Tezos activates Ithaca 2 upgrade setting stage for more revolutionary innovations on the Proof-of-Stake blockchain. The latest Tezos upgrade went live at block number 2,244,609.
- The latest upgrade for Tezos, Codenamed “Ithaca 2”, was the ninth upgrade to the protocol.
- The upgrade was activated after being voted in by the Tezos community. Tezos has once again demonstrated the effectiveness of its governance framework which was created to enable dramatic changes in design.
- Tezos announced in a press release that ‘Ithaca 2’ replaces the current consensus algorithm (Emmy*) with Tenderbake – a revolutionary upgrade that sets the stage for a new era of innovation for the Tezos protocol.
- The new Tenderbake consensus algorithm enables lower block times, which will result in faster transactions and smoother-running applications on Tezos.
- The Ithaca 2 upgrade and Tenderbake brings high-throughput scaling solutions based on transaction and smart contract optimistic rollups — paving the way for compatibility with WebAssembly and other languages.
- The latest upgrade also introduces pre-checking, a lightweight validation scheme for the mempool which will increase overall throughput and reduce the requirement to become a network validator (“baker”) by 25%. It means now one would be able to become a Baker on the Tezos blockchain with only 6,000 Tez (instead of earlier requirement of 8,000 Tez). This further strengthens the decentralized nature of Tezos.
- Tezos recorded booming growth in user activity over the last year, with smart contract calls increasing per month from 100k in Jan 2021 to over 6.2m in Jan 2022. The monthly contract calls increased massive 3,835% in 2021, reaching over 5.5 million in December 2021 from just 141,817 in December 2020.
- Praising the achievements of Tezos blockchain, Tezos tweeted: “Tezos developers aren’t waiting for Proof-of-Stake, they’re building on it.”
- Tezos is one of the original and longest running Proof-of-Stake blockchains. It is becoming the premier blockchain for brands, companies, artists, collectors, and builders around the world due to its pioneering energy-efficient Proof-of-Stake design and low costs to mint and transact NFTs.
- Some of the leading brands and organizations building on Tezos include Manchester United, The Gap, Ubisoft, Team Vitality, Formula 1 racing teams Oracle Red Bull Racing and McLaren Racing, banking giant Societe Generale, music NFT platform OneOf, and more.
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