Tezos Blockchain Project, a one-time record ICO, will launch the Mainnet of its blockchain platform later today, according to an announcement made last Friday.
The launch will see it move from a beta network which was launched late June.
The Tezos BetaNet
The Tezos blockchain beta network, after its launch allowed the functionalities of the tentative mainnet to be tested. According to a report on Coindesk, the betanet was largely effective except for a one-hour period in mid-July when blocks weren’t properly validating. The outage was promptly resolved and the blockchain has been running smoothly.
At the initial stages of the betanet, transactions on the network were validated by the Tezos foundation, which is the custodian of the project codes. As transactions grew, the foundation opened the validation process to third-parties.
Ryan Jesperson, president of the Tezos Foundation, commented on the success of the beta:
“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.”
The Tezos Journey
The journey to this moment hasn’t been a smooth one for the Tezos team, as they have been embroiled in a number of controversies.
After its ICO last year that received $230 million (valued at about $1 billion now), the project faced some internal crises that led to several lawsuits.
Jeperson took over the helm in February and has since pursued developments and notable collaborations in the project.
In a recent community update, Jeperson highlighted the team’s ability to pull together despite the challenges to reach these milestones. His post read:
“The turnaround was complex, occurred at high velocity and had us all intensely focused on success. To its credit, the entire team worked through the turmoil and produced exceptional work.”