The Tezos Foundation has launched its beta network, calling the move an “inflection point” for the project, according to an official statement June 30.
According to Tezos’ statement, the team has proposed the genesis block of their so-called ‘betanet,’ and transactions can be processed on the network.
The Tezos team also stated that users can start validating blocks or ‘baking’ after the first seven cycles, which they estimate to be in about three weeks.
Tezos further warns that there is nothing the firm can do if “tezzies” tokens (XTZ) are lost or stolen.
According to Tezos’ website, the betanet is being launched in anticipation of a broader main network launch in the future.
Through an official statement on its website, the Tezos foundation has confirmed the release of its BetaNet, ahead of a mainnet release sometime in the future. The Tezos Betanet went live after its developers rolled out a proposed genesis block for the network, and confirmed that transactions can now take place.
He continued: “At the foundation, the way we view our role is to deploy resources to support participants in the community. ” It’s a statement on the foundation’s realignment with users after months of tension between members of the project’s team that ended in February.