Tezos Foundation Set to Launch Its Long Awaited Mainnet

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Photo Credit: Bitcoinisle

Tezos Foundation, a Swiss-based cryptocurrency project has recently announced that it would be launching its mainnet on Monday. This was contained in a tweet on its official twitter handle.

On Monday, Tezos Foundation will officially close the Beta period of its network as it is expected to switch to a protocol that will become a full mainnet. It would be recalled that Tezos Foundation launched its Beta network in June, categorically calling the launch an “inflection point” for the project. Following that, users would now be allowed to validate blocks or “baking” after the first seven cycles.

In an attempt to build a reliable network and introduce users to a new type of crypto currency, Tezos Foundation launched its ICO in July 2017, raising approximately 66,000 Bitcoins (BTC), 361, Ethereums (ETH) worth $232 million back then. Eventually, the company labelled the funds “a non-refundable donation” and not a “speculative investment,” stating that that the token might not be issued at all.

Having completed the ICO, there was a dispute between Arthur and Kathleen Breitman, the co-founders of the project who own Tezos Foundation intellectual property rights, and Johann Gevers, who had  sufficient control over the funds raised. This eventually hindered the project from taking off together with a series of lawsuits against the company.

More so, since the completion of its ICO, Tezos Foundation has come under serious criticisms and multiple lawsuits regarding its compliance with U.S. Securities and Exchange Commission (SEC) regulations. According to the lawsuits, Tezos proposed token should be considered securities under U.S. law, what this means is that they need to be registered with the SEC before they can be sold to investors.

Also, Tezos Foundation in a move to legitimize its business, announced the implementation of Know Your Customer/Anti-Money Laundering (KYS/AML) checks for contributors who wanted to participate in its ICO in June. However, the move was met with criticisms from the community.

As at press time, Tezos Foundation token was trading at $1.54 and up by 15 percent on the day, while it’s total market capitalization is about $933 million.