Proof-of-stake blockchain Tezos has undergone a major upgrade, changing its consensus algorithm in the protocol’s ninth upgrade, according to a press release.
- The upgrade is codenamed “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 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 (XTZ) has risen 4.6% to $3.92 over the last 24 hours, according to CoinDesk veri, with other cryptocurrencies gaining modestly over the same time period.
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