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The Tezos Foundation and Cryptocurrency Project have launched their long awaited beta version of their main network. The news was announced on the Tezos Foundation’s official website in June 30th. The project received its fair share of criticism in the past and most of it was called for. But after various delays, the beta version of the project’s mainet is finally here and according to the Tezos Foundation, the beta network is launched in preparations for the future mainet launch.

The Tezos betanet is a crucial step for the project

The company raised more than 232$ million in their Initial Coin Offering in July of last year. Since then, it was ups and downs for the project, as many different positive and negative stuff happened. But the launch of the betanet shows that the project is on track, despite of all setbacks. The Tezos foundation said that users can start validating blocks after 7 cycles, estimated at about 3 weeks. Transactions can now be processed on the project’s network and the Genesis block was chosen.

The Genesis block is the first block ever and is also referred to as block 0. The Tezos Foundation also advised their investors to ensure their tokens and the safety of them. The Tezos Foundation stated that they can’t do anything if Tezos (XTZ) tokens are stolen or lost. That’s why investors should take measures in securing their Tokens when they interact with the project’s betanet.

Tezos had its fair share of problems and criticism

The Tezos foundation stumbled upon many problems on the way here. The company was criticized for delaying token distribution after their Initial Coin Offering concluded. The reason was a dispute between the co-founders – Kathleen and Arthur Breitman and the board president of the Tezos Foundation – Johann Gevers, right after the Initial Coin Offering was finalized. Johann Gevers controlled the raised capital, but Kathleen and Arthur Breitman own the intellectual rights, so the dispute between them lead to the Token distribution delay.

Arthur Breitman was also fined 20,000$ by the US regulators, because he didn’t disclose to the Wall Street Financial Industry Regulatory Authority Tezos’ outside business activities while working for Morgan Stanley. Arthur Breitman was banned by the Regulatory Authority to perform any broker activity until 2020. The project was also sued multiple times for not complying with regulations by the US Securities and Exchange Commission.

XTZ tokens should be considered securities by US law, which means that they should be registered with the Securities and Exchange Commission so they can be legally sold to investors in the United States. But despite of all setbacks, the Tezos Project is up and running and the launch of the betanet is a cornerstone step for the project. A lot of people are hyped about the projects, so we will be keeping our eyes on the project and its development.

We recently mentioned the Tezos project in our article: Best Blockchain Venture Capital firms, because some of the best have invested in the project. If you want to read more, there will be a link below. Also if you want to read a prediction about Bitcoin’s Price in 2018 and 2019 and the arguments behind it, also you can read in the link below.

 

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