What’s Going On With The Tezos (XTZ) Betanet Release?

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The Tezos platform has been in alphanet for almost a year now. There were some upheavals at the beginning of the year that threatened to derail the project.

However, as the board squabbled and finally found a footing under new chair Ryan Jesperson, development never stopped.

Preparations have been on-going to have it launch its “betanet” by end of Q2 of 2018.

Today is June 29, 2018, meaning if it has to happen, the countdown is down to a few hours.

Even as the community looks forward to the next step in the life of one of the biggest ICO projects, the Tezos Foundation (TF) has come out to clarify a number of things.

Foundation relinquishes veto power

On Monday, the team revealed that it had taken the necessary steps that would see the future of the Tezos (XTZ) ecosystem rest with the community.

As such, the Foundation wishes to be less involved in the project once it launches the betanet and later the mainnet.

It will not have any power over the protocol amendments. The statement by the TF goes on to state that:

“Although previous leadership at the Foundation had considered retaining a veto power over protocol amendments for one year, we have decided not to retain that right. We believe this decision will further support the decentralized nature of the Tezos project.”

The move is aimed at seeing the Tezos protocol evolve with the input and effort of the entire community. In other words, they want to make the platform more decentralized.

This trend is reminiscent of the decision taken by EOS’ Block.one before the launch of its mainnet. It turned out to be chaotic and confusing, taking days before it went live.

Similar fears have been voiced by some within the community, even though most seem to agree with the TF’s decision.

One Redditor Kuy4P1n0y, had this to say about the veto power decision

“TF losing that right is actually worrisome. It’s unfortunate that this had to happen due to the recent legal landscape. That one year of TF veto power was meant to be a safeguard to any malicious intent against Tezos.

When Tezos (XTZ) comes out, its value now has a greater chance to plummet due to any successful manipulation from such malice attempts. The only good news to this is that release is imminent.”

What the community needs to know before betanet launch

As in the above response and in comments on the Reddit thread r/Tezos, it’s clear that the community is extremely impatient at the delayed launch of the blockchain.

The anticipation is palpable, with many hoping that it will be done by end of June.

However, many seem not to be aware of what they need to do before they participate in the upcoming launch.

A statement by the foundation made it known that the community would need to have a number of things in place, as preparation for the release.

It says that “the Tezos Foundation looks forward to the launch of a beta network (“betanet”).

Tezos contributors who opt to interact with this network must understand that it will undergo unscheduled downtime and require maintenance and adjustments”

Contributors must verify their donation

Every contributor who sent funds to the foundation is required to confirm their allocations before the genesis block is proposed at the betanet launch.

“If the donation does not appear when you enter your public key hash, then it will not be included as a recommended allocation in the genesis block proposed by the Foundation.”

Users could lose their funds unless they go an extra mile to ensure it is included.

Related to this, is a requirement that contributors have to complete a Know Your Customer / Anti-Money Laundering (“KYC/AML”) check.

It is being carried out online. The foundation has cautioned its community that activation codes will be given to only those contributors that successfully complete the KYC check.

If a user fails, they too risk not getting access to their recommended token allocations.
These efforts are being viewed by some within the Tezos community as a way to stay in line with SEC requirements- and avoid any suggestions of the XTZ token being a security.

The wait is on.

It’s a “wait and see” game as all eyes will be on the TF to see if they will be able to pull the betanet launch off before the end of Q2.

The one thing that is clear is that the community is super impatient. Some are even worried that not enough exchanges will be ready to add the XTZ token.

Perhaps this comment by a user on Reddit sums up what the rest wish to hear: “The only email I want is a damn Launch Date!”

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