Tezos Newest Upgrade Proposal Announcement
Tezos, one of the original Proof of Stake blockchains, is one of the few networks with on-chain governance, which allows the network to upgrade itself without a hard fork, received its newest upgrade proposal from members of the global Tezos community. The proposal, named after Hangzhou, a major global technology and innovation hub located in China’s Zhejiang province, is just the latest in development news from the rapidly growing Tezos ecosystem; the proposal forecasts a new era for Tezos.
Tezos is seizing the opportunity by demonstrating how a decentralized network can run and upgrade efficiently. The Hangzhou upgrade proposal will help set the stage for an expected 2022 consensus upgrade, Tenderbake, and introduce a number of new technical tools and patches.
This newest upgrade proposal contains several major improvements to the protocol — learn more below:
- Views — Views give the possibility to smart-contracts to read the storage of other smart contracts. This increases the flexibility of contract design, making it easier for them to express common needs.
- Timelock — Timelock allows a smart contract to include a countermeasure against Block Producer Extractable Value.
- Cache — Caching results in faster access, at a lower gas cost, to the data that is accessed regularly. It helps to improve the use of storage at the protocol level, by splitting the data and increasing the overall throughput of Tezos.
- Global Table of Constants — The Global Table of Constants will allow smart contract developers to register Michelson expressions as “constants” and reference them in their contracts. This allows them to create larger and more complex contracts and serve as the foundation for libraries on Tezos.
- Context Flattening — Context flattening will allow future optimisations in order to speed up the processing of blocks and operations.
- Liquidity baking — Extends the sunset period of liquidity baking to correspond to the next upgrade proposal. Without this, the subsidy would halt during the lifespan of this protocol.
Innovation on Tezos at the protocol level has led to the rapid expansion of Tezos’ decentralized application ecosystem. New efficiencies in transaction time and gas consumption from upgrades have made it more practical for builders to develop on Tezos which has led to increased growth of the Tezos community in recent months
ABOUT Tezos
Tezos is a blockchain network that’s based on smart contracts, in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced — meaning it can evolve and improve over time without there ever being a danger of a hard fork. This is something that both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.
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