5 Keys to Understanding The Impact of Today’s Tezos Mainnet Launch. Monday, September 17
Tezos Cryptocurrency News
5 Keys to understanding the impact of today’s Tezos Mainnet launch
Tezos Mainnet rolls out today. And we are taking a look at its background
The release of Tezos’ Mainnet today, September 17, is turning out to be a big thing for the crypto community – and they are right to react in that way. Since its conception, the so-called “world’s first self-amending cryptocurrency” has been surrounded by controversy, obstacles, legal disputes and other issues that pushed the trust earned from its contributors to its limits.
So, in order to understand why it has become such a big deal for the crypto community, let’s take a look at 5 keys to understanding its impact.
1. Non-refundable donation
When the project launched its Initial Coin Offering (ICO) back in June 2017, they also accompanied the announcement with a clear message for those looking to invest speculatively. “These funds are a non-refundable donation,” said the founders, meaning that they would not reimburse investors in the event that tokens were not issued.
2. $232 million raised
Despite the risk, the ICO was successful for the Tezos Foundation, which managed to raise up to 66,000 bitcoins (BTC) and 361,000 ethers (ETH) – a total of $ 232 million USD at the moment – over the course of 13 days. This was the second largest ICO at the moment, only surpassed by the Filecoin ICO with $257 million raised.
3. Disputes over Tezos’ control
Following the successful fund raising campaign, issues between founders – Arthur and Kathleen Breitman, and Johann Gevers – began to arise. Gevers alleged an infringement of their agreement in regards of the acquisition of Arthur’s company – which controlled the source code of Tezos – after the ICO, and since he was in control of the funds, he demanded to be the de-facto executive director of Tezos Foundation. After several lawsuits and further disputes, Gevers left his position.
4. KYC/AML policies
As if it was not enough for the crypto community, the Foundation implemented Know-Your-Customer/Anti-Money Laundering checks for investors one year after the ICO, upsetting the contributors and other high-profile personalities, such as Ethereum creator Vitalik Buterin.
5. No cookies for Betanet users
When the betanet launched, users were able to “bake” or validate blocks after the first seven cycles, but they would not receive any rewards for doing so during this period, as baking rights were not assigned by Tezos.
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