Tezos gains 5% on a day-to-day basis amid bearish market

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  • Tezos beats the market with 5% gains.
  • French police uses Tezos blockchain to control expenses.

Tezos (XTZ) is the best-performing altcoin out of top-20. It is the only large digital asset posting gains amid the global decline in the cryptocurrency market. At the time of writing, XTZ/USD is changing hands at $1.26, which is 5% higher from this time on Thursday. Notably, the coin gained 2.6% in recent seven days while other major assets including Bitcoin are nursing double-digit losses. 

What’s going on

The news that the French police now users Tezos blockchain may have served as a strong bullish trigger.

The French Gendarmerie Cybercrime Centre (C3N) uses the Tezos blockchain. The agency launched its first smart contract in September.

“The French Armies and the SIRPA announced that since September 2019, the @Gendarmerie cybercrime division (C3N) has been validating judicial expenses incurred during investigations and recording them on the Tezos blockchain,”Nomadic Labs reported on LinkedIn

According to the press release, C3N uses blockchain to monitor expenses incurred during investigations.

“Debuting on the Tezos network, this is one of the first examples of a government entity using a smart contract for operational purposes,” the press release says.

The new program also allows C3N to purchase cryptocurrency with funds allocated by Europol to cover operating expenses.

“The smart contract was designed to only allow access to permitted individuals, effectively allowing C3N to justify an expense without any risk of disclosing operational activities and jeopardizing ongoing investigations.”

Tezos Foundation and a security-tokens platform t’ERO developed by Overstock plan to totokenize real estate in the UK with a total value of about $643 million.

XTZ/USD, 1-day chart


 

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