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Tezos Mainnet Finally Goes Live

Tezos Mainnet Finally Goes Live

Reading Time: 2 minutes by on September 18, 2018 Altcoins, Blockchain, Business, Finance, Investment, News, Regulation
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Tezos has announced that at long last, the long-awaited launch of its main network is at hand following the conclusion of a beta testing period. Accordingly, after a period of beta testing that lasted for months, the network which once set a record for the highest grossing ICO ever is now ready for use. This was revealed on September 17, 2018, in a blog post on the Tezos Foundation website.

Exceeded Expectations

Following a series of delays and damaging public disputes, it was expected that the network would take a long time to iron out its kinks and get past problems of unscheduled downtime, according to the release announcement. Following the June 30 genesis block proposal by the Tezos Foundation which became the seed of the Tezos network, the fully operational network was regarded as a testnet to deal with anticipated maintenance and adjustment issues.

To the team’s pleasant surprise, however, the performance of the “betanet” over the past two months has been practically flawless, with more a thriving community including than 400 validators who have been booked to take part in an upcoming cycle. The community has also been busy developing a range of tools to help with engagement and adoption of the Tezos framework.

The net result of all this is that the mainnet has been developed at a quicker pace than expected following the well-publicised initial hiccups, and the Tezos Foundation is ready to let it into the “wild.”

An excerpt from the announcement reads:

“As a result, we now consider the beta period concluded, and while active development still continues, we are pleased to regard the Tezos network as the mainnet.”

Tezos Launch Notes

In the announcement, the development team is at pains to point out that the network is by no means perfect and users may still encounter unexpected issues that affect their use of the network. As with any other decentralized network, users are also reminded that it is their sole responsibility to ensure that their use of the network is appropriate for their needs and that they bear any risks associated with using it.

In the light of a series of wallet hackings that have taken place this year, the announcement also reminds users to ensure that all private key information related to their Tezos tokens should remain private, lest hackers steal their funds.

The statement concludes:

“We expect that the community will, over time, bring a range of new and exciting developments to the network, and are excited to stand as a part of the community to support that progress.”

The launch brings an end to a convoluted saga surrounding one of the most subscribed ICOs of all time. Tezos raised $232 million in its ICO, becoming the most successful crypto fundraiser ever in the process. Its list of investors included Silicon Valley VC Tim Draper before a dispute delayed the platform launch and tanked futures contracts on the token price.

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