Tezos’ Mainnet Launch Affects XTZ’s Value, Rises 30%

Sep 16, 2018 at 16:42 Update Date :Sep 16, 2018 at 16:42 UTC

The Tezos Foundation has declared that the Tezos project, which raised over $232 million through an Initial Coin Offering (ICO) designed to enhance blockchain governance and encourage technology, will be launching its mainnet on September 17th.


The project has seen a famous bitcoin billionaire and investor Tim Draper, who recently asserted that the cryptocurrency ecosystem’s market cap will hit $80 trillion in the next 15 years, invest in it. It guarantees an extraordinary proof-of-stake blockchain designed to adjust to changing technology and allow for “on-china-governance” where stakeholders will have the ability to settle on its future.

Following the declaration, Tezos’ Tezzie (XTZ) tokens saw their value pump nearly 30% fully expecting the mainnet’s launch. In spite of the fact that the task as of now had a live blockchain version and its tokens were already tradeable, it could’ve been ended whenever as it wasn’t the project’s mainnet.


The task has outstandingly experienced a difficult time as a controversy between the leadership and different legal claims blaming the foundation for investor fraud set it back. Its XTZ tokens have, because of the controversy and the bear market, dropped from a close $6 high to minimal over $1.1.


At press time, as per CryptoCompare information, they’re exchanging at $1.7 after rising 28% over the last 24-hour term.


Regardless of whether Tezos’ tokens will have the capacity to grow is at press time unclear, although past surges related with mainnet launch in cryptocurrency ecosystem have more often than not seen prices drop as the excitement wears off.


The Tezos Foundation, as announced in July, hired PricewaterhouseCoopers (PwC) to review its operations and finances. PwC is notably one of the “Big Four,” which refers to the four biggest professionals services networks in the world. The giant financial firm has over than 230,000 employees and provides accounting, legal, auditing, and tax services to its clients.


The project has also recently declared funding for TezTech, a Tezos-focused software development program with several projects to its belt.

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