Tezos (XTZ) - a cryptocurrency created by a marriage

During the development of the Tezos network, it was just like in many marriages - it was not without quarrels and even a lawsuit. In the end, the project managed to start with a slippage, but this does not prevent the growing popularity of XTZ tokens.

We continue the cycle of the Forex Club portal in which we describe the largest, most important and most interesting cryptocurrencies from around the world. Today is the time for Tezos (XTZ), which can be said to undoubtedly combine all three of the above-mentioned features.

Where two people, there are three positions

The beginnings of the blockchain technology were like virtually all similar projects. From the very beginning, however, one could have reservations about the professionalism of introducing the network to the market. The assumptions are ambitious, because Tezos is to be the first network that will improve itself. This is important, because in similar projects there were earlier - even spontaneous - chain splits, and this problem is not supposed to occur here.

Others appeared instead. The design and source code are the property of the marriage of Arthur and Kathleen Breitman, who founded the Dynamic Ledger Solutions company, which develops this cryptocurrency. Instead, they set up the ICO Tezos Foundationwhose chairman was Johann Gevers. The Foundation - with the consent of the owners - announced a fundraiser for business development. However, it was not the kind of collection organized by most cryptocurrency companies, which provide a specific date, number of tokens allocated and price. In the first two weeks of July 2014, we managed to collect approximately USD 232 million for 607 million tokens. Success? It depends on how to measure, because at the time of starting the ICO, neither the number of tokens offered for sale nor the financial plan to be implemented was known. Did the organizers of the collection know that? We will probably never find out.

Arguments, courts and verifications

The beginnings were very difficult, because Tezos tokens for a long time did not hit not only quotations among the largest cryptocurrency exchanges, but even none of them. The test network was also not available on time. Therefore, the conflict between the owners of the company, the president of the foundation, and investors, who were more and more impatient, was growing. As a result, a lawsuit was filed against them in a California court at the end of 2017. The US financial regulator SEC also began to investigate the potential illegal offering of securities. It was only the real vision of an imminent financial catastrophe that caused the project creators to get to work hard.

This significantly accelerated work on its finalization, but further controversy arose. In mid-2018, the Tezos foundation announced that it was starting to verify the identity of all people who purchased tokens during the ICO. The problem is that no one had informed about such plans before ...

How Tezos (XTZ) works

In the Tezos project it is impossible to dig up new tokens, like in Bitcoinie. It is based on the Proof of Stake consensus algorithm. It is the owners of the units that have the greatest impact on the form of their operation and direction of development, but the division of networks that has occurred in other, also large projects with huge capitalization is excluded. Tezos is programmed in Caml (OCaml), known for, among others, Messenger messenger, propagated by Facebook.

Tezos (XTZ) Quote

Currently, there are 694,1 million units of the Tezos cryptocurrency on the market and there will be no more. It is deflationary in nature, and - as we wrote above - it is impossible to extract subsequent blocks.

XTZ can be traded on the 25 largest cryptocurrency exchanges in the world. As of February 3.02.2020, 1,93, one unit has to pay USD 1,3, which gives capitalization exceeding USD 12 billion, which is the 44th result on the cryptocurrency market in the world. Daily turnover is over USD 17.12.2017 million. XTZ tokens were the most expensive on 12,19/XNUMX/XNUMX, when they reached a price record of $ XNUMX.