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- Tezos — a decentralized L1 blockchain — releases its 9th update with the commitment of vastly improving its scalability.
- With L2 solutions such as optimistic rollups being initiated, Tezos considers this update as “revolutionary.”
- Latest consensus algorithm, Tenderbake, will greatly reduce block times and better the finality. Also, the threshold of being a verifier is reduced.
Scalability Is The Core Here
Community of Tezos have voted to make latest update live, dubbed as Ithaca 2, for blockchain network, as per a release shared with a news website. Ithaca 2 eliminates present consensus mechanism (Emmy) with Tenderbake — a latest one which elevates network scalability.
In addition to Tenderbake, Ithaca 2 will present strategies for scalability like rollups for EVM compatibility and WebAssembly with “pre-checking, a lightweight verification scheme for mempool that will elevate entire throughput.
Also, update will lower the need to become a network verifier (baker) by 25%, from 8,000 XTZ and 6,000 XTZ, enabling more users to take part in network by staking indigenous token of Tezos blockchain.
As specified in an announcement back in March, latest Tenderbake consensus algorithm allows reduced block times and thereby will better finality and latency, which ascertains how swiftly a transaction is included and inscribed in the network. For users, this means swifter transactions and an improved dApps experience.
The objective is to allow more users to do stuff on network at the same time. L2 solution such as optimistic rollups designed on Arbitrum, a well-liked rollup system on Ethereum, will initially provide a 10-100x elevation in number of transactions per second.
Transactions utilizing rollups are being progressed off-chain, but still sent to an inbox on main chain, just post a receipt back to main chain, summing up latest state of rollup as a cryptographic hash.
Ever-Evolving Tezos
Volume of transactions has elevated on Tezos blockchain exponentially since previous summer when it launched a network update cutting average block times by half. As of January 2022, only 100 Decentralized Applications were there on Tezos with a core focus on NFTs or DeFi.
With smart contract calls elevating every month from 100,000 in January previous year to more than 6.2 Million in January 2022, Tezos is rapidly expanding and joining hands robustly with top tier sports franchises and international brands like Kia, The Gap, Manchester United, Red Bull Racing and more.
Tezos claims itself to be an inexpensive, energy efficient blockchain of choice in Web3 revolution.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
