Tezos meets: launch of its mainnet

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The cryptocurrency project based in Switzerland, the Tezos Foundation, has announced that its mainnet will be launched on Monday, according to a tweet dated September 14. They announced that next Monday, the beta period of the network will officially end, since the protocol will become a complete mainnet.

Tezos presented its beta network in June and described the movement as a "turning point" for the project. From that moment, users could begin to validate blocks or "bake" after the first seven cycles.

Context

To create a network and issue a new type of cryptocurrency, Tezos launched an initial offer of currencies (ICO) in July 2017, in which it raised around 66,000 BTC and 361,000 ETH, for a value of approximately $ 232 million at that time . However, Tezos called the funds "a non-refundable donation" and not a "speculative investment," adding that the file may not have been issued at all.

After the ICO, a dispute arose between Arthur and Kathleen Breitman, co-founders of the project who own the intellectual property rights of Tezos, and Johann Gevers, who controlled the funds raised. This led to an indefinite delay in the launch of the platform and a series of lawsuits against the company.

Since the completion of the ICO, Tezos has also been subject to criticism and multiple demands related to compliance with the regulations of the US Securities and Exchange Commission UU (SEC). The lawsuits alleged that Tezo's tokens should be considered titles under US law. UU., Which means that they would have to be registered with the SEC in order to be legally sold to investors.

In June, the foundation announced the implementation of Know Your Customer / Anti-Money Laundering (KYS / AML) checks for taxpayers, specifically for those seeking to participate in ICOs. The movement was received with a negative reaction from the community.

At the close of this edition, Tezos (XTZ) is trading around $ 1.54, more than 15 percent on the day, while its market capitalization is approximately $ 933 million.

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I am an economics student, interested in innovation and technological development, always faithful that tomorrow will be a better day.

Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of Crypto-Tidal, and should not be attributed to, Crypto-Tidal.

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