Tezos : Ithaca 2 has been successfully activated
In a news release, Nomadic Labs announced its launch of Ithaca 2 on the self-upgradable Tezos protocol
In the realm of cryptocurrencies, Tezos, a French project, is a strong and well-known blockchain that uses Proof-of-Stake (PoS).
To guarantee a steady rise while ensuring scalability and increased performance for its blockchain, Tezos made a substantial change to its system. The latest change is the launch of Nomadic Labs’ Ithaca 2 proposal. It was applied to block #2244609 and includes Tenderbake, a new consensus method.
What is Ithaca 2?
Ithaca 2 is a development of Ithaca that improves the performance of Remote Procedure Calls significantly (RPC). Nomadic Labs, TriliTech, Marigold, Oxhead Alpha, Tarides, DaiLambda, Functori, and Tweag collaborated to create this proposal.
Ithaca 2 was designed to help the Tezos blockchain gain traction. Tezos intends to accomplish this by abandoning the roll-based paradigm (1 roll = 8,000 XTZ) in favor of a stake-based strategy. Block producers will now be compensated depending on how much they stake rather than how many rolls they hold.
Furthermore, this upgrade should improve transaction speed and security. Ithaca 2 will also ensure that decentralized apps run more smoothly.
The Tenderbake consensus algorithm now available on Tezos
Tenderbake replaces Emmy, Tezos’ previous consensus process, in Ithaca 2. It’s an algorithm that uses a deterministic technique to increase the blockchain’s finality.
Why did Tezos chose Tenderbake?
Between January 2021 and January 2022, Tezos smart contract inquiries rose from 100,000 per month to over 6.2 million. The development team is putting in a lot of effort to guarantee smooth growth by upgrading many aspects of the project.
Replacing Emmy with Tenderbake has a variety of advantages:
Tenderbake’s launch is a significant step forward for the project since it introduces new governance criteria for block producers. This method considerably aids in the network’s decentralized nature’s consolidation.
This upgrade has been a long time coming for the Tezos community. In fact, in April 2021, Ithaca 2 was released on the testnet. But it did receive enough support from the project to be implemented.
The cryptocurrency environment is very competitive. Since 2020, Tezos has been trying its best to maintain its position as a leader in the ecosystem by constantly improving on the underlying technology.
