Tezos Foundation Announces Launch of Its Long-Awaited Mainnet

The Swiss-based cryptocurrency undertaking the Tezos Foundation has introduced that its mainnet will probably be launched on Monday, in keeping with a September 14 tweet.

On Monday, the beta interval of the community will formally be over, because the protocol will develop into a full mainnet. Tezos introduced its beta community in June, calling the transfer an “inflection point” for the undertaking. From that time on, customers might start validating blocks or “baking” after the primary seven cycles.

In order to construct a community and difficulty a brand new kind of cryptocurrency, Tezos launched an Initial Coin Offering (ICO) in July 2017, through which it raised round 66,000 Bitcoins (BTC) and 361,000 Ethereums (ETH), value about $232 million at the moment. Tezos, nevertheless, called the funds “a non-refundable donation” and never a “speculative funding,” including that the token won’t be issued in any respect.

Following the ICO, a dispute arose between Arthur and Kathleen Breitman, the co-founders of the undertaking who personal Tezos’ mental property rights, and Johann Gevers, who managed the raised funds. This led to an indefinite delay of the platform launch and a series of lawsuits towards the corporate.

Since the ICO’s completion, Tezos has additionally been the topic of criticism and a number of lawsuits regarding compliance with U.S. Securities and Exchange Commission (SEC) rules. The lawsuits claimed that Tezos tokens needs to be thought of securities beneath U.S. legislation, that means they might should be registered with the SEC with a purpose to be legally bought to traders.

In June, the inspiration introduced the implementation of Know Your Customer/Anti-Money Laundering (KYS/AML) checks for contributors, particularly for these seeking to take part in ICOs. The transfer was met with a unfavourable response from the neighborhood.

At press time, Tezos (XTZ) is trading round $1.54, up over 15 % on the day, whereas its market capitalization is about $933 million.

Original article first appeared in https://cointelegraph.com/information/tezos-foundation-announces-launch-of-its-long-awaited-mainnet

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