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Developers of the Tezos ecosystem have announced plans for upgrade proposals based on transaction and smart contract optimistic rollups, opening the way for WebAssembly and EVM compatibility.
After being voted in by the Tezos community, the ninth update to the system, nicknamed "Ithaca 2," has been enabled. Tezos is one of the first and longest-running Proof-of-Stake blockchains. Ithaca 2 replaces the existing consensus algorithm (Emmy*) with Tenderbake, a game-changing improvement that ushers in a new era of Tezos protocol innovation. Lower block times are possible because to the new Tenderbake consensus method. Tezos transactions will be speedier, and applications will execute more smoothly as a result of this.
The Ithaca 2 update is a first for blockchains and open-source decentralized software, and it highlights the efficiency of the Tezos governance system, which was designed to allow for significant architectural modifications. Ithaca 2 prepares the Tezos protocol for ambitious scaling ambitions like as WebAssembly and EVM compatibility with pre-checking, a lightweight validation approach for the mempool that will boost overall throughput, in addition to Tenderbake. Finally, the Ithaca 2 upgrade will lower the cost of becoming a network validator ("baker") by 25%, from 8,000 to 6,000 tez, enhancing Tezos' decentralized character.
Tezos' sophisticated governance system, which is designed to adapt, includes cutting-edge advancements using its well-proven self-amendment process, from the blockchain sector. In the Edo update, for example, shielded transactions from the Zcash Sapling protocol were included, and in the newest Ithaca 2 upgrade, the consensus method Tenderbake, based on Tendermint from the Cosmos protocol, was added. In March 2022, Tezos ecosystem developers announced plans for optimistic rollups based on Arbitrum, a popular Ethereum rollup technology, and zk-rollups based on top industry research. Tezos continues to deliver best-in-class core technology as well as leading features in privacy, scalability, and security with these monthly improvements.
Tezos' user activity has exploded in the last year, with monthly smart contract calls jumping from 100,000 in January 2021 to over 6.2 million in January 2022. With notable technological integrations by prominent sports franchises and worldwide companies like as Red Bull Racing, Manchester United, The Gap, Kia, and others, Tezos' acceptance and momentum continue to expand. Industry leaders are demonstrating their faith in Tezos as the energy-efficient, low-cost blockchain of choice for the Web3 revolution by building on it.
Thousands of builders and producers contribute to the Tezos ecosystem, which includes initiatives in arts and entertainment, financial services, and more. Users, developers, brands, venture capital companies, strategic collaborators, and others have invested resources to create and expand Tezos in new ways during the past year, resulting in a surge in adoption.
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