September 17, 2018 8:55 PM
In a press release today, the Tezos Foundation has announced its mainnet is officially out of beta.
The Tezos Foundation offered some good news for a change, when in a press release, it stated its network was no longer in the beta phase. However, it’s not clear from the announcement how much of a change this really represents. (A request for comment from the Tezos Foundation was not immediately answered.)
According to the press release, the exit from beta does not actually represent any expansion of features or access to the network. The Tezos Foundation wrote that after the launch of the betanet in late June:
“There was an expectation that, while fully operational, the network had a higher likelihood of experiencing unscheduled downtime along with maintenance and adjustments, and so we regarded the network as a betanet. Over the course of the last few months, we have been happy to see the network operating smoothly and efficiently. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle.
“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 had one of the most successful ICOs ever, reportedly raising approximately $232 million. However, after that, the organization suffered a string of setbacks. Investors filed a series of class action suits in October 2017. The following February the Tezos Foundation president, Johann Gevers, left acrimoniously. In April 2018, Arthur Breitman, co-founder of Tezos, was fined $20,000 by FINRA; the regulator claimed Breitman failed to disclose his early work on Tezos while he was still at Morgan Stanley.
Prior to the launch of the betanet in late June of this year, Tezos tightened requirements for investors and subjected itself to an audit.
Regardless of whether the announcement indicates a substantive change for the Tezos net or is simply a renaming of the system that already existed, it preceded a spike in the value of Tezos. According to CoinMarketCap, Tezos went from $1.30 on the day before the announcement to $1.66 the day after. Currently it is trading at $1.46.
Tezos has still received some well-wishes for this “launch.” Cornell University professor Emin Gun Sirer, who is a Tezos advisor, congratulated it in a tweet, hoping for an “uneventful” launch. So far, that seems to be what they got. According to Tezos Scan, the network seems to be functioning fine, with a new block once every minute.
Tim Prentiss is a writer and editor for ETHNews. He has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.
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