Tezos Blockchain, which was running till now in its ‘experimental stage’ would now be moving towards the official launch of its protocol valued at more than $1 billion on Monday.
Therefore it would now be totally functional and operated via its community.
Tezos’s mainnet was launched in June end, after which XTZ tokens were a tradeable asset on most exchanges.
Having said that, the blockchain network was fully operational as intended from the time but it could have been paused anything in case of any theft, hack or maintenance.
Ryan Jesperson, from Tezos, officially stated:
The only noticeable issue in Tezos blockchain operations happened in July when the block validation ceased for an hour. After the problem was fixed, the blockchain has been operating without any further issues.
Until July 20, Only the Tezos foundation had the authority for validation of transactions, which was extended to third-party validators since then.
Tezos had an update published, via Jesperson, on their official blog discussing business updates as well as the earlier turmoil faced by the firm.
He stated, “The turnaround was complex, occurred at high velocity and had us all intensely focused on success. To its credit, the entire team worked through the turmoil and produced exceptional work.”
Johann Gevers, the previous Tezos president had resigned in February in lieu of him delaying the launch of the protocol which soared a record $232 million ICO in July’17.
Since Johann’s exit, Jesperson resumed and Tezos has been active on changing its operation with a makeover of a new foundation board. Tezos also partnered with auditing giant, PWC, actively provided research grants, funded community members and multiple entrepreneurs.
Recently, Tezos also announced funding for TezTech, a software shop with multiple projects in the making. Like a trustless custody solution along with the development of multiple other API and software libraries.
The total market cap for XTZ is currently around $882 million, according to CoinmarketCap, with daily trading volume around $3 million.