Tezos [XTZ] shoots up by 27%; 48 hours closer to Mainnet launch

The Tezos Foundation on Friday announced that the network’s Mainnet launch will take place on Monday, 17th September. The Mainnet launch is supposed to take the Tezos protocol to full implementations after the Foundation had launched their Initial Coin Offering [ICO] in July 2017. Post the announcement of the Mainnet launch, the price of Tezos shot up massively.

At the time of writing, Tezos was gaining at the rate of 27.92% and was trading at $1.71. The cryptocurrency held a market cap of $1.040 billion with a 24-hour market volume of $6.323 million. A majority of Tezos transactions was happening on Gate.io, a cryptocurrency exchange that held 42.48% of the total trading volume.

Tezos was also in the news recently when Nithin Eapen, the Chief Investment Officer at Arcadia Crypto Ventures and a member of the Tezos Commons Foundations spoke about Tezos and its purposes. He stated that:

“Tezos a self-amending ledger, which means that it has a mechanism to adjust itself based on what the community wants or what people want in it.”

Tezos has ruffled some feathers with the regulatory authorities also after the Securities and Exchanges Commission [SEC] stated that the tokens must come under the ambit of ‘securities’. This would enable the SEC to have the authority to observe the workings of Tezos and move against it if it violated United States laws. A report stated:

“The Tezos fundraiser was structured as a donation, though some contributors say they believed it was an investment. If deemed a securities offering, the new cryptocurrency might fall under the remit of the SEC.”

On 30th June, Tezos had launched their Beta network, calling it a “point where great things start”. Tezos has been embroiled in controversies even after the SEC conflict. Internal problems within the Foundation even caused one of the Co-Founders, Johann Gevers to step down from the company who was then replaced by one of the project’s contributors.

The Tim Draper backed organization has claimed that the Mainnet launch is a stepping stone to fix the issues that have been prevalent within the Foundation. Last year, a lot of users had called out Tezos as a scam with even Vitalik Buterin, the Co-Founder of Ethereum saying:

“This seems backwards. Why can’t third parties just run a script to scan the BTC/ETH blockchains, see how much everyone contributed, calculate how much XTZ everyone should get, and generate the genesis block without Tezos Co involvement? That’s how the Ethereum launch worked.”

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