The Tezos Foundation is excited to share its second Biannual Update. This report provides an overview of the Foundation’s activities from August 2019 through early 2020. Download the full PDF here: If you’d like to check out the Foundation’s first Biannual Update, visit here.
Just some math regarding the BTC holdings here for anyone interested:
As of January 31st 2020, The foundation reports that 47% of their equity is held in BTC. This equals a total amount of $298 454 420. At the time, BTC was prised at about $9400 a piece. So, if the figures are still correct now two months down the line, the foundation has about 31 700 BTC in total. At the current price of bitcoin (about $6 800), these $298 million would instead be valued at roughly $215 million.
In addition to the announced partnerships, the Tezos Foundation and other Tezos ecosystem entities have been working on many projects that will be announced later in 2020. The focus of these upcoming projects is not only financial services, and more concretely digital securities, but also on other use cases including payments, *CBDC (central bank digital currencies)***,** DeFi, gaming /sports / media, and supply chain. Projects and partnerships in these fields are currently being built and will mature over time."
Um, did no one else notice Ryan said he is stepping aside as President but they did not announce who the next President will be?
I have confidence in the foundation but I am wondering why they would make this announcement this way.
"As the grantmaking process is essential in providing resources
to the ecosystem, the Tezos Foundation has created an initiative to
further streamline this process and provide more transparency to
the wider community by making grant information such as deliverables and milestones publicly available. More information will be released as this project progresses." p. 35
Yeah, it's one of the main things I'm working on (since STOs have about 50 people across multiple entities working on them in the overall Tezos space; I'm still helping getting the first ones launched but they are big efforts now; I like to be involved in the discovery/idea/prototype stages of stuff). Started researching heavily in Q3, then found some great people to work with in Q4/Q1. There are some slight changes to Tezos required to make it successful (a good private version, which is about 3-6mo of work, and then 007 with zk-SNARKs).
The model I like the most is hybrid private/public, which I spoke about at the National Bank of Ukraine CBDCinUA conference in mid-Feb (attended by lots of central bank people from around the world). We're flexible, and it's ultimately up to the central banks how they want it deployed, but what I've found is they want a menu to choose from where various things are explained to them, but they don't necessarily have strong technical non-negotiable items beforehand -- it's more about their regulation and risk tolerance for different kinds of risks. Some really want LE access to be pervasive, others want a CBDC as close to cash as possible. Just like securities regulators, the central bankers are all really smart and well informed within their own domain but not all very familiar with cryptocurrency, although some are. Libra has been a massive impetus to getting some kind of CBDC out there for a lot of them, as have USD stablecoins, and I'm thinking Covid-19 (and any lingering increased demand for hygiene) might actually become a negative for physical cash as well.
Will probably write a lot more about it, and do some microsites and such, since we can't realistically do conferences or in-person BD meetings for the next months (I flew around a lot last year to the various STOs and teams, which was fun, but got rather exhausting; hoping the airlines/hotels don't go bankrupt taking my FF miles with them...).
Each CBDC will have their own policies, and will probably converge to a few sets. Some initially want to be KYC and wallet limits and aggregate monthly volume limits. Others want to be 100% permissionless, with (at most) chain analytics tools run by their national LE on the public chain, and some of them requiring privacy functionality above that.
The entirety of TF was until late-2018: council + a couple contractors. We probably should have hired a few more people earlier, but if you recall the overall crypto market at the time, general uncertainty about whether crypto would ever come back, etc., we weren't sure which areas were important (other than continuing development of the protocol, which we did). It was in Jan-Mar 2019 that STOs as a key focus were developed.
Then over the next year or so we added a couple of professional staff (legal, finance), with big hires being Roman (CFO and operations) in summer 2019, Ulrich (GC). For a long time I was really the only hands-on tech person or particularly technical person at TF, so I ended up involved in every project which needed technical input from TF (we try to have other organizations do as much of that as possible, even now, but sometimes it needs to be TF). The projects where I'm still at all "operationally" involved are leftover from that period, mostly.
The idea of separating council and management is relatively recent and isn't going to be completed until later this year. Recruiting (both council and professional staff) is a lengthy process. Covid19 isn't helping.
Additionally, BD and strategy are still things the council does. Figuring out "should TF do X? and if so, what is the broad strategy?" if X requires a substantial investment in resources is one of those things. Obviously lots of input from a lot of people (inside and outside TF), but TF council can't legally delegate certain things.
(Also, obviously, lots of things can be done by individuals, companies, or other entities besides Tezos Foundation.)