Home CryptoTrade Tezos Foundation launches mainnet faucet for users

Tezos Foundation launches mainnet faucet for users

Tezos Foundation has launched a cryptocurrency faucet to dispense a small stream of XTZ tokens to users.

According to reports, the faucet will release 0.01 XTZ every 10 seconds, with the addresses registered added to a queue with a maximum length of 10.

Some sections already expressed skepticism towards the act of giving free money.

They claim that the gesture ends up making users want more than a fair share of what they initially aspire to achieve.

“Here’s the real Tez, and it has a market value; drink responsibly,” the announcement stated.

Faucet tactics

The report also noted that addresses in queue the longest get put at the front of the line. Then they are subject to removal.

Furthermore, the platform blocks addresses that receive XTZ from the faucet for 12 hours. They get re-added to the queue afterward.

However, the exchange also cautioned about the availability of the system. It explained that in a case where users find a way to hack the system and drain funds from the faucet, it’ll not be around for long.

Thus, reiterating that it’s a development faucet and that user shouldn’t depend on its continued availability.

About Tezos

Tezos is an open-source platform for assets and applications backed by a global community of validators, researchers, and builders.

The platform claims to be secure institutional-grade smart contracts. Thus, Tezos provides safety and code correctness required for assets and other high-value use cases. Its native smart contract language, Michelson, facilitates formal verification.

This methodology remains commonly used in mission-critical environments such as the aerospace, nuclear, and semiconductor industries.

Tezos was previously in the news after Nomadic Labs announced its partnership with Inria. A partnership aimed at developing a research program dedicated to Tezos, as well as blockchain technology in general.

So far, the collaboration has funded 4 projects and 11 researchers in France.

Besides, Tezos’ modular architecture and formal upgrade mechanism reportedly allow the network to propose and adopt new technological innovations.

Notably, Tezos encourages open participation and incentive alignment as all stakeholders get to participate in network upgrades by evaluating, proposing, or approving amendments.

Unlike in Proof-of-Work and other Proof-of-Stake networks, all stakeholders help to secure the network to avoid the inflationary effect.

It should be remember that recently the exchange, Kraken announce support for Tezos (XTZ) staking.

Also, Zurich-based stock exchange, SIX Swiss Exchange announced the release of XTZ exchange-traded products (ETP)


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