<s>
Tezos	B-Protocol
is	O
an	O
open-source	B-Application
blockchain	B-Application
that	O
can	O
execute	O
peer-to-peer	O
transactions	O
and	O
serve	O
as	O
a	O
platform	O
for	O
deploying	O
smart	B-Application
contracts	I-Application
.	O
</s>
<s>
The	O
native	O
cryptocurrency	O
for	O
the	O
Tezos	B-Protocol
blockchain	B-Application
is	O
the	O
tez	O
(	O
ISO	O
4217	O
:	O
XTZ	O
;	O
sign	O
:	O
ꜩ	O
)	O
.	O
</s>
<s>
The	O
Tezos	B-Protocol
network	O
achieves	O
consensus	O
using	O
proof-of-stake	B-Protocol
.	O
</s>
<s>
Tezos	B-Protocol
uses	O
an	O
on-chain	O
governance	O
model	O
that	O
enables	O
the	O
protocol	O
to	O
be	O
amended	O
when	O
upgrade	O
proposals	O
receive	O
a	O
favorable	O
vote	O
from	O
the	O
community	O
.	O
</s>
<s>
Its	O
testnet	B-Protocol
was	O
launched	O
in	O
June	O
2018	O
,	O
and	O
its	O
mainnet	O
went	O
live	O
in	O
September	O
2018	O
.	O
</s>
<s>
Tezos	B-Protocol
,	O
first	O
proposed	O
in	O
2014	O
,	O
was	O
created	O
by	O
husband-and-wife	O
team	O
Arthur	O
and	O
Kathleen	O
Breitman	O
.	O
</s>
<s>
While	O
working	O
at	O
Morgan	O
Stanley	O
in	O
2014	O
,	O
Arthur	O
Breitman	O
released	O
two	O
papers	O
proposing	O
a	O
new	O
type	O
of	O
blockchain	B-Application
under	O
the	O
pseudonym	O
"	O
L	O
.	O
M	O
Goodman	O
"	O
,	O
referencing	O
a	O
journalist	O
at	O
Newsweek	O
who	O
had	O
misidentified	O
the	O
creator	O
of	O
Bitcoin	B-Protocol
.	O
</s>
<s>
He	O
chose	O
the	O
name	O
"	O
Tezos	B-Protocol
"	O
after	O
writing	O
a	O
program	O
to	O
list	O
unclaimed	O
websites	O
that	O
could	O
be	O
pronounced	O
in	O
English	O
.	O
</s>
<s>
In	O
2015	O
,	O
with	O
the	O
goal	O
of	O
developing	O
Tezos	B-Protocol
,	O
Arthur	O
Breitman	O
registered	O
a	O
company	O
called	O
Dynamic	O
Ledger	O
Solutions	O
Inc	O
(	O
DLS	O
)	O
in	O
Delaware	O
,	O
with	O
himself	O
as	O
chief	O
executive	O
.	O
</s>
<s>
Arthur	O
worked	O
at	O
Morgan	O
Stanley	O
at	O
the	O
time	O
,	O
but	O
he	O
did	O
not	O
provide	O
them	O
with	O
notice	O
of	O
his	O
work	O
on	O
Tezos	B-Protocol
as	O
required	O
by	O
the	O
Financial	O
Industry	O
Regulatory	O
Authority	O
(	O
FINRA	O
)	O
,	O
and	O
he	O
was	O
eventually	O
fined	O
$	O
20,000	O
.	O
</s>
<s>
By	O
2016	O
,	O
he	O
left	O
Morgan	O
Stanley	O
;	O
Tezos	B-Protocol
received	O
$	O
612,000	O
from	O
10	O
backers	O
while	O
the	O
Breitmans	O
planned	O
for	O
an	O
initial	B-Application
coin	I-Application
offering	I-Application
(	O
ICO	O
)	O
.	O
</s>
<s>
The	O
firm	O
was	O
alleged	O
to	O
have	O
falsely	O
claimed	O
that	O
large	O
American	O
financial	O
firms	O
were	O
using	O
Tezos	B-Protocol
.	O
</s>
<s>
In	O
2016	O
,	O
the	O
Tezos	B-Protocol
Foundation	O
was	O
established	O
in	O
Zug	O
Switzerland	O
by	O
Arthur	O
and	O
Kathleen	O
Breitman	O
,	O
Swiss	O
law	O
firm	O
MME	O
and	O
Gevers	O
,	O
to	O
support	O
an	O
initial	B-Application
coin	I-Application
offering	I-Application
(	O
ICO	O
)	O
for	O
the	O
Tezos	B-Protocol
platform	O
.	O
</s>
<s>
In	O
addition	O
to	O
Switzerland	O
's	O
relatively	O
lax	O
financial	O
oversight	O
and	O
effectively	O
zero	O
corporate	O
tax	O
rate	O
,	O
the	O
benefits	O
for	O
Tezos	B-Protocol
of	O
being	O
in	O
a	O
foundation	O
under	O
the	O
Swiss	O
Civil	O
Code	O
included	O
the	O
ability	O
to	O
treat	O
fundraising	O
transactions	O
