The Tezos Mainnet is now live

  • September 17, 2018
  • 3:58 pm ET

Img via Tezos

After almost 4 months of testing the platform on the betanet, the Tezos mainnet has officially launched.

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Over last 4 months, since the Tezos genesis block was mined on June 30th, 2018, the platform has been operating in a betanet testing phase. Today, the team has officially announced that the beta period has concluded, and while active development is still underway, the Tezos network is now officially regarded as the mainnet.

Tezos is a new platform for smart contracts and decentralized applications that features an on-chain governance process through which stakeholders can effectively govern the protocol and implement upgrades without having to fork the network.

By combining this on-chain mechanism with self-amendment, Tezos can change this initial election process to adopt better governance mechanisms when they are discovered.

The platform features a unique proof-of-stake (POS) consensus algorithm, which gives every stakeholder the opportunity to participate in the validation of transactions on the network and be rewarded by the protocol for doing so. The self-amending ledger achieves consensus not just about the state of a ledger, but about the state of its own protocol.

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Unlike other PoS protocols, any stakeholder can participate in the consensus process in Tezos and be rewarded by the protocol itself for contributing to the security and stability of the network. Additionally, PoS is less costly than other consensus mechanisms and lowers the barriers to entry for involvement.

While Tezos was designed to facilitate formal verification, which helps secure smart contracts and avoid buggy code. they still remind users that there are risks involved with all new blockchain technology and warn users that unexpected issues may still occur, impacting the network.

You can read the full press release from Tezos here.


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