According to an official announcement made by the company, on Monday, the beta cycle of the network would be formally finally over now, as the protocol is expected to become a full mainnet. Tezos introduced its beta network in earlier this year in June, naming the move an “inflection point” for the project. From that time on, users might begin confirming blocks or “baking” after the first 7 cycles.
In order to make a network and issue a brand new sort of digital currency, Tezos launched an ICO back in July 2017, within which it 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 token might not be issued at all.
Following the ICO, a dispute arose between Arthur and Kathleen Breitman, the co-founders of the project who own Tezos’ belongings rights, and Johann Gevers, who controlled the raised funds. This indeed led to an indefinite delay of the platform launch and a series of lawsuits against the firm.
Since the ICO’s completion, Tezos has conjointly been the topic of criticism and multiple lawsuits regarding compliance with U.S. Securities and Exchange Commission (SEC) laws. The lawsuits claimed that Tezos tokens ought to be thought of securities beneath the U.S. law, that means they might got to be registered with the SEC so as to be lawfully sold to investors.
However earlier in June, the muse declared the implementation of Know Your Customer/Anti-Money Laundering (KYS/AML) checks for contributors, specifically for those wanting to 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.