PoS Blockchain Tezos Completes Much Awaited Ithaca 2 Protocol Upgrade
With the support of the Tezos community, Tezos, one of the earliest and long-running Proof-of-Stake (Pos) blockchains, has launched the ninth update to the protocol, dubbed “Ithaca 2“. The latest update Ithaca 2 substitutes the existing consensus algorithm, named Emmy* with Tenderbake, a game-changing improvement that ushers in a new paradigm of Tezos protocol evolution. Reduced block times are enabled via the improved Tenderbake consensus process, resulting in speedier trades and smooth-running Tezos programs.
The Ithaca 2 update is a first for blockchains and open-source decentralized systems, and it highlights the efficiency of the Tezos governing structure, which was designed to allow for significant architectural modifications.
Ithaca 2 equips the Tezos protocol for major scaling ambitions just like WebAssembly and EVM compatibility with pre-checking, a minimal verification approach for the mempool that will boost throughput of the system. Finally, the Ithaca 2 update will lower the cost of becoming a network validator (“baker“) by 25%, from 8,000 to 6,000 tez, enhancing Tezos’ decentralized character.
Tezos’ innovative governance system, which is built to adapt, enabling it can incorporate cutting-edge advancements from throughout the blockchain sector via its verified self-amendment process. In the Edo update, for instance, shielded payments from the Zcash Sapling covenant were included, and in the newest Ithaca 2 overhaul, the consensus method Tenderbake, modeled on Tendermint from the Cosmos project, was added.
In March 2022, Tezos platform developers announced plans for upbeat rollups centered on Arbitrum, a renowned Ethereum rollup technology, and zk-rollups predicated on top industry studies. Tezos keeps delivering finest underlying technology as well as pioneering functionalities in privacy, scalability, and safety with these monthly improvements.
Tezos’ user interaction has exploded in the past year, with monthly smart contract engagements jumping from 100,000 in January 2021 to more than 6.2 million in January 2022. With significant technological integrations by prominent sports teams and worldwide companies like as Red Bull Racing, Manchester United, The Gap, Kia, and others, Tezos’ acceptance and momentum keep rising. Industry executives are demonstrating their faith in Tezos as the energy-saving, cost effective blockchain of preference for the Web3 transition by innovating on it.
Thousands of developers and producers contribute to the Tezos network, which includes initiatives in arts and entertainment, financial facilities, and much more. Clients, programmers, brands, private investment groups, strategic partners, and others have invested resources to create and expand Tezos in novel methods during 2021, resulting in a surge in uptake. Tezos is a low-energy Proof-of-Stake (PoS) blockchain with a 17-person average yearly carbon footprint.