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Tezos [XTZ] shoots up by 27%; 48 hours closer to Mainnet launch

Akash Anand

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Tezos [XTZ] shoots up by 27%; 48 hours closer to Mainnet launch
Source: Unsplash

The Tezos Foundation on Friday announced that the network’s Mainnet launch will take place on Monday, 17th September. The Mainnet launch is supposed to take the Tezos protocol to full implementations after the Foundation had launched their Initial Coin Offering [ICO] in July 2017. Post the announcement of the Mainnet launch, the price of Tezos shot up massively.

At the time of writing, Tezos was gaining at the rate of 27.92% and was trading at $1.71. The cryptocurrency held a market cap of $1.040 billion with a 24-hour market volume of $6.323 million. A majority of Tezos transactions was happening on Gate.io, a cryptocurrency exchange that held 42.48% of the total trading volume.

Tezos was also in the news recently when Nithin Eapen, the Chief Investment Officer at Arcadia Crypto Ventures and a member of the Tezos Commons Foundations spoke about Tezos and its purposes. He stated that:

“Tezos a self-amending ledger, which means that it has a mechanism to adjust itself based on what the community wants or what people want in it.”

Tezos has ruffled some feathers with the regulatory authorities also after the Securities and Exchanges Commission [SEC] stated that the tokens must come under the ambit of ‘securities’. This would enable the SEC to have the authority to observe the workings of Tezos and move against it if it violated United States laws. A report stated:



“The Tezos fundraiser was structured as a donation, though some contributors say they believed it was an investment. If deemed a securities offering, the new cryptocurrency might fall under the remit of the SEC.”

On 30th June, Tezos had launched their Beta network, calling it a “point where great things start”. Tezos has been embroiled in controversies even after the SEC conflict. Internal problems within the Foundation even caused one of the Co-Founders, Johann Gevers to step down from the company who was then replaced by one of the project’s contributors.

The Tim Draper backed organization has claimed that the Mainnet launch is a stepping stone to fix the issues that have been prevalent within the Foundation. Last year, a lot of users had called out Tezos as a scam with even Vitalik Buterin, the Co-Founder of Ethereum saying:

“This seems backwards. Why can’t third parties just run a script to scan the BTC/ETH blockchains, see how much everyone contributed, calculate how much XTZ everyone should get, and generate the genesis block without Tezos Co involvement? That’s how the Ethereum launch worked.”





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Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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