Tezos Announces Major Network Upgrade, as XTZ Price Soars

Tezos Announces Major Network Upgrade, as XTZ Price Soars

Open-source platform Tezos has just announced that it will be releasing its most ambitious upgrade (Edo) to its blockchain ever. They noted that the upgrade would add the Sapling protocol, tickets, and a new Adoption Period to back future upgrades that boost network functionality.

Tezos has been taking advantage of the recent frenzy around its native token XTZ, which has spiked by more than 150% year-to-date at press time. Tezos’ previous update, Delphi, was launched about three months ago and slashed gas costs by 75%.

The company noted that its new Sapling protocol would allow developers to power “new types of applications” through the incorporation of “voting or supporting asset transactions with selective disclosures.” Tezos reported that one-use tickets would serve as a convenient mechanism to gain access to contractual functions. Apart from boosting developer efficiency, the tickets are created to foster better secure and composable contracts and issue tokens.

Tezos Set New Adoption Period to Aid Transition Process for Users
The new Adoption Period will tackle the common issues Tezos users face on the network during the transition period of new protocols. Tezos users can now experience a five-cycle period between the approval date of the upgrades and the adoption process (usually around two weeks). This is a significant upgrade from the previous mechanism, which involved four periods to eight cycles. That said, Tezos reaffirmed its commitment to “seamless upgrade transitions for all users.”

The new upgrade, Edo, will address minor bugs, boost the network’s overall performance, and further slash gas consumption more significantly than previous upgrades.

Tezos continues to make significant strides, with the network already making comments about the next ecosystem upgrades. In the recent announcement, Tezos noted that users should expect news on its next major update, Florence.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.