On October 6, 2018, tZERO concluded their security token offering. The company raised $134 million from over 1,000 global investors. tZERO had hoped to raise $250 million at the event. Despite the shortcomings of the event, tZERO’s CEO, Saum Noursalehi, called the moment an “exciting milestone for tZERO.” On October 16, investors received their tZERO security tokens in their wallets.
The success of launching tZERO marks a significant milestone in the mainstream adoption of the Blockchain technology. However the achievement did not come by accident, Patrick Byrne, the executive chairman of tZERO, is a deep believer of Austrian economics 1) What is Austrian Economics? , and would describe him a Hayekian 2) Friedrich Hayek . Because of that, the libertarian philosophy aspect of Blockchain technology caught Patrick Byrne’s attention way before the public frenzy took place.
In a video took on 13 March 2015, at a Austrian Economics Research Conference hosted by the Mises Institute, Patrick Byrne talked about “Entrepreneurship, Austrian Economics and the Cryptorevolution”, whereby he also mentioned the project he had been working on which would now be known as the tZERO project. It is a video rich of idea, pioneer thinking and factual references, one that everyone should study many times to understand the link between libertarian philosophy and blockchain technology and why it will fundamentally change our society:
Miao is a convert to the vision of a better world where the spread of information, social organization and the way we construct systems, are all enhanced and optimized through decentralization. Having worked in the software industry for more than 10 years, most notably at Skype for 5 years (where he looked after its peer-to-peer network stack), Miao has the knowledge to build decentralized software systems. With the rise of Blockchain, IoT, AI, etc., Miao believes the time is ripe for his vision of a decentralized world to be put further into effect through technologies.