Tezos is currently implementing the “Ithaca 2” upgrade, which implements the Tenderbake consensus algorithm that reduces block validation time.
The Proof of Stake blockchain, Tezos, has implemented the ninth update of its protocol, called “Ithaca 2”, which marks a new era, and whose objective is to reduce block validation time, making transactions much faster.
This is achieved by changing the Tenderbake consensus algorithm. A new mechanism based on Tendermint, the Cosmos network's own consensus mechanism. The implementation of the upgrade has been voted on and accepted by the community.
The “Ithaca 2” upgrade marks a milestone for open-source decentralized blockchains, as it prepares the protocol for the implementation of ambitious scalability features such as WebAssembly rollups, EVM support for pre-proofing or pre-validation schemes for the mempool that will increase overall performance.
“Ithaca 2”, an opportunity for DApps
The main benefit of the update will be the reducing block validation timeThis means that users will be able to perform more transactions on the blockchain, especially benefiting decentralized applications, as they will be able to run more quickly.
In addition, the new update also reduces the requirements to become a “baker” by 25%, that is, on the network validator. This way, instead of staking 8.000 tez, only 6.000 tez will now be needed, which is expected to strengthen the decentralized structure of Tezos.
What effect has the update had on the price of Tezos?
The announcement of the implementation of the “Ithaca 2” update had a positive effect on the price of tezosIn the 24 hours following the announcement, the price of the cryptocurrency grew by 10,49%.
During the past week, XTZ performed well, with a spike in growth on the day of the update announcement. However, it has since undergone a slight correction and at the time of writing, the cryptocurrency's price is $3,96.
Over the past year, Tezos user activity has grown exponentially. In January 2021, the network had 100.000 monthly smart contract calls, while in 2022, smart contract calls were about XNUMX monthly. over six million.
This is due, in part, to the integration of world-leading brands such as The Gap, Kia, Red Bull Racing and Manchester United.
