Tezos finally launches Betanet after numerous setbacks
Tezos, the platform with onchain governance has finally launched the platform (beta stage) on the 30th of June. The Tezos foundation had raised over $ 232 million (at the time of sale) in an uncapped token sale. They had become a symbol of irony in the crypto world after the token which was supposed to be the answer to governance problems had faced roadblocks from the Foundation president, Johann Gevers and other members.
One of the interesting aspects of the statement released by the Foundation was that they had removed a key clause that gave them the ability to have veto rights over any protocol changes for one year. It may be a measure taken by the team to avoid being categorized as a security along with decentralization of power to the community.
The Tezos project had faced multiple roadblocks after an internal power struggle between the Foundation President Johann Gevers and the development team (including the Breitmans). Claims included the lack of funding provided by the foundation for protocol development and community management. Also, there were reports that claimed that Gevers had fought for a pay package that was excessive in the eyes of the Breitmans. This had resulted in lengthy delays for the project launch as well as multiple class action lawsuits.
Tezos seeks to differentiate itself from the rest of the blockchains through 3 main features: formal verification of smart contracts, onchain governance and enabling greater security and speed to the smart contract platform. It uses the dPOS algorithm as its consensus algorithm.
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