos project — had been suspended since October 2017. This allows us to continue with our top priority, which is to build an operational team that can execute the Foundation’s mission.
Some context may be helpful here. As in other organizations, the board of directors merely provides oversight and does not have an executive or operational role. Directors work part time, typically only a few days per year, and are usually paid little, if anything. The execution of the organization’s mission is delegated to a full-time, paid operational team led by the chief executive officer. (I never intended to be involved in the Tezos project in an operational capacity, and made this clear to Arthur from the beginning.) This is why the Foundation started recruiting an operational team after the fundraiser was completed in July 2017. Unfortunately this process was derailed through increasing interference, obstruction, and attacks that caused a breakdown of trust and incapacitated the Foundation, leading to costly delays, lawsuits, community outrage, and unfavorable regulatory attention.
Fortunately the Foundation is now finally able to continue where it was interrupted months ago, so it can fulfill its responsibilities and achieve its mission of building the Tezos technology and developing a vibrant ecosystem of users.
While we look for a long-term CEO, we have recruited an experienced executive who is coming on board in an interim capacity to set up basic operations and get the Foundation up to date on its administration and payments. I want to emphasize that this is an interim arrangement, which will be reviewed once a new board and long-term executive team are in place.
Professional Service Providers
In addition to an internal executive team, the Foundation also needs professional service providers. We have retained Bär & Karrer, the top-rated legal firm in Switzerland, as the Foundation’s attorneys, and Davis Polk to represent the Foundation in US cases. We have also retained Farner Communications, a leading Swiss communications and public relations firm. We are in the process of retaining Big 4 accounting firms to serve as the Foundation’s accountants and auditors. We are also in the process of selecting leading technical and cybersecurity providers to meet the Foundation’s needs in these areas.
Financial Transactions
By October, the breakdown of trust resulted in the Foundation’s financial service providers freezing all transactions — incoming and outgoing — making it impossible for the Foundation to pay its creditors. Only in December did the Foundation regain limited banking access, with the bank taking several weeks to review payment instructions before executing them. Recently, the trust between the Foundation and its financial service providers has significantly improved, so going forward we expect transactions to be executed in days rather than weeks. With the onboarding of our interim executive, we expect all outstanding payments to be settled in due course.
Engineering Development
The Foundation’s most important operational priority is the development of the Tezos technology. In September the Foundation was advised, for legal and operational reasons, to incorporate a Swiss company (Tezos AG) as a subsidiary of the Foundation, to serve as the Foundation’s global operational entity, with further companies to be incorporated in France and other countries. The French engineers who had previously been contracted by DLS to develop the Tezos technology, were to be hired as employees of the French subsidiary (Tezos France). Unfortunately, before these companies could be incorporated, our banking relationships were frozen, thus blocking the Foundation’s ability to set up legal entities for its operational activities, and to hire developers. Now that our banking relationships and operational capability are sufficiently restored, we are completing the incorporation of the companies so we can hire and pay the development team.
Independence and new leadership
When Arthur Breitman asked me to help set up the Tezos Foundation, the understanding was that my involvement would be limited in time, and that I would ensure the Foundation’s independence, given the Breitmans’/ DLS’ commercial interests. I have consistently communicated — to Arthur and many others — my intention to honor these commitments, and my intention to step back from the Foundation as soon as things are on track with a new board that is independent and has the support of the Tezos community. Respected members of the cryptofinance space are being engaged to assist in this process and ensure it has broad support.
Further details will be provided in upcoming updates.
(This announcement was posted on Medium because Arthur Breitman has not transferred control of the Foundation’s domains, websites, technical infrastructure, and data to the Foundation. We are setting up a new website for future announcements.)
