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Tezos Mainnet is all set to launch on Monday

September 15, 2018 15:56
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The Tezos Foundation announced on Sep 14th via Twitter that it will launch its Mainnet on Monday, September 17. The announcement took place because of the robust mechanism of Betanet and its working perfectly since its launch on 30th June.

All Betanet transactions will hold on to the Mainnet so there will be no disturbance or changes to the ledger until this point.

The Tezos network launch takes place in two phases. The first phase is “Betanet” launch that is an experimental phase. It was launched on June 30 with a full-fledged network to allow real-world testing and development.

According to knowledgeable sources, the only outage that occurred on the network happened in mid-July when blocks weren’t legitimately approving for around 60 minutes. The issue was tended to, and the blockchain has been running efficiently since.

Tezos Foundation official, Ryan Jesperson, which maintains the code and pays developers, said:

“We have been happy to see the network operating smoothly and efficiently over these last few months. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.”

In July 2017, Tezos propelled an Initial Coin Offering (ICO), keeping in mind the end goal to build a network and issue another kind of digital money. In this initiative, it raised around 66,000 Bitcoins (BTC) and 361,000 Ethereums (ETH), worth about $232 million around then. Tezos, however, classified the assets “a non-refundable gift” and not a “theoretical venture,” including that the token probably won’t be issued by any means.

However, this decision ended up being the greatest wrong decision of the venture, as the co-founders of the project, the American couple Arthur and Kathleen Breitman and president of the foundation, Gevers argued and locked the ICO funds. Accordingly, the ICO financial specialists got their Tezos (XTZ) late and delayed occurred in the launch of the platform.

Tezos’ price after the announcement

The news about the Mainnet launch yesterday caused a surge of buyers. At the time of the announcement, Tezos was picking up at the rate of 29% and was trading at 1.71 dollars. The digital currency held a market cap of 1.040 billion dollars with a 24-hour market volume of 6.323 million dollars.

What is Betanet?

The Tezos Betanet is essentially the entire Tezos network however with the necessary disclaimer that the system has unscheduled downtime and times of bug fixes and programming upgrades. The Betanet is completely useful and permits the utilization and actuation of Tezos tokens which were bought as a component of the first ICO fundraiser drive back in July of 2017. The Betanet also allows trading of tokens and some exchanges had announced the support for Tezos.

What is Mainnet?

The Tezos Mainnet will be the complete launched Tezos network. In the end, the Betanet will transform into the Mainnet and all trades and transactions from the Betanet time frame will exist on the Mainnet. The Mainnet launch will be the primary authority public release of the system. On the off chance that all goes as per the plan, the movements among Betanet and Mainnet will be irrelevant, and the changes will be steady.

Conclusion

After the Betanet launch, the Tezos Mainnet will be launch on Monday, 17th September and will be the official launch of the platform. How and what changes will take place, all these information will be updated soon.

Manisha Agrawal is a cryptocurrency and blockchain news writer. She is a Blockchain enthusiast and having a deep interest in it. Other than this, she has written various blogs on travel, business, technology, food, and many more.

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