The Tezos Foundation, a giant Swiss-based crypto project, has declared the launch of its mainnet on 17th September 2018.
The End of the Beta Period
On 17th of this month, the beta era of the network will come to an end as the protocol will be modified into a full mainnet. In June 2018, Tezos started its beta network, labelling the launch an “inflation point” for the venture. Since then, Tezos clients have been authenticating blocks or “baking” after the initial seven rounds.
The Launch of Tezos ICO
To develop a network and provide a new form of cryptocurrency, Tezos started its Initial Coin Offering (ICO) in July this year, whereby it generated approximately 66,000 Bitcoins and 361,000 Ethereums that cost around $232 million. However, the company termed the funds as “a non-refundable donation” and not a “speculative investment,” highlighting that the token might not be launched soon.
Because of the ICO, a disagreement arose between Arthur and Kathleen Breitman, the co-founders of the undertaking who are entitled to Tezos’ Intellectual Property Rights, and Johann Gevers, who managed the raised funds campaign.
The disagreement caused an indefinite delay of the project launch and a sequence of legal cases against the establishment.
Since the Tezos ICO’s accomplishment, the establishment has been criticized and faced various legal complaints about their compliance with the United States Securities and Exchange Commission (SEC) guidelines.
The Details of the lawsuits
The grievances appealed that Tezos tokens ought to be classified as securities under the US law, implying they ought to be registered with SEC to be validly sold to traders and stakeholders.
In June, the company started an enactment of Know Your Customer/Anti-Money Laundering (KYS/AML) investigations for contributors, particularly for those intending to take part in ICOs. However, this campaign encountered a lot of negativity from its community members.
Currently, Tezos is transacting at around $1.54, a 15% increase for the last 24 hours, while its market cap stands at $933 million.
