The crypto project Tezos Foundation announced the launch of betanet. The developers believe that this is the “inflection point” and the future of the project now “rests in the hands of its community.” Tezos has proposed a genesis block that "now is the seed of the beta network." Developers explain that users can begin validating the network after the first seven cycles of the launch process are complete:
“Community members can connect to the betanet immediately and start baking after the first seven cycles (28,672 blocks or approximately three weeks, depending on the block time). No block rewards will be issued during this time as baking rights are unassigned.”
Users also need to take precautions when entering information about the secret key. “Any party or software, such as a wallet, that gains knowledge of private key information will have access to the tokens controlled by the associated public key hash,” the developers explained.
Tezos is sometimes called “the killer” of ethereum since the team believes that hard forks should not be the standard for updating the cryptocurrency. In their opinion, hardfork is an extreme measure, when the community needs to be divided in two because of irreconcilable differences regarding further development. Therefore, developers can independently submit proposals for updating the protocol in tezos.
In July 2017, during the initial offering of coins (ICO), the project gathered $232 million. However, tezos was later accused of delaying the issue of tokens while the platform’s launch was postponed due to disputes between co-founders. The project has experienced several major changes in leadership. In addition, several lawsuits are opened aginst the firm for failing to comply with the U.S. Securities and Exchange Commission (SEC) regulations. According to these lawsuits tezos tokens should be treated as securities under SEC.
By Ekaterina Ulyanova