With news breaking late on Friday that the Tezos mainnet launch was set for Monday, September 17, the crypto press has taken notice and there have been several positive articles in the past 24 hours covering announcement. There have also been some poor articles. I want to give credit where credit is due after harping on several crypto-news sites for their lackluster coverage of Tezos the past 6 months. Here is a rundown of what is being said around the world of cryptocurrency news concerning the Tezos launch.
Coindesk published at story on Friday which was largely complimentary on the success Tezos has had since being turned around in early 2018:
The “experimental” phase of the Tezos blockchain is soon to conclude.
Announced today, the Tezos Foundation will officially launch the protocol on Monday, at which point the platform, whose token supply is today valued at more than $1 billion, will no longer be in beta, meaning it will be fully operational and run by its community.
Still, the designation is admittedly a semantic one. Tezos launched a mainnet, or live blockchain version of its software at the end of June, and since then its XTZ tokens have been tradeable.
While the blockchain was being used as intended throughout that time – with the number of network participants and staked tokens on the rise – technically the blockchain could have been paused for maintenance at any time.
Ryan Jesperson of the Tezos Foundation, which maintains the code and pays developers, told CoinDesk:
“We have been happy to see the network operating smoothly and efficiently over these last few months. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.”
According to knowledgeable sources, the only outage that occurred on the network happened in mid-July when blocks weren’t properly validating for approximately an hour. The problem was addressed, and the blockchain has been running smoothly since.
Very important Coindesk pointed out how smoothly the betanet period has been running. No major hiccups or flaws during the process and no catastrophic bugs forcing the chain to be reset. Overall a very positive story for Tezos on the pages of Coindesk.
Cointelegraph also published the news on Friday but it was far more limited in scope and the story resembled a copy/paste job from previous articles. Here is the only excerpt with pertinent information discussing Monday’s launch:
The Swiss-based cryptocurrency project the Tezos Foundation has announced that its mainnet will be launched on Monday, according to a September 14 tweet.
On Monday, the beta period of the network will officially be over, as the protocol will become a full mainnet. Tezos introduced its beta network in June, calling the move an “inflection point” for the project. From that point on, users could begin validating blocks or “baking” after the first seven cycles.
The rest of the Cointelegraph story is literally filled with rehashing of every issue and setback that Tezos has had since the ICO back in 2017. Very little new information despite endless positive news coming since February of this year. Maybe Cointelegraph will improve their coverage next week when they have more time to produce better content.
Reuters is a major media outlet, and they have a bad history of trashing Tezos with poorly-sourced articles, especially from the Johann Gevers era back in 2017. Nonetheless, they also jumped in the fray on Friday with a story on the launch that touched on some positive things, but took an overall negative tone:
The Tezos cryptocurrency project is preparing to launch the long-awaited main version of its network that underpins a new virtual token on Monday, a Swiss foundation that promotes the initiative said on Twitter on Friday.
The Tezos Foundation raised $232 million in July 2017 to build the network and issue a new type of cryptocurrency to its backers in one of the largest-ever initial coin offerings, and launched an initial version of the network one year later after months of delays.
The Tezos Foundation plans to transition the network to a mainnet, or a more complete version, on Monday, according to a message seen by Reuters by Ryan Jesperson, the foundation’s president.
After Reuters contacted the foundation for comment on the message on Friday morning it confirmed the launch date on Twitter.
“Have a great weekend, everyone, because mainnet arrives Monday!”, the foundation tweeted.
That launch would mark an achievement in a project hobbled by internal infighting and delays. Tezos still faces litigation in the United States and the threat of increased regulatory scrutiny of the nascent cryptocurrency sector.
Similar to Cointelegraph, the Reuters article descends into rehashing issues from 2017 and generating fear over the lawsuits which, so far, haven’t impacted development progress. It’s worth noting that this latest Reuters story on the mainnet launch is from the same author who wrote the original Reuters story on October 18, 2017, which was absurdly sensational in the way it portrayed the situation at the time.
Tezos (XTZ) launched in autumn of 2017 but a lack of reliable exchange data meant it wasn’t picked up by CoinMarketCap until July of this year. As soon as the numbers had been crunched XTZ slotted right in among the market cap top-thirty, and has only strengthened its position since then.
As the mainnet launch approaches this coming Monday (Sept 17th), the XTZ coin has undergone a 35% pump in the last day. That has resulted in a climb up the rankings to 16th spot as the coin climbs to a market cap of just under $1 billion.
That the majority of Tezos’ growth has come during the bear market of 2018 should be a sign of encouragement for the crypto community, as it shows that there’s still room for serious growth even amid the clamour of one hundred ICOs being launched every month.
Since taking over as president of the Tezos Foundation at the start of 2018, Ryan Jesperson has presided over some big leaps forward for Tezos. While the foundation does not own Tezos, its activity over the past few months has saw the project link up with some big names like PriceWaterhouseCooper – one of the ‘big four’ accounting firms in the world.
After initially starting off their network with bakers (validators) only coming from within the Tezos Foundation, the blockchain has now attracted third-party, independent validators to its blockchain, helped in no small part by the close to 30% rewards that they gain by staking their XTZ coins.
Tezos has been one of 2018’s foremost success stories, and is now only a hop, skip and a jump behind established, much-hyped powerhouses like Tron (TRX), Neo (NEO) and Dash (DASH).
Regardless of what happens to the coin’s trading activity following the mainnet launch, Tezos should be considered a success story for 2018, and one to watch closely as we roll into 2019. [Emphasis added]
I wanted to highlight the last sentence because that is the real bottom line that I hope more of these articles will convey to readers. As with most projects, there are setbacks, but very few have the rock-solid bed of technology that Tezos has built in the past few years. The beta period couldn’t have gone better and the future is very bright with community projects and research grants being funded by the Tezos Foundation all over the world, the groundwork has been laid for ongoing success. Kudos to Hacked for having the foresight to look down the road rather than rehash the previous difficulties.
Ethereum World News
Perhaps this one is the icing on the cake. Ethereum World News also reported on the mainnet launch with a short but overall benign story:
During one of the most successful and largest ICOs ever held – Tezos Foundation raised over $232 mil bringing a new cryptocurrency in the market with a initial mode of the blockchain launched afterwards. However, during a contact made by Reuters to the president of the foundation it was confirmed that the MainNet arrives on Monday.
The Swiss-based foundation plans to make the shift towards the main network on Monday despite that the coin is still battling with legal actions in the U.S.
Like I said, it was short, and the couple other paragraphs focused on the price increase after the mainnent announcement and questioned whether Tezos trading could sustain the pump. At this point it’s just great to see a website with an Ethereum-bent reporting on Tezos.
That is a roundup of what the media, both large and small, is saying about Tezos right now. Next week will bring more stories, perhaps some more coverage from larger media outlets once the Tezos Foundation puts out an official press release explaining the launch and highlighting the success of 2018.