Tezos Mainnet to Go Live on September 17 – Token Price up by 30 PercentSeptember 17, 2018
The price trend of the Tezos token was up by 30% after it announced that the project will look in to the video game market.
Ryan Jesperson, President of the Tezos Foundation, stated, “I want to reiterate the Foundation’s commitment to communicating with the community. As I have said, the Foundation does not seek to be, nor attempt to serve as, some kind of central authority with regard to Tezos. But know that we are committed to communicating more openly about the Foundation’s role and our efforts to support this vibrant and strong community.”
Tezos after a year of lawsuits, and compliance is set to launch on September 17, 2018. The $1 billion USD project is now ready to display its potential. The unique consensus mechanism is referred to as the liquid proof of stake.
Tezos raised nearly 66,000 in ICO and was esteemed to be a high profile ICO in year 2017. Tezos as well held more than 350,000 in Ether. This is close to $250 million worth then.
Johann Gevers, the founder of Tezon controlled the funds. Arthur Breitman, the former analyst at Morgan Stanley held the intellectual rights. The Zug, was the Swiss foundation that was established in order to handle Tezos.
There was a dispute between Kathleen, the wife of Arthur Breitman and Johann Gevers. Lawsuits and countersuits dawned on Tezos. Law firm Silver Miller filed a class action suit in the US District Court in Florida. This suit was filed on behalf of the people who bought the Texo tokens.
The lawsuit attracted unwanted attention per Reuters, which reported,” The foundation, which holds the ICO money, was due to purchase Dynamic Ledger Solutions’ IP in a transaction that could take three years to complete — something not disclosed to purchasers.”
The lawsuits on the Gevers yielded in favor of Tezos permitting the project to resume its functionality. Tim Draper, the Billionaire investor backed the project.
The foundation stated that the funds raised were non-refundable donations, and not investments.
Breitman was charged with a $20,000 fine by the Financial Industry Regulatory Authority (FINRA) for concealing his involvement with Dynamic Ledger Solutions.
The process by which the Tezzies (XTZ) are created is known as baking instead of mining, “Whereas in Bitcoin a miner’s right to publish a block is determined by solving a cryptographic puzzle, a mechanism known as proof-of-work, Tezos allocates block publishing rights based on stake, a mechanism known as proof-of-stake. Each block is produced (“baked”) by a random stakeholder and notarized (“endorsed”) by 32 other random stakeholders”
The consensus is by a variant of delegated Proof-of-Stake mechanism that they describe as liquid proof of stake. Misbehavior by crypto token foundations can lead to token holders quickly switching to other reliable tokens pretty effortlessly.
Whether the mainnet will launch a new uptrend for Tezos with the new blockchain project is something that will unfold real time in the days to come.