9 Oct, 2019

Tezos to Activate On-Chain Blockchain Update Today

The Tezos blockchain will be validating the first on-chain blockchain update by undertaking a series of backward-incompatible adjustments to the network today.

The advancement proposal which was termed the advancement proposal, was the first to pass through the network’s “self-amendment” process, reported news portal Coinnounce. The portal further stated that the bakers on Tezos- the same level as miners on ethereum or bitcoin- stake tokens bundled into “rolls” to indicate their support for or against competing for upgrade proposals.

This process has been ongoing since February this year, and it was jump-started by a developer group known as Nomadic Lab. In March, the Nomadic Lab put forward two proposals appropriately titled, Athens A and Athens B. Interestingly, both the proposals, suggested a reduction to the minimum amount of tokens – called a roll size – that’s required for a user to become a baker. This would reduce the barrier to entry for baking and encourage a higher number of bakers on the Tezos blockchain.

However, Athens A suggested an increase in the number of computation or gas limit of Tezos blocks in effort to make smart contract deployment easier for application developers, building applications on the top of the platform.

After nearly three months of voting, bakers voted in favour of activating Athens A on the Tezos’ network.

Tezos was in the news in September when it announced on Sep 14th via Twitter that it would launch its Mainnet on September 17. The announcement took place because of the robust mechanism of Betanet and its working perfectly since its launch on 30th June.

At the time, Tezos Foundation official, Ryan Jesperson, which maintains the code and pays developers, had said, “We have been happy to see the network operating smoothly and efficiently over these last few months. The community has been actively engaged, with more than 400 validators (‘bakers’) scheduled for an upcoming cycle and the community has been developing an array of exciting technologies.”