Proof-of-stake blockchain Tezos has activated a major upgrade, changing its consensus algorithm in the protocol’s ninth upgrade.
- According to a press release, the upgrade is code-named Ithaca 2 and replaces the current consensus algorithm, known as Emmy, with Tenderbake, which enables lower block times, producing faster transactions and smoother-running applications.
- In addition to Tenderbake, Ithaca 2 prepares the Tezos blockchain for scalability efforts, such as rollups for WebAssembly and Ethereum Virtual Machine (EVM) compatibility, with pre-checking, a validation scheme that increases throughput.
- The Ithaca 2 upgrade will also reduce the requirement to become a network validator by 25% from 8,000 tez (the Tezos digital token) to 6,000 tez, adding to the network’s decentralization, according to the press release.
- Smart contract calls on Tezos have increased significantly from 100,000 per month in January 2021 to over 6.2 million in January 2022.
- The price of Tezos's XTZ currency has risen 4.6% to $3.92 over the last 24 hours, according to CoinDesk data, with other cryptocurrencies gaining modestly over the same time period.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.