Using the “Proof of Stake” mechanism altcoin the one which Tezos (XTZ), As its ninth update, it will replace the current consensus algorithm.
Performance Improvements Made on Tezos Blockchain
According to a press release from altcoin developers, the update, called Ithaca 2, will enable the Tenderbake algorithm to replace the existing consensus algorithm known as Emmy. According to the developers, thanks to the Tenderbake algorithm, block times will be shortened, transactions will be completed faster, and applications running on Tezos will run more smoothly.
Ithaca 2, the ninth upgrade to the self-upgradable @Tezos protocol, has been activated.#Tezos #BlockchainEvolved pic.twitter.com/ZsQ0ZuxlbL
— Tezos (@tezos) April 1, 2022
In addition to the Tenderbake algorithm, Tezos Blockchain is also preparing to increase scalability with the Ithaca 2 update. These efforts include scalability solutions such as WebAssembly and Ethereum Virtual Machine (EVM) compatibility, along with a preflight and efficiency-enhancing validation scheme.
Requirements to Become a Network Authenticator Relaxed
With the Ithaca 2 update, the required 8,000 XTZ requirement to become a network validator has been reduced by 25%. Thanks to this condition, which has been reduced to 6,000 XTZ, the decentralization of the Tezos network can now be further increased, according to the developers.
However, the usage rate of smart contracts in the XTZ network has increased from 100,000 monthly level in January 2021 to 6.2 million monthly in January 2022.
With the latest update news, XTZ price has also increased by close to 5% in the last 24 hours. According to CoinMarketCap data, at the time of this writing, the price of the altcoin is trading at $ 3.92. Other cryptocurrencies most experienced more measured gains in the same time frame.
*Not investment advice.