There has been an unvoiced unease in the ICO ecosystem regarding two of the best performing ICOs in 2017 due to their seeming inability to make remarkable progress.
It has been 6 months since the Bancor ICO and the feeling in the industry has been that of uncertainty regarding the company. They raised a whopping $153 million in the first 3 hours from its ICO launch. That was by any standards unprecedented. But that seemed to have been the end of cheering news for Bancor whose coin fell in value after the ICO.
There was controversy over the project in which informed experts faulted its practicality. Some maintained that the Bancor platform was full of mumbo jumbo and that the problem the project seems to want to tackle doesn’t really exist. Despite assurances from the team, the Bancor coin plummeted to less than $1 from $23. This has been the situation for the past 6 months.
The Bancor platform has a protocol for building tokens as well as convert the tokens through the smart contract. The Bancor team recently announced that they have added a coin calculating tool that enables users to automatically know the value of any coins or token on the platform.
The cryptocurrency market showed appreciation for the Bancor progress and it reflected in value appreciation for the coin which grew by 27 percent. Bancor shares the enviable success of being among the best performing ICOs with another company Tezos which is mired in a management controversy that has made many analysts posit that the well performing ICOs may not be the best to invest in after all.
With the progress made by Bancor, it has become obvious to all that with determination, no obstacle is insurmountable. Meanwhile, Tezos seems not to have regained their footing as an internal financial inquiry set up by the Tezos foundation to investigate the case of financial mismanagement against Johann Gevers cleared the president of wrongdoing. Project founders, Arthur and Kathleen Breitman had alleged that Mr. Gevers had inappropriately tried to allocate investor funds to himself. An allegation Gevers denied.
However, an internal audit set up by the foundation found out that the accusation made by the Breitmans in October was spurious. The audit reported that there was no evidence that $1.5 million was defalcated by Mr. Gevers who said that it was unimaginable that a person of his status who has had an impeccable record as a community builder would get involved in something shady such as the Breitmans alleged. He maintained that he was among the top contributors in the Tezos project and wondered how anyone would expect him to be an agent of retrogression in a vision such as Tezos.
The foundation headed by Gevers has a mandate to progressively take over Dynamic Ledgers Solution, the Breitmans company with its assets part of which was $232 million raised in the ICO. Funds which has undergone geometric increase as bitcoin and ether soared.
The rivalry between the Tezos leaders has almost brought the project to a standstill as the Breitmans accused Gevers of inactivity inspiring three class action lawsuits against the company. As the controversy rages, the crypto community hopes that the company directors would in the interest of investors resolve their differences and get on back on a march to progress.