Comment on Tezos Foundation Funds Obsidian Systems to Develop Security Solutions by Now a Nearly $1 Billion Blockchain, Tezos Is Slowly Building Up Its Security | N | CryptoCoins

One of many highest profile cryptocurrency initiatives in Switzerland, the Tezos Foundation, introduced on Saturday that it’s funding efforts by Obsidian Systems to develop software program options that may assist safe the Tezos community.

Tezos acknowledged that a key a part of its protocol is its delegated proof-of-stake consensus algorithm by means of which token holders contribute to the safety of the community. Tezos refers to this strategy of securing its community as “baking,” and defined that Obsidian helps develop methods for token-holders to take part on this course of.

“It can be crucial that particular person token holder in addition to delegation companies have entry to acceptable instruments and documentation to carry out this perform. Obsidian will focus on making baking extra accessible to everybody and safer by means of integration with safe elements,” acknowledged Tezos President Ryan Jesperson. “They can even present help for these in search of to construct delegation companies.”

The Tezos Foudnation acknowledged that its major focus is the promotion and improvement of the Tezos protocol and associated applied sciences, in addition to the promotion and help of purposes utilizing the Tezos protocol. It additionally promotes and develops new applied sciences and purposes within the areas of open and decentralized software program architectures.

Final July, Tezos raised roughly USD 232 million in an preliminary coin providing, which was the most important ICO on the time.

Together with working on the Tezos mission, Obsidian Systems is a developer of a blockchain messaging platform that amenities nameless messaging and financial transfers of the Obsidian cryptocurrency, the ODN.

Obsidian has raised not less than USD 1.eight million together with the funding it’s receiving from Tezos.

The Tezos Foundation introduced final month that it was changing two of its board members, Johann Gevers and Diego Olivier Fernandez Pons, with new appointees after Gevers had been concerned in a public dispute with Tezos founders Arthur and Kathleen Breitman, over his contract. The dispute concerned lawsuits, accusations of public defamation, and an effort by Gevers to arrange his personal competing basis and enchantment to Swiss regulators to grant him authority over funds raised in Tezos’ ICO, which closed in July, 2017.

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