Tezos crushes the barrier to becoming a baker by 25% after launching its ninth upgrade with the promise of improving scalability so let’s read more in today’s latest blockchain news.
Tezos is expected in the near future to host more dapps and process many more transactions on the network. With the layer 2 solutions like rollups being introduced, Tezos considers the upgrade as quite revolutionary because of its Tenderbake consensus mechanism that will lower block times and will improve finality. The threshold of being a validator is lowered to enhance the decentralized nature of the blockchain.
The Tezos community voted for activating the latest upgrade dubbed Ithaca2 for the blockchain network as per the press release. Ithaca 2 replaces the current consensus algorithm with Tenderbake which is a new one that increases the scalability of the network. Ithaca 2 also introduces scalability plans like rollups for WebAssembly and EVM compatibility with pre-checking and validation scheme for the memepool which will increase the throughput.
The upgrade will also reduce the requirements to become a network validator or a baker by 25% from 8000 XTZ to 6000 XTZ and will allow more participants in the network by staking the native token of the blockcahin. The new Tenderbake consensus mechansim enables a lower block time and will improve finality and latency which will also determine how fast the transaction is included and recorded on the network so it means that the faster transactions can happen with a better experience.
Tezos crushes the barrier but the goal is to enable more users to do things on the network at the same time. The Layer 2 solution such as optimistic rollups will offer a 10-100x increase in the number of transactions that the protocol can process each second. The transactions using the rollup are being processed off-chain but are sent to an inbox of the main chain. In the meantime, the operators that store and maintain the state of the rollup off-chain post a receipt back to the main chain and summarize the new state of the rollup as a cryptographic hash.
The transaction volumes on tezos surged dramatically since last summer when it released a network upgrade that cut the average block times in half. There were already over 100 dapps on Tezos with the main focus on DEFI and NFTs. With the smart contract calls increasing per month from 100,000 to over 6.2 million in January 2022, Tezos continued its expansion by collaborating with the leading sports franchises and brands like Manchester United, Red Bull Racing, and more.
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