After months of painful wrangling, the Tezos network is up and running – more or less. The Tezos Foundation announced on Saturday that the blockchain’s “betanet is live.”
As the group explained prior to the launch, this means that a fully functional version of the network is available, but still “experimental” in nature, with downtime and even emergency hard forks of the network possible. The foundation’s plan is for transactions that occur on the betanet to remain valid on the mainnet – the final version of the network, expected in Q3 – but it cautioned that large or important transactions should still wait until the network is more reliable.
The Tezos Foundation proposed a first or “genesis” block for the blockchain, the details of which are available here. Participants can connect to the network immediately, the foundation said, and validation or “baking”– the process of maintaining the ledger, analogous to mining in bitcoin – has begun.
Community members, however, will not be able to begin baking until around 29,000 blocks have been found, the announcement added. Ryan Jesperson, president of the foundation, wrote: “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.” The foundation added that users should be cautious, since allowing anyone to access their private key – through phishing attacks, for example – could lead to the loss of their tokens. Read more from coindesk.com…
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