Finally, a Move from Tezos: Betanet Lauch Announced

The Tezos ICO, one of the largest, lags behind all other projects, as legal battles freeze the technology.

The Tezos project inadvertently built one of the strongest crypto communities, by forcing users to hold onto their pre-launch tokens, awaiting the mainnet launch. But Tezos was unique for being stalled by lawsuits, and an enmity between the Tezos Foundation and the founders and owners of the code, Arthur and Kathleen Breitman. In the past year, Tezos has seen scandals that caused price fluctuation, but mostly, buyers of the ICO were left with illiquid tokens to wait for the launch of the promising technology.

Now, the project has indicated it may move on with a betanet, a test version of its system. At one point, the distribution of ERC-20 tokens was suggested by the community, but was overthrown as the Tezos team wanted an independent blockchain, with no connections to Ethereum. The pre-launch tokens are only traded on HitBTC and Gate.io.

https://twitter.com/TezosFoundation/status/1001547369475866624

Tezos has its specific phrasing of the ICO - claiming it has received donations, and the current XTZ tokens, known as Tezzies, are an act of goodwill, not a security. Still, owners of XTZ tokens will have to go through a project of registration to receive the new balances. Users will have to use the Check your Contribution tool, and supply the public key from their ICO contribution.

The pre-launch tokens immediately appreciated upon the news, adding another 17% during Asian hours trading, to $4.96, and trading at peak in Bitcoin prices, at above 65,000 Satoshi. XTZ trading volumes on several niche exchanges remain consistent, but low, under $1 million.

But XTZ is seen as potentially rising as high as $100 if it unrolls its network as intended. Tezos advertises itself as a third-generation blockchain, with an extra layer of complexity and governance rules, in some ways resembling EOS. Until now, the Tezos network has run in alpha mode, available for testing by early adopters and advanced users. Activity on the alphanet will not be reflected into the newly launched betanet.