Tezos deployed its major tenderbake upgrade today and the PoS blockchain changed its consensus to lower the block times and to improve performance so let’s read more in today’s latest Tezos news.
The PoS blockchain Tezos deployed a major upgrade and changed its consensus algorithm in the ninth upgrade of the protocol. According to the press release, the upgrade is code-named Ithaca 2 and replaces the current consensus algorithm that is known as Emmy, with Tenderbake enabling lower back times and producing faster transactions as well as smoother-running applications.
In addition to Tenderbake, Ithaca 2 prepares for the Tezos blockchain improved scalability efforts like rollups for WebAssembly and ETH Virtual Machine compatibility with pre-checking the validation scheme which increases throughput. The new upgrade will reduce the requirements to become a network validator by 25% from 8000 tez to 6000 tez adding to the network’s decentralization. The smart contract calls on Tezos increased dramatically from 100,000 per month to 6.2 million at the start of this year. The price of Tezos now increased 4.6% to $3.92 over the last day according to the data as well as other cryptocurrencies that gained modestly over the same timeframe.
As recently reported, With the growth of the Ethereum network, plenty of similar systems that allow smart contract deployment emerged as competition. With most of them keeping their plans to become Ethereum killers, some remained silent and focused on the growth instead. This seems to be the case with Tezos as a decentralized opensource blockchain that executes peer-to-peer transactions which saw the light of day about four years ago. It stayed below the radar for a while and didn’t quite make any groundbreaking promises but kept on building and developing the software, attracting more users, and making new partnerships.
Ever since the launch, the liquid proof of stake network underwent a few upgrades through on-chain voting due to its mechanism and this method was designed to avoid potential risks of a hard fork which already happened to many other blockchains. The latest one was dubbed Hangzhou back in 2021 and promised to deliver a new era for the network. Some of the new additions will incorporate a feature that allows smart contracts to read the storage of the other smart contracts while others provide countermeasures against Block Producer Extractable Value.
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