Tezos Foundation Bolsters Leadership Team, Names CFO

The Tezos Foundation, a platform for decentralized applications and smart contracts, announced this Friday morning that it has expanded its leadership team with three new appointments.

Joining the company is Attorney at Law Ulrich Sauter, who has has been appointed as General Counsel of the Tezos Foundation, Eelco Fiole, investment executive and adjunct professor for finance ethics, as the Chief Financial Officer and 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. 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 tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term and tech entrepreneur Lily Liu as an advisor to the board of the Foundation.

Tezos is well-known for its internal squabbling over money and being sued by multiple law firms. Following the launch of its Mainnet Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full capacity. A testnet is used by programmers and developers to test and troubleshoot all aspects and features of a blockchain network before they are sure the system is secure and ready for the mainnet launch.How ICOs Help Sculpt the MainnetPrior to the mainnet of a blockchain is launched, project’s team will install an Initial Coin Offering (ICO), Initial Exchange Offering (IEO), or other strategies to help levy funds and grow community support. Traditionally, collected funds injected into the project in a bid to develop the prototypes of the blockchain network that are then tested during the testnet phase. Migration onto the mainnet from the testnet is an act that must be undertaken with great care. Errors in this process can result in a partial or complete loss of funds from the network.The eventual mainnet launch is a key milestone in a cryptocurrency’s lifecycle. The launch of the mainnet signifies the moment that a cryptocurrency network is ready to begin acting as a system of value transmission, and has the potential to grow its adoption.Some of the most significant mainnet launches that occurred in 2018 include the Tron network and the EOS network. Read this Term in the summer of last year, the company is now looking towards the further development and support of its blockchain protocol and its ecosystem.

Ryan Jesperson, President of the Tezos Foundation, said on the new appointments: “With the appointment of two senior executives, the Foundation is taking an important step forward by strengthening its internal expertise and capabilities. We look forward to having Ulrich Sauter, Eelco Fiole and Lily Liu working with the Foundation and bringing crucial governance, financial and industry specific experience.”

The qualifications of the new Tezos team members

Sauter comes aboard the Tezos Foundation with more than two decades worth of professional experience in the financial and legal industries. Currently, he is also employed as counsel for Naegeli & Partners Attorneys at Law Ltd.

Fiole also brings more than twenty years worth of experience in the financial services industry to his new role at Tezos. At present, he is the co-founder and sole managing partner of Alpha Governance Partners, an international risk-governance focused fiduciary services firm.

“Observing the increasing maturity and institutionalization in the blockchain space, Tezos is excellently positioned to be a leading model for robust governance, supporting cutting-edge technological development and protocol adoption globally,” Fiole commented on his new role.

Last but not least, Liu, who has been part of the advisory board since November of last year, has a background in private equity and blockchain. She co-founded Earn.com, a blockchain startup, which was acquired by Coinbase last year. In her new role at Tezos, she will work closely with the board and advise on strategy and ecosystem development.