The Tezos blockchain made a huge milestone after experiencing an upgrade from its governance mechanism and this is the third on-chain update for the platform. The new proposal, Babylon 2.0 needed the support of more than 74 percent of the participants in the network and surprisingly 84 percent voted in favor and we are now reading more about it in the Tezos news today.
The Co-founder of Tezos Jacob Arluck explained what this event means for the entire blockchain by saying:
“The first amendment, Athens, simply upgraded some constants. This is about showing Tezos can upgrade constantly. It’s the first major upgrade of the network and enhances the consensus algorithm, expands smart contract functionality, and improves the governance mechanism itself. And it hasn’t been without its challenges. Like we’ve seen with Bitcoin and Ethereum, these networks and communities get stronger with every challenge they overcome. This is the aspect of these networks and, increasingly, Tezos that just can’t be copied.”
With the latest Babylon update that the TEzos blockchain will get, will affect the network’s consensus algorithm, smart contract functionality, and its governance mechanism. The update was initially proposed by Cryptium Labs and the research development group Nomadic Labs. One of the biggest changes that this update will bring to the blockchain, is that it will make it much easier to develop smart contracts by simply making the code of complex contracts easier to understand and much cleaner. The reward system for the bakers or the validators, changed over time in order to incentivize them better and to include all of the available endorsements. The endorsements are the elements that are responsible for confirming that a newly created block was valid.
At last, the new upgrade simplifies the delegation process. Before the update, the users had to generate a specific type of address (KT1) that allowed them to delegate their funds. Now, with Babylon, the users can delegate from their own public key and not be forced to generate a new contract with a KT1 address. The new update was praised from the entire crypto community and some of the users explained that they waited for something this good for a long time.
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