Tezos derivatives price has crumbled in more than one occurrence of exchange after the evidence of internal conflict between the developers of the platform and the Tezos foundation that operates independently.
The internal conflict is from no other source than the $232 million initial coin offering issue following the explosion of the ICO in 2017. The Tezos enjoyed the result of the ICO boom to record a total of $232 million in July. Based on collated analytics, the rate has increased to a total of $400 million due to the boom in the cryptocurrency market, signifying that Tezos should be prepared to give their full resources to the upgrade of its cryptographic ledger.
Nevertheless, according to an investigation by Reuters, the unprecedented internal conflict could not be avoided from taking its toll in the project, which might have even been a cause of the problem at hand.
Furthermore, Reuters claimed that the system of Tezos is disturbed by internal misunderstanding. The inventors of the platform, Kathleen Breitman and Arthur established a company that builds and possesses the Tezos code and is also associated with intellectual property. Nevertheless, Kathleen and Arthur created an independent Swiss foundation to control the initial coin offerings and manage the money, with the plan of eventually buying off the company from the Breitman and another shareholder (Tim Draper who is a venture capitalist) by the foundation for a price around $20 million. The price is, however, in addition to the initial 10% share that the shareholders are to receive the total supply of Tezos’ “tezzies.”
Later on, things became complicated between the Breitman’s and Johann Gevers who is the president of the foundation. While things were going hot, the Breitman’s were reported to have referred to Gevers as “self-dealers.” From the other end, Gevers informed The Wall Street Journal that the attempt of the Breitman’s was to take over the foundation.