Tezos betanet is live, announced the company on 30th June 2018 via a blog post.
Tezos was noted by selling the largest amount of tokens via its Initial Coin Offering in July 2017 – $ 232 million. The Smart Contract-based platform has finally launched after several delays. Its main features are on-chain governance scheme and a precise evidence of Smart Contracts.
“.The future of Tezos rests in the hands of its community. This moment marks an inflection point for the project, and we are excited to support community developers, scientists, validators (“bakers”), and enthusiasts from all over the world as they drive the success of this innovative, decentralized network,” wrote the Tezos Foundation.
Ryan Jesperson, president of the Tezos Foundation told to CCN:
“From the outset, the code base underpinning the Tezos protocol has been engineered with security in mind. Although no system can be completely secure, every system can be continuously improved towards that goal — fixing bugs, maintaining and adjusting the code base, and integrating additional functionality are several actions that may be taken while the betanet is live,” adding that:
“Unscheduled downtime and/or hard forks may occur as upgrades are implemented. It is anticipated that all transactions that take place on the betanet will persist into the mainnet, which will launch after the betanet has sufficiently matured”.
The Tezos Foundation will sponsor HackerOne
Additionally, Tezos Foundation will support the San Francisco company HackerOne in order to fund their “bug bounty” program. Also, the company has requested a security audit from the Least Authority.
About the on-chain governance model
The on-chain governance model allows users to suggest protocol changes, and if the company agrees, upgrades are automatically elaborated without manual work. In return for help, the proposers receive a token reward. Through this model, the company aims to encourage the community to support innovation and improvement of the network.
By means of an official email sent to investors, the Tezos Foundation said they would no longer retain veto power for users’ suggestions:
“Adopting amendments to the protocol is a central element of Tezos and no single entity should have the power to alter decisions agreed upon by community members. The option of a temporary veto had been considered solely as a security measure, but the Foundation is committed to decentralization from day one. We think that this decision reflects that priority,” Jesperson stated.
Tezos has teamed up to develop a digital wallet
The company also funded the New York-based Cryptonomic to develop an open source digital wallet. In addition to this collaboration, Tezos Foundation is already working on several open source pilots like tezbox.
“The role of the Foundation is to deploy resources that support the advancement of the Tezos protocol. After launch, the Foundation intends to focus primarily on grantmaking — providing support to community members such as educational and research institutions, open-source developers, non-profit organizations, and businesses from all over the world developing technologies and applications that relate to Tezos and other open-source projects,” Jesperson explained.
According to CoinMarketCap, Tezos (pre-launch) is traded at $3.99, down 5.85% and has a 24-hour traded volume of $875,448.