After almost an entire year of various issues, Tezos is finally ready to launch its BetaNet and has announced when the MainNet will go live.
The road so far was rough for Tezos
After Tezos became the second largest ICO in 2017, everyone expected great things from the new crypto. However, that is when things started to get complicated and, in the next twelve months, Tezos went through a lawsuit, many delays, and internal power struggles. Still, the crypto managed to survive and has now launched its BetaNet, with MainNet being just around the corner.
Tezos has struggled with many issues and, soon after its ICO, there was little in the way of progress. This and their various internal issues have caused several investors to lose faith in the project and subsequently sue the crypto’s founders.
As if that was not enough, a power struggle within the company emerged, between Tezos foundation’s head and the original founders. Then, another lawsuit hit, this time from the SEC stating that the ICO violated its securities laws.
This situation lasted until Arthur and Kathleen Breitman, the original founders, finally calmed the situation down back in February 2018. This was when Johann Gevers, the head of the Foundation, stepped down and the investors were convinced to drop the lawsuit. Finally, the project was back on track, and the results are now obvious.
Tezos is finally back on track
The project is now ready to issue tokens to the initial investors, after an entire year of delays. The foundation has finalized details regarding the genesis block and the completion of seven cycles will allow users to validate blocks. This is expected to come in about three weeks.
We have proposed a genesis block that is now the seed of a beta network. Check out our announcement for more information. https://t.co/ksnSstoRor #Tezos #TezosBetanet
— Tezos Foundation (@TezosFoundation) June 30, 2018
So far, the BetaNet is operational and the genesis block is expected to put everything into motion. Tezos token holders will be able to connect to the network to issue and validate activities, but the block rewards will not come until the three weeks have passed and the process is complete.
Anyone connected to Tezos is still advised to be cautious since the project is still in its beta version, with particular care to be taken of users’ private keys since the coins cannot be recovered if stolen at this point in time.
Tezos MainNet is expected to go live after the BetaNet has stabilized and matured and transactions made on the BetaNet will be present on the blockchain even when the MainNet takes over. Right now, the team is fixing the bugs, creating upgrades, and code is being validated, which might lead to the network’s downtime from time to time.
