The Tezos Foundation have issued a press release announcing the official launch of their mainnet.
After the bumpy ride that the foundation went through, it is good to see that their efforts were not in vain and that the mainnet has been successfully launched. In the official statement the company proclaims:
“On June 30, the Tezos Foundation proposed a genesis block that became the seed of the Tezos network. For a time following the proposal, there was an expectation that, while fully operational, the network had a higher likelihood of experiencing unscheduled downtime along with maintenance and adjustments, and so we regarded the network as a betanet. Over the course of the last few months, we have been happy to see the network operating smoothly and efficiently. The community has been actively engaged, with more than 400 validators (“bakers”) scheduled for an upcoming cycle. In addition, the community has been developing an array of exciting technologies and other tools to increase community engagement, understanding of the network, and adoption.”
This new era for Tezos does not immediately introduce any new features to the platform, it simply considers the “beta period concluded, and while active development still continues, we are pleased to regard the Tezos network as the mainnet.”
By moving to its own mainnet Tezos now expects that its coins (XTZ), will now be appearing on major exchanges. The devs retweeted the news that XTZ has appeared on Bitfinex, a prominent crypto exchange.
The Tezos Foundation executed a staggering initial coin offering (ICO) in 2017 raising roughly $232 million. To this day it is one of the top five biggest ICO’s raised. Later a conflict between the founders occurred which led to the delay of the platform launch and numerous lawsuits.
Earlier this year the company announced an audit by PwC, they are allegedly the first crypto firm to have been audited by a large scale financial auditor.
WHY IS THIS IMPORTANT?
- Tezos is currently the 17th largest crypto, as according to CoinMarketCap.com. Interestingly enough, the mainnet launch itself has not made the price go up like the announcement of the mainnet did. The XTZ costs $1.45, at the time of publication, with a market cap of about $879,5 million.
- The Tezos community has long been waiting for this transition, and now that it has occurred, we can expect to see the XTZ popping up in numerous crypto exchanges.