By
Mayowa Adebajo
December 14th, 2023
Despite some difficulties that have resulted in a serious delay, XTZ first MainNet is finally to be launched today, September 17.
The blockchain project Tezos, which is known as the eighth largest initial coin offering in the entire history, has finally announced its official launch. The platform is to go fully live today, September 17, and it is really a long-awaited event.
The project held its ICO last year wherein it managed to raise $232 million last summer. Nevertheless, due to some corporate governance disputes the completion of the project was postponed. Just before the official launch of the mainnet, the native token of the Tezos network, XTZ has risen by more than 50 percent ($1.15 to $1.75).
Crypto investors have turned their attention to this token being inspired by the progress that has been finally made in the aspect of the development of Tezos during the previous several months after a year-long delay caused by serious disputes among the project’s founders. At the moment, XTZ is traded for $1.55 with a market capitalization of $942 934 417. If such a tendency continues, quite soon we may see XTZ somewhere close to the top 10 coins.
As for Tezos itself, on the one hand it has some obvious similarities with smartphone operating systems which give a third party an opportunity to interfere in their services with the help of apps. But the structure of Tezos is decentralized, as a result, it can be owned, controlled and edited not by a single company but by an entire community of the network’s participants.
The beta version of the platform was launched in the end of June. At that time already, users had an opportunity to “bake” XTZ, the platform’s tokens, that were needed for the system to function. But users knew that if something had gone wrong from the technical point of view, the platform could have been shut down.
Thanks to the nature of the Tezos protocol, users have a chance to manage it. As a result, XTZ is to become the first “self-amending” cryptocurrency in the world. The Tezos blockchain ensures formal verification which significantly increases a security level of the system.
Commenting the functioning of their beta version, Ryan Jesperson, the president of the Tezos Foundation said:
“We have been happy to see the network operating smoothly and efficiently over these last few months. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.”
According to some unnnamed sources, there was only one small problem that occurred on the network. It happened in July when blocks weren’t validating properly for rather a short period of time. But this issue was quickly fixed. At the very beginning, only the company itself could validate transactions on the network but now third-party validators can take part in this process as well.
Let us also remind that the Tezos Foundation has recently made headlines becoming the first blockchain organization to have one of the Big Four accounting firms as its external auditor. Tezos hired PwC to conduct an external audit for the project to ensure the legitimacy of its financials and operations.