as	O
donations	O
,	O
and	O
acting	O
as	O
an	O
additional	O
layer	O
of	O
institutional	O
security	O
to	O
protect	O
donations	O
.	O
</s>
<s>
On	O
July	O
1	O
,	O
2017	O
,	O
the	O
Tezos	B-Protocol
Foundation	O
raised	O
$232	O
million	O
in	O
Bitcoin	B-Protocol
and	O
Ethereum	B-Application
in	O
one	O
of	O
the	O
biggest	O
initial	B-Application
coin	I-Application
offerings	I-Application
(	O
ICOs	O
)	O
at	O
the	O
time	O
.	O
</s>
<s>
After	O
the	O
ICO	O
,	O
it	O
was	O
planned	O
that	O
the	O
Tezos	B-Protocol
Foundation	O
would	O
pay	O
to	O
acquire	O
DLS	O
,	O
and	O
if	O
the	O
Tezos	B-Protocol
blockchain	B-Application
functioned	O
for	O
at	O
least	O
three	O
months	O
,	O
the	O
Breitmans	O
would	O
receive	O
8.5	O
%	O
of	O
the	O
ICO	O
and	O
10%	O
of	O
the	O
tokens	O
.	O
</s>
<s>
The	O
disagreements	O
led	O
to	O
delays	O
in	O
the	O
deployment	O
of	O
Tezos	B-Protocol
,	O
which	O
caused	O
investors	O
to	O
bring	O
lawsuits	O
alleging	O
fraud	O
during	O
the	O
fundraiser	O
and	O
unauthorized	O
sales	O
of	O
securities	O
.	O
</s>
<s>
In	O
2018	O
,	O
Gevers	O
resigned	O
and	O
received	O
$400	O
,	O
000	O
,	O
and	O
the	O
foundation	O
board	O
was	O
replaced	O
;	O
Tezos	B-Protocol
went	O
live	O
that	O
September	O
.	O
</s>
<s>
In	O
2020	O
,	O
the	O
Tezos	B-Protocol
founders	O
settled	O
the	O
lawsuits	O
,	O
with	O
the	O
Tezos	B-Protocol
Foundation	O
paying	O
$25	O
million	O
,	O
before	O
federal	O
courts	O
ruled	O
on	O
whether	O
the	O
ICO	O
was	O
a	O
sale	O
of	O
unregistered	O
securities	O
.	O
</s>
<s>
The	O
primary	O
protocol	O
of	O
Tezos	B-Protocol
utilizes	O
liquid	O
proof	B-Protocol
of	I-Protocol
stake	I-Protocol
(	O
LPoS	O
)	O
and	O
supports	O
Turing-complete	O
smart	B-Application
contracts	I-Application
in	O
a	O
domain-specific	B-Language
language	I-Language
called	O
Michelson	O
.	O
</s>
<s>
The	O
Tezos	B-Protocol
protocol	O
allows	O
itself	O
to	O
be	O
amended	O
by	O
a	O
staged	O
process	O
performed	O
by	O
committing	O
operations	O
to	O
the	O
stored	O
blockchain	B-Application
to	O
submit	O
proposals	O
(	O
intended	O
code	O
changes	O
)	O
and	O
to	O
vote	O
on	O
those	O
changes	O
.	O
</s>
<s>
The	O
Tezos	B-Protocol
blockchain	B-Application
has	O
been	O
used	O
for	O
NFTs	O
as	O
an	O
alternative	O
to	O
more	O
energy-intensive	O
projects	O
such	O
as	O
Ethereum	B-Application
.	O
</s>
<s>
Tezos	B-Protocol
co-founder	O
Arthur	O
Breitman	O
studied	O
applied	O
mathematics	O
,	O
computer	O
science	O
,	O
and	O
physics	O
in	O
France	O
and	O
financial	O
mathematics	O
at	O
New	O
York	O
University	O
under	O
Nassim	O
Nicholas	O
Taleb	O
before	O
working	O
in	O
quantitative	O
finance	O
.	O
</s>
<s>
In	O
mid-2021	O
,	O
Tezos	B-Protocol
has	O
signed	O
sponsorship	O
deals	O
with	O
Red	O
Bull	O
Racing	O
and	O
McLaren	O
Formula	O
One	O
teams	O
.	O
</s>
<s>
In	O
October	O
2021	O
,	O
Tezos	B-Protocol
became	O
a	O
sponsor	O
of	O
the	O
New	O
York	O
Mets	O
.	O
</s>
<s>
In	O
February	O
2022	O
,	O
Tezos	B-Protocol
sponsored	O
Manchester	O
United	O
in	O
a	O
multi-year	O
deal	O
reportedly	O
worth	O
over	O
£20	O
million	O
per	O
year	O
.	O
</s>
<s>
In	O
November	O
2022	O
,	O
Manchester	O
United	O
issued	O
NFT	O
digital	O
collectibles	O
on	O
the	O
Tezos	B-Protocol
blockchain	B-Application
.	O
</s>
