The Tezos Foundation has announced that the launch of its MainNet will take place this Monday, September 17th. This announcement caused a sudden rise in the price of Tezos (XTZ).
As a consequence of the announcement, Tezos (XTZ) reported a 26.6% increase in its price, reaching $1.69 level, when previously it was quoted at $1.23. However, at the time of this writing, XTZ dropped back to $1.57.
Before the upcoming launch, some crypto and blockchain ecosystem enthusiasts do not agree with the proposal and the actions of Tezos in recent months. Furthermore, some even said that the launch of the new Tezos (XTZ) MainNet is due to statements made by Vitalik Buterin recently, in which the developer described Tezos as a “shitcoin.”
Beyond the reactions of the community, Tezos would offer a new blockchain, constituted from scratch by its developers, and that offers its users stability to incorporate technological updates, being this the main commercial objective of the Tezos Foundation.
Tezos began as one of the community’s most promising cryptocurrency projects in 2017 when the Tezos (XTZ) Initial Coin Offering (ICO) took place.
Tezos Foundation to roll out its new Tezos (XTZ) MainNet today, but the crypto community is not very happy with that
Tezos (XTZ) went into a tailspin when the Breitman couple, creators of the Tezos (XTZ) project, denounced that Johan Gevers, the president of the Tezos Foundation at that time, had diverted part of the funds for personal benefit.
This news generated a stampede of lawsuits on the part of the contributors for damages and prejudices, which were concentrated in several collective trials that, to this day, are being processed.
In addition to lawsuits, the Tezos (XTZ) network has also suffered constant delays due to technological updates and new policies. For example, on June 12th, the Tezos Foundation announced that contributors could only claim their tokens after identity verification, measures that were in line with the newly adopted Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies.
These new measures were applied to the test network, better known as “BetaNet,” which has been open to the public since June 30th and allowed users to carry out experimental transactions. However, although expectations were again positive after Tezos (XTZ) got listed by the Gatecoin crypto exchange, its price fell by 48%.