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Crypto Project Tezos To Introduce Main Network In Forthcoming Week

 

The project on Tezos cryptocurrency will launch its main network which supports a new virtual token on Monday- reported a Swiss foundation on Friday via Twitter. The foundation raised $232m in July of 2017 for building the network and issuing its backers a new kind of cryptocurrency. This is one of the greatest coin offerings. A year later its initial version was launched. As a message witnessed by Reuters by president of foundation Ryan Jesperson says, the network might transition to a mainnet or more complete type.

The date of launching was confirmed by the foundation when asked by Reuters for a comment. This will be a great achievement for a project that has been for so long plagued by internal conflicts and delays. Tezos still has fear of lawsuits in the US and that of more regulatory scrutiny by the cryptocurrency sector. The project has seen high-profile feud take place between the former president of the foundation Johann Gevers and founders of the project Kathleen and Arthur Breitman. It ended when Gevers stepped down in the month of February and Jesperson, a project contributor, stepped in as his replacement.

In October Reuters detailed the project’s problems. Many class-action litigations were filed against the organizers stating that the fundraiser violated defrauded investors and federal security laws. When lawyer David Silver in February requested public information, US Securities and Exchange Commission denied it saying that it’d interfere with enforcement or investigation activities. Though made to look like a donation, the fundraiser was more of an investment. The cryptocurrency might come under the realm of SEC. Investigations by Reuters found that Arthur Breitman, being a French citizen who’s registered with the FINRA in America, didn’t report outer business activities when developing Tezos and working at Morgan Stanley in 2014-15. Breitman was suspended in April by FINRA for 2 years for making stating untrue things about his other venture while still working for Morgan Stanley.

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