After an almost surprise re-emergence from Tezos, the second largest ICO to date, the controversial project has launched its beta-net and this week chose a “big four” auditor to help overcome financial concerns. In recent days the Tezos coin (XTZ) has seen some price recovery, a dip, and is heading into the weekend on an upturn.
Accepted by a “big four” auditor
On Monday, July 23, 2018, Tezos Foundation announced its agreement with PricewaterhouseCoopers (PwC) which will act as auditor for the Tezos Foundation’s finance and operations. It’s a forward move for Tezos, as well as being the first time a blockchain organization of this size has been accepted as a client of one of the “big four” accounting firms.
The renowned auditor may well help Tezos to recover some credibility, after a history of lawsuits, an internal dispute, and launch delays which have finally led to a beta network launch that happened at the end of June.
“The Foundation is committed to operating with the highest degree of integrity in the service of our mission to support the Tezos protocol, ecosystem, and community,” said the announcement. It went on to reassure investors that “engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances.”
Tezos opens grant process
An announcement on July 13, 2018, revealed some of its plans including details of the commitment of a “significant amount of funds,” over the last five months to research institutions and developers “to help advance the protocol.”
“In the coming weeks, we will invite community members, educational and research institutions, developers, and all other interested parties to apply for grants to support projects and organizations that strengthen the Tezos ecosystem,” said Tezos.
Tezos raised $232 million dollars USD in its ICO in July 2017, after attracting investors with its solutions to problems of blockchain governance.
The Tezos blockchain is pitched by some as one of the most advanced and a competitor to Ethereum. Tezos also supports smart contracts and offers a platform for building decentralized applications (Dapps).
Tezos has some interesting features, including a self-amending network that can be upgraded without the need for a hard-fork and it’s proof-of-stake (PoS) from the outset. Whereas Ethereum plans to move to PoS with a hard-fork in the near future.
If Tezos can begin to advance its technology without attracting further criticism it stands as much chance as any other project of recovering and competing with some of the other innovative blockchains in the space.
Initially, time and coin price might tell, with Tezos needing to quickly demonstrate workable technology and a more stable immediate future to attract further interest.
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