Tezos has completed its beta testing and is now set to launch its Mainnet on upcoming Monday. Tezos is a blockchain innovation conceived with the sole purpose of offering the world’s first ‘self-amending’ cryptocurrency. The launching of the Mainnet is expected to help Tezos attain the complete implementation of the protocol it promised during its ICO last year.
Since the announcement of the Mainnet launch, this coming Monday 17th September, the Tezos token (XTZ) price has been all greens, with a gain of around 30% recorded in 24 hours. The coin currently trades at $1.65 and has a market cap of ~$1 billion and a 24-hour volume of almost $6 million.
Tezos Scandalous History
Tezos hasn’t had such a great time as this since its ICO had successfully completed with a record of $232 Million raised.
Since its inception, Tezos has been embroiled in numerous legal battles and long-lasting scandal. This has really affected the credibility of the project. Many are of the belief that Tezos was going to be buried in its legal battles and the weight of the scandals it was involved.
One of the notable scandals Tezos faced in recent times was with the Securities and Exchanges Commission (SEC). The SEC made it clear that they want the XTZ token to be brought under the scope of “securities”. By doing this, the SEC will have the jurisdiction to monitor Tezos’ activities much more closely. Therefore they can easily sanction it, in case of any misconduct.
There have also been reports of internal issues within the Tezos Foundation, which led to Johann Gevers, Tezos Co-Founder, to step down and be replaced during a very critical stage for the project.
Currently, Tezos is available for trading on some major exchanges, while Gate.io exchange is handling the majority of the token’s daily trading volume.