The “experimental” phase of the Tezos blockchain has ended with the release of its mainnet.
On June 30, the Tezos Foundation proposed a genesis block that became the base of the Tezos network. To ensure the efficient running and assessment of downtime and maintenance intervals, the network was ticked as beta network. Users were able to validate blocks or “baking” after the first seven cycles as Tezos is based on selecting the most recent block using Proof-of-Stake.
In the Proof-of-Stake Consensus Protocol, a list of accounts is randomly chosen to create and sign the corresponding block. As a consequence, multiple blocks can be submitted at the same level. To choose between such blocks, another list of accounts is randomly chosen to vote for one of these blocks; each account can endorse one and only one of these blocks. Endorsements increase the fitness of the blocks, so that the block with the highest number of endorsements is more likely to be chosen.
Simply, Tezos facilitates formal verification, a technique which mathematically proves the correctness of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts.
Tezos Foundation announced the release of mainnet protocol on monday through their official twitter account:
Have a great weekend, everyone, because mainnet arrives Monday!
— Tezos Foundation (@TezosFoundation) September 14, 2018
XTZ, the native token for Tezos saw a price surge of almost 50% after September 9 alongside USD price surge from $1.15 to $1.75. The news was welcomed with warm hands by investors owing to the past disputes between the co-founders that kept stalling the mainnet launch, although Tezos completed their $232 million ICO in July of 2017.
While the surge can be attributed to the overall well-doing of major currencies, the explosive price jump is not a mere coincidence and the mainnet has a definite doing in this development. Just now, Tezos Foundation has announced that the Tezos mainnet has gone live. Earlier than expected, right?
— Tezos Foundation (@TezosFoundation) September 17, 2018
The mainnet release came as the Tezos Foundation announced that the beta network has been running without any hardships for some time now and they are ready for mainnet launch.
At the time of this writing, XTZ is trading at $1.65 USD. with a 6.11% positive increase and a market cap of 1,004,227,963 USD., as per CoinMarketCap.
With the mainnet launch, XTR aspires to be listed on big crypto exchanges by adding the necessary legitimacy that is needed. For now, it is listed on Bitfinex so the next step might be Binance.
Usually after a mainnet launch, the price of tokens tend to decline. But XTZ has not been supported by major cryptocurrency exchanges over the past few months and the mainnet launch of Tezos will lead exchanges to add XTZ, so it is likely that XTZ will see a jump in USD price and market cap in the coming days.
Note: this story was updated to embed the Tezos Foundation Tweets.