Tezos (XTZ) Set To Launch Highly-Anticipated MainNet Tomorrow

The Tezos cryptocurrency project has announced that it has finalized plans to launch its mainnet tomorrow (09-17-2018). The Swiss-based project made this announced September 14 via Twitter.

1

The Tezos cryptocurrency project has announced that it has finalized plans to launch its mainnet tomorrow (09-17-2018). The Swiss-based project made this announced September 14 via Twitter.

Tezos testing phase complete

This announcement means that the testing phase for this project is over and it is set to launch its own network, including its own cryptocurrency token as it transitions from its testnet.

Tezos is a new platform for smart contracts and decentralized applications. The protocol for the platform has been designed in such a way to make it possible for stakeholders to efficiently govern the protocol and implement future innovations.

Last year, the Tezos project raised $232 million which it has used in building its platform and cryptocurrency. Its ICO is still one of the biggest in the history of the industry.

Source: Brave New Coin Research

It launched its beta version earlier this year after much delay but is now ready to transition to its main network.

The transition to its mainnet will take place on September 17. According to their official website, the Tezos blockchain was designed to facilitate formal verification, which helps secure smart contracts and avoid buggy code.

It makes use of Proof-of-Stake (PoS) protocol which the team describes as unique since it gives every stakeholder the opportunity to participate in the validation of transactions on the network and be rewarded by the protocol for doing so.

During its trial period, the platform was used as intended with more participants trooping in to test the platform. Ryan Jesperson of the Tezos Foundation commented that:

“We have been happy to see the network operating smoothly and efficiently over these last few months. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.”

Since the launch of the trial version, only one outage took place in mid-July when blocks weren’t properly validating for approximately an hour.

So far, Tezos has been transparent with its followers. Jesperson recently published a large update on the Foundation blog, he talked about what has been happening with the company, updating the community about issues such as auditing and grantmaking.

Tezos moves forward despite earlier scandals

This latest development signifies a step forward for the Tezos project which has been involved in some scandals since the completion of its ICO. Tezos went on to state that the tokens might not be issued after all.

The development team called the ICO funds non-refundable donations, and not investments.

That caused a disagreement between Arthur and Kathleen Breitman, the co-founders of the project who own intellectual property rights of the project, and Johann Gevers, who controlled the raised funds.

The dispute led to the resignation of Gevers who was replaced by Jesperson, one of the project’s contributors. The project suffered several class-action lawsuits, which claimed that the ICO process violated federal securities laws and defrauded investors.

Just three months ago, Tezos introduced the Know Your Customer/Anti-Money Laundering (KYC/AML) checks for contributors.

In April, Breitman was suspended from associating with broker-dealers for two years by FINRA. This decision came after he was accused of falsifying a statement about his side venture while working at Morgan Stanley.

Tezos (XTZ) jumps 40% in seven days leading up to Mainnet launch

According to XBT.net, the price of the Tezos token (XTZ) jumped nearly 40 percent in the seven days leading up to its mainnet launch. The token gained over 4 percent in the past 24 hours as the official launch is just a few hours away.

1 Comment
  1. DefinitelyNotAGoat says

    Tezos never had an ERC20 token. The Tezos Community agreed that an ERC20 token a staple for a coins with no value. Tezos has always been it’s own blockchain, with testnets live for over 2 years.

Leave A Reply

Your email address will not be published.