Tezos Launches Mainnet

After two months on the betanet, the Tezos Foundation today announced the mainnet is now live. They say:

“Over the course of the last few months, we have been happy to see the network operating smoothly and efficiently. The community has been actively engaged, with more than 400 validators (“bakers”) scheduled for an upcoming cycle.

In addition, the community has been developing an array of exciting technologies and other tools to increase community engagement, understanding of the network, and adoption.

As a result, we now consider the beta period concluded, and while active development still continues, we are pleased to regard the Tezos network as the mainnet.”

Unlike EOS, which saw quite a few problems once it launched, Tezos has seemingly been operating smoothly over the past two months without any apparent problem.

The have, however, attracted considerable criticism for being the only public blockchain project to ask for identification of ICO investors which gave them 65,630 bitcoins and 361,122 eth, worth at the time $230 million.

The Tezos Foundation is apparently staking (baking as they call it) with the unclaimed Tez and is seemingly keeping the “dividends” in its proportion of new Tez supply that runs at 80 per block with an inflation rate of around 5.5%.

Moreover there are complaints the staking minimum requirement is quite high at 10,000 Tez, currently worth $15,000.

In addition, although Tezos claims to have in-built governance where stakers vote on code changes, we haven’t yet seen this in action despite the complaints regarding identification requirements which may have considerable privacy considerations.

Besides that in-built governance, the coin doesn’t really have much differentiation, with Delegated Proof of Stake (dPoS) used or as they call it Liquid Proof of Stake.

The network does not appear to be scalable in its current form. It has a 5MB limit and does not utilize sharding as far as we are aware. Making this very much a generation 1 blockchain.

They do have smart contracts however, with not many dapps around but we managed to find one. As can be seen its a very different coding language to eth, called Michelson, which is like OCaml.

So you need some strong coding skills to play on Tez, and currently you need some perseverance to get your hands on the coin because it is not on any major exchange.

That may change now the mainnet has launched, with the public blockchain space in 2018 starting to look very different even from just a year ago as a number of projects now compete to attract users and devs.

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