After a year of being embroiled in some controversies, including court cases, the Tezos Foundation has finally launched its Tezos Network. The foundation announced via an official blog post that its betanet has gone live. The foundation stated: “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.”

 

In July last year, Tezos chalked a significant milestone and set a global record when it raised $232 million in its initial coin offering (ICO), thus becoming the largest token sale as at that time. Characteristic of the Tezos platform is its ‘on-chain governance model and formal verification for smart contracts.’

 

According to a CCN report, the president of the Tezos Foundation Ryan Jesperson stated:

“From the outset, the code base underpinning the Tezos protocol has been engineered with security in mind. Although no system can be completely secure, every system can be continuously improved towards that goal — fixing bugs, maintaining and adjusting the code base, and integrating additional functionality are several actions that may be taken while the betanet is live.”

 

Jesperson further stated: “Unscheduled downtime and/or hard forks may occur as upgrades are implemented. It is anticipated that all transactions that take place on the betanet will persist into the mainnet, which will launch after the betanet has sufficiently matured.”

 

The Tezos Foundation appears determined to ensure efficient management of its bug bounty program. Hence the announcement of its intention to sponsor HackerOne, a cybersecurity firm based in San Francisco to manage this program. The Foundation also announced its plans to commission Least Authority and security researchers at Inria to conduct an independent security audit and code review respectively.

 

Operating an in-built on-chain governance model

Tezos operates an in-built on-chain governance model that allows users to make proposals regarding protocol upgrades. Following these proposals and should the network reach a consensus to follow through with a given proposal, changes are automatically effected.

 

This model rules out the need to make manual interventions in these matters. Network tokens are given to proposers as compensation. The adoption of this governance model has a dual aim of ensuring greater advances in decentralizing the project and motivating community members to put in a lot more effort towards the continual improvement of the Tezos network.

 

The Tezos Foundation reportedly sent an email to investors stating that it had decided not to retain a veto power regarding network proposals for a year after considerable deliberations.

Jesperson explained: “Adopting amendments to the protocol is a central element of Tezos and no single entity should have the power to alter decisions agreed upon by community members. The option of a temporary veto had been considered solely as a security measure, but the Foundation is committed to decentralization from day one. We think that this decision reflects that priority.”

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