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- 1 The update is introducing Tezos Ecosystem DAO for network governance.
- 2 XTZ was trading at $0.83 at the publication time.
Open source peer-to-peer blockchain, Tezos, successfully activated their 14th protocol update dubbed Nairobi on block #3,760,129 on June 24, 2023. In March 2023, the network announced implementation of ‘Mumbai’ update on the ecosystem. The protocol scaled the transaction speed to 1 MIllion TPS while reducing the block time from 30 seconds to 15 seconds via pipeline validation. Additionally, it introduced Smart Rollups, a permissionless scaling protocol on the platform.
Nairobi Will Up The TPS Speed By Eight-Fold
Nairobi update will reportedly increase transaction speed by almost eight-fold while also bringing new functionalities to the Smart Rollup feature. Moreover, the update will replace the term ‘endorsement,’ network’s block approval system, to ‘attestation.’ It will boost the pre-attestation process for faster network consensus.
The update is introducing Tezos Ecosystem DAO for network governance, allowing the users to submit proposals to improve the ecosystem. If advanced, the proposal will be funded and executed by the Decentralized Autonomous Organization (DAO). Furthermore, initial funding is provided via sales of Tezos protocol upgrade memorabilia NFTs.
Tezos Has Collaborated With Industry Leaders
Tezos has attracted leading names from different industries for collaboration in the past. In February 2023, Google Cloud, a suite of cloud computing tools by tech giant Google, announced a partnership with the blockchain platform to grow its Web3 presence, an American online newspaper TechCrunch reported.
Last year in February, the network scored a multi-year $25 Million sponsorship deal with the English Premier League (EPL) club, Manchester United. The announcement revealed that Tezos will make regular donations to Manchester United Foundation, the team’s community focused initiative, in their native cryptocurrency, tez (XTZ).
In December 2022, a sports-focused media company, SportsPro, reported that the blockchain platform terminated their sponsorship deal with racing constructor, Red Bull Racing (RBR). Tezos Foundation’s chief commercial officer, Mason Edwards, said that “Red Bull Racing is no longer in line with their current strategy.” The deal, signed during May 2021, was focused on creating a series of non-fungible tokens (NFTs) associated with RBR.
Tezos collaborated with McLaren Racing, another Formula One curator, in June 2021. The multi-year technical partnership involved developing a sustainable NFT platform to stay in sync with their energy efficiency goals. McLaren Racing’s director of licensing ecommerce and esports, Lindsey Eckhouse, said, “Tezos and McLaren Racing uniting to create a unique fan-focused NFT platform is an innovative step in an exciting and rapidly developing industry.”
XTZ price has declined by almost 40% in value since February 2023, currently changing hands at $0.83 at the publication time, up by 0.6% in a day. However, the asset’s price has started to show strength considering it has gained almost 17% in a week.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
