Tezos Mainnet Goes Live As Governance Dispute Drags On

Tezos mainnet is up and running after a series of corporate governance threatened its future despite raising $232 million last year. Valued at about $1 billion the platform went live on Monday after undergoing live phase tests, since the end of June, where some users were able to test its capabilities.

For those not in the loop, Tezos casts itself as an Ethereum-like blockchain and considers itself as the last cryptocurrency that people will ever need.  The platform seeks to make it easier for people to develop and host decentralized applications as well as smart contracts as it uses community input to improve the flaws of its peers.

Tezos comes with a decentralized structure, which means no single community is in control but the community as a whole, tasked with the responsibility of developing and operating it. The launch of mainnet marks an essential step in the blockchain project bid to be a strong competitor when it comes to the handling of smart contracts and DApps.

Users can now mint or bake Tezos tokens needed to run the platform. Tezos Mainnet goes live without a kill switch meaning it will be fully operational without any interference. The mainnet has operated smoothly over the past few weeks.

The only outage recorded so far occurred in July whereby blocks were not able to validate in under an hour. After developers addressed the issue, the blockchain has operated smoothly since without any hitches.

Tezos Blockchain is the brainchild of Arthur and Kathleen Breitman who set up a foundation to distribute millions raised from an Initial coin offering.  The launch of mainnet was set for the end of 2017. However, that did not happen as a bitter row of governance between the founders, and former foundation head Hogan Givers stalled the development process.

With the Tezos Blockchain now live and in the hands of the community attention shifts to the settling of the governance dispute. The founders and the foundations will also have to address a number of civil lawsuits as well claims that Tezos tokens are illegally sold as securities.