Tezos, a prominent blockchain platform recognized for its self-amending features and community-driven governance, has successfully implemented Oxford 2, marking its fifteenth core protocol upgrade. This update, emphasizing improvements to Smart Rollups and chain security, solidifies Tezos’ position as a trailblazer in blockchain innovation.
Private Smart Rollups Introduced in Oxford 2
The Oxford 2 upgrade introduces the concept of private Smart Rollups, allowing developers of Layer 2 solutions to opt for an additional privacy layer when deploying rollups on-chain. This innovation stems from collaboration with financial institutions with specific privacy requirements, enabling Smart Rollup developers to define a whitelist of allowed operators with data visibility. Use cases for private Smart Rollups include auditable settlements for consortiums of banks or the deployment of a beta rollup by a group of developers, both scenarios benefiting from data protection on Layer 2.
Improving Staking UX and Timelocks
The Proof-of-Stake mechanism undergoes adjustments in Oxford 2, enhancing staking user experience and refining slashing penalties. Additionally, the upgrade reinstates the use of Timelocks in Tezos smart contracts. The auto-staking mechanism introduced for bakers streamlines the management of staked funds, providing a smoother process.
Tezos’ Consistent Innovation
Tezos has been a consistent pioneer in blockchain innovation, and the Oxford 2 upgrade further builds on the platform’s strengths. This sets the stage for the launch of Etherlink, an EVM-compatible Layer 2 built on Tezos and powered by Smart Rollups, scheduled for later this year.
Collaborative Governance and Community Approval
The Oxford 2 upgrade adheres to Tezos blockchain governance rules and has received validation and approval from the community. Key contributors to this upgrade include experts from Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda & Functori.
With a commitment to fostering an open and collaborative environment, Tezos continues to set the standard for decentralized innovation. Developers, businesses, and enthusiasts are encouraged to explore the new possibilities unlocked by the Oxford 2 upgrade. This latest advancement exemplifies Tezos’ dedication to providing a versatile and efficient blockchain network, further strengthening its position in the ever-evolving blockchain landscape.