Tezos and The Beta Phase
Tezos has been at the forefront of news attention for its then-record ICO and subsequent fallout between the community, cofounders, and foundation. However, after the smoke had seemingly cleared, Tezos launched their Beta phase on June 30th, 2018 and handed over a substantial portion of control directly to the users.
The major takeaway from the official mainnet launch, as compared to the Beta launch, is the reduced likelihood of unscheduled downtime along with maintenance and adjustments. As a result of the continuing smooth functioning of the blockchain and increasing baking participation, the Tezos Foundation concluded the Beta phase despite active development still ongoing.
Since then, Tezos hired PwC for an independent audit and has seen an increase in the number of bakers, who function as the proof of stake validators. Tezos also represents another major launch of a proof of stake-based cryptocurrency platform following on the heels of EOS, NEO, and TRON alike.
Tezos has also received significant attention for its unique approach to governance, driving its “self-amending ledger” moniker. Governance is a vital component of sustainability to decentralized networks that has seen various platforms struggle grappling with its complexity. EOS, in particular, has demonstrated how challenging it can be to bootstrap governance without sacrificing a large degree of decentralization.
The Tezos Live Mainnet
Now that Tezos is officially live, observers will be attracted to how it continues to develop with the community controlling the governance of the blockchain. Whether or not Tezos can overcome its current level of centralization is a question that will likely take months or years to answer.
Nonetheless, Tezos’ employment of proof of stake, a unique on-chain governance structure, and formal verification of smart contracts will assuredly attract developers and critics alike. Moreover, the platform should provide a valuable barometer for the effectiveness of on-chain governance moving forward.
The Tezos Foundation also recently announced the issuance of several grants to community organizations for building on top of the Tezos blockchain and assisting in fostering further adoption.
Like all newly launched blockchains, there are inherent risks and advantages of participating in the ecosystem. Tezos’ mainnet launch represents the moment its ICO investors have been waiting for after a long, drawn-out legal struggle. Whether or not it can live up to its expectations is yet to be seen.