Preparing for the Launch of the Tezos Network

We’d like to begin by thanking the Tezos community for its incredible support over the past year. We have a number of updates to share today about the Tezos Foundation, development milestones and the planned launch of the Tezos betanet in Q2 and mainnet in Q3 of 2018.

The Tezos community has been running the alphanet, a test network, successfully for well over a year. While this provided valuable engineering insight, there is no substitute for real-world experience. To that end, the Tezos Foundation looks forward to helping to support the launch of a betanet. Tezos contributors who opt to use this network should understand that it will undergo unscheduled downtime and may need fixes and adjustments.

Later when the code review and audits have been completed and the network has sufficiently proved itself, we expect that a broader mainnet launch will follow, with transactions from the betanet persisting in the main network.

Here are some additional updates for our supporters:

As many of you know, the Tezos Foundation now has a capable and competent new board comprised of seven experts from a variety of fields including academia, business, computer science, and investment. We continue to make significant progress towards the launch of the Tezos network and building a robust operational structure and framework for software development, communications, marketing and business development worldwide.

Over the past few months, we have focused on allocating resources where they have been needed most and determining how best to structure our organization for long-term success. As we previously announced, the development team in Paris is already receiving support and resources for expansion. Subsidiaries of Tezos are being set up in Switzerland and France, as well as in other areas to expand our operational structure and enable us to hire the best talent across many geographies. We are also funding the creation of a new website, which, among other things, will provide additional details on participation in the betanet.

Currently, a code review is being conducted by experienced researchers at Inria as well as a separate effort by Least Authority to do a Security Audit of the Tezos codebase.

Lastly, the Tezos Foundation is readying itself to participate in “baking.” In the Tezos network, token holders — not miners ­— participate in securing the network. This process is called baking. As a token holder, the Tezos Foundation intends to participate in that process with its own tokens. Thus, we are preparing baking nodes for the Foundation, as well as planning for the secure storage of the Foundation’s XTZ holdings.

In regards to the Tezos codebase development, we’d like to call out some major points of progress we have seen as well as milestones to complete before the launch of the Tezos betanet.

Recent Milestones Achieved:

  • Completion of proof-of-stake
    • Tuning of parameters
    • Roll aggregation at delegate level
    • Stake activity monitoring
  • Preparation for external review (being done by Inria)
    • Internal review of the code
    • Documentation
    • Refactoring of the code base
  • Integrating context hashes in block headers (important for checkpointing and light client)
  • Peer blacklisting & whitelisting
  • Unit testing and integration testing (doubled amount of test)
  • Improve CLI wallet:
    • Key encryption
    • Javascript port of the base library
    • Modularization of signature
    • Support for HD wallets
  • Profiling and optimization:
    • Roll snapshot optimization
    • Bench with LMDB
    • Improved locator selection
  • Support for the secp256k1 curve

Milestones to Complete for betanet:

  • Complete multipass validation for single blocks
  • Data accounting
    • Gas cost for (de)serialization and typing
    • storage cost
  • Fix Michelson calling convention to issue operations instead of calls
  • Allow manual override of protocol hashes
  • Finish checkpointing (for validation, not synchronization)
  • Test hardware signatures
  • Improve baking daemon

As we move closer to the Tezos network launch, we are exploring structures for how to effectively provide capital investment into projects to be built on top of Tezos and its ecosystem. More information on this will be coming. We also continue to explore opportunities to fund research topics related to Tezos.

Thank you again for your support as we move toward the launch of the Tezos network. For further reading on recent updates please see the Tezos Foundation Blog, follow us on Twitter @TezosFoundation, and stay tuned for more updates on our new website.

Sincerely,
The Tezos Foundation

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