According to an official announcement made by the company, on Monday, the beta cycle of the networkwould beformally finallyover now,as theprotocolis expected tobecome a full mainnet. Tezos introduced its beta network in earlier this year in June,namingthe move an “inflection point” for the project. Fromthat timeon, usersmightbeginconfirmingblocks or “baking”after the first 7 cycles.
In orderto makea network and issuea brand newsortof digital currency, Tezos launched an ICO back inJuly2017,within whichit raised around a worth of more than $230 Mln’s which mostly included bitcoins and ethereums. Tezos, however, called the funds “a non-refundable donation” and not a “speculative investment,” mentioning that the tokenmight notbe issued at all.
Following the ICO, a dispute arose between Arthur and Kathleen Breitman, the co-founders of the projectwho own Tezos’belongingsrights, and Johann Gevers,whocontrolled the raised funds. Thisindeed ledtoanindefinite delay of the platform launch and a series of lawsuits againstthe firm.
Since the ICO’s completion, Tezos hasconjointlybeenthe topicof criticism and multiple lawsuitsregarding compliance with U.S. Securities and Exchange Commission (SEC)laws. The lawsuits claimed that Tezos tokensought tobethought ofsecuritiesbeneath theU.S. law,that meansthey mightgot tobe registered with the SECso asto belawfullysoldto investors.
However earlier in June,the musedeclaredthe implementation of Know Your Customer/Anti-Money Laundering (KYS/AML) checks for contributors, specifically for thosewantingto participate in ICOs.
At press time, Tezos ‘XTZ’ is currently trading around at $1.565 USD, which is currently down to 5.73 % from yesterday with a total market capitalization of around $950.6 Mln.