Tezos Sees 10 Percent Spike In One Day
As a cryptocurrency launched with the aim of being a self-amending crypto, the first of its kind, Tezos has recently reported a 10 percent climb within just one day, a clear sign that a comeback is occurring after recent incidents. As of the 3rd of August, the sudden boost could possibly mean that Tezos will simmer down at a stable level after several lawsuits and legal issues related to its $232M initial coin offering.
No Pain No Gain
After several disputes, legal issues and accusations have been made against Tezos recently, the coin has struggled up until the recent gain of 10 percent. Valued at around $1.56 on the market, Tezos peaked at $1.90 on the 3rd as CMC reports. The coin’s value has been climbing since its low of $1.41 on the 5th of July. Last December, Tezos had climbed to just above $11 on the market.
Many lawsuits against Tezos surfaced due to allegations and accusations that the currency itself was indeed a security, resulting in a bumpy period for the coin following its successful end year of 2017. Tezos was also one the biggest drops in price last year among the leading 18 digital currencies.
PricewaterhouseCoopers also agreed to fully audit Tezos’ finances as a means of granting the foundation a chance to operate righteously, also marking the day as the first ever agreement of one of the top four leading auditors in the industry to audit a big blockchain company, a possible peek at some acceptance with digital currencies.
Tezos was designed and created as a self-repairing cryptocurrency developed to dodge any hard forks, a common issue with cryptocurrencies as noted by the founders, Arthur and Kathleen Breitman.
The new network backs itself on a digital contract that suggests freedom of developer ideas in regards to any protocol enhancements. Users are rewarded for any contributions through the company’s PoS system and votes are placed based on asset possession within the network. As of now, the cryptocurrency is still trading at a higher price than its initial coin offering of $0.47 per token and as of now, holds its rank as 18th with a market cap of $1.16B.