Welcome to Altcoin of the Week, the column where I review and release an alt coin that I feel has some good potential for future gains. In the cryptocurrency space, we now have over 1’300 listed coins on Coinmarketcap, with more coming every single day; naturally, that means plenty of opportunity and money in picking the right horse. Please keep in mind that these are all speculative picks and none of these calls are anything close to “sure money”. At least, that’s what my lawyer tells me. This week we’re going to discuss a massively hyped upcoming project, Tezos. Does it deserve the hype? Let’s find out.
What is Tezos?
Tezos is also a platform, meaning that groups and companies can build their apps and ideas right on top of Tezos, meaning that it will be a big competitor to Ethereum, and provided their formal verification model is actually useful, will become utterly massive in the years to come.
The ICO took place in July of last year, and raised a whopping 232 Million dollars – or rather, it was whopping at the time. The market cap of crypto on the whole has moved up considerably since then, with the biggest players in ICO’s such as Filecoin raising a bit over the Tezos record at 257 Million, and Telegram’s rumoured 1.6 Billion dollar raise. That’s with a B.
At the time, few people managed to actually get in the ICO. I remember, as I went in it and most people were too turned off by the open nature of the raise with no cap – reminiscent of Ethereum’s token sale model. Most of them were 2016 (or prior) veterans who had raised enough capital and were savvy enough to actually know this thing was going on – people who joined crypto after July lost any chances to get those precious Tezzies. Due to the parabolic nature of onboarding, means that most people in crypto now weren’t even around for the Tezos sale, and many don’t even know of its existence.
Plagued by legal battles
Tezos was originally scheduled to release around the end of October of last year. It’s almost the end of February, so what gives?
As ironic as this is for a project based on improving governance, the issue ended up being between the management teams of the Tezos project. Details on exactly what happened are kept close to the vest by the parties (the former head of the Tezos nonprofit foundation & the two Breitman’s), but essentially the nonprofit Tezos foundation had access to the 232 Million dollars raised by the ICO and for whatever reason was unwilling to cooperate with Arthur and Kathleen Breitman on how best to utilize that money.
For a time, many of us (myself included) thought that this was it for Tezos, and that our funds were essentially lost – however, the issue has since been resolved, and things are quickly picking up momentum for what looks to be a release of Tezos tokens in several weeks’ time. Fingers crossed everybody!
Where do I get some Tezzies?
I’ve had this question asked my way so many times it makes my heads spin – the truth is that there is no way to currently buy Tezos tokens. When mainnet goes live, Tezzies will be distributed out to ICO buyers, at which point it will be a race for exchanges to be the first place to list these ultra rare tokens. If someone messages or tells you that you can somehow buy Tezos tokens they are lying to you.
That being said, HitBTC currently has a market for Tezos Futures: these are basically IOU’s that speculators can use to predict the future price of Tezos once they launch – while these futures do not entitle you to any Tezzies on launch, they can be a nice way to profit off of the Tezos market before the tokens come out. Tezos Futures are currently trading at around 5$ USD on HitBTC, which is about a 10x in USD price. Not bad Breitmen, not bad.
Tezos is looking to be one of the most hyped projects of the year, and even though I bought my lion’s share of Tezzies on the ICO, I’m looking to purchase even more on the open market once these bad boys get trading. I’m even more bullish because most people don’t even know the current goings-on with Tezos, and have simply forgotten about it! Look out for upcoming Tezos news, as this could be the stealth buy of the year.