Tezos Successfully Completes Seventh Uninterrupted, Uninterrupted Network Upgrade, Granada by DailyCoin
Tezos successfully completes seventh non-disruptive, uninterrupted network upgrade in Granada
- The seventh upgrade on Tezos, Granada, cuts block times in half, decreases smart contract gas consumption 3-6 times, and introduces liquidity cooking.
Grenada marks the seventh successful upgrade of the Tezos blockchain and the third this year alone. The Tezos network experienced substantial growth this year with activity up 1,200%. The trend is clear, more developers and organizations are choosing Tezos because of its forkless, non-disruptive upgrades made possible by proven on-chain governance.
During Tezos’ last upgrade in May, Florence, contract calls began to eclipse the million-per-month mark. This growth has only continued; in July, there were over 2.5 million contract calls on Tezos. The Tezos network recently exceeded 10 million contract calls, of which 5 million were in the first 3 years and over 5 million in the last 8 weeks. Granada continues its momentum with several new features and optimizations, including:
Faster finality: Granada replaces the previous consensus algorithm, Emmy +, with Emmy *. Emmy * halves block times from 60 seconds to 30 seconds. Grenada’s faster finality paves the way for Tezos to transition to a new consensus algorithm, Tenderbake. Tenderbake aims to take Tezos from a Nakamoto style consensus algorithm to a BFT (Byzantine Fault Tolerance) style consensus algorithm and dramatically speed up finality. Tenderbake is slated to be part of the eighth upgrade of the Tezos network and is based on the Cosmos consensus, Tendermint.
Smart Contract Gas Reduction: Grenada will significantly reduce gas consumption for smart contracts. Consumption will be reduced by an average factor of 3 to 6 times. This reduction in gas consumption, the latest in a series of gas efficiency upgrades that began with Delphi, will allow developers to deploy richer and more complex applications on Tezos at a reasonable and real cost. .
Liquidity Baking: Liquidity is an experiment to test whether decentralized networks can use incentives to create liquidity. Liquidity Cooking attempts to do so on the Tezos blockchain, introducing an incentive for users to provide liquidity between tez () and tzBTC, a bitcoin wrapped on Tezos. Everything happens in a verifiable way, via a smart contract where liquidity providers pool tez and tzBTC. This allows them to claim a small grant: 2.5 tez, hit by the network every 30 seconds, in each block.
Tezos continues to evolve and grow rapidly Granada is live less than three months after the last upgrade, Florence, which brought a host of sought-after features including doubling the size of maximum operations (from 16KB to 32KB), gas reductions in the execution of smart contracts, and streamlined the change process by disabling the unused test chain in the economic protocol. Upgrades to the Tezos network are supported by a global team of developers, the Tezos community, bakers, and critical infrastructure teams from Nomadic Labs, DaiLambda, Marigold, Barrens, and Oxhead Alpha.
Tezos’ position paper, released in 2014, was the first to use governance mechanisms and incentives on a blockchain to deliver public goods that go beyond securing the network. This governance mechanism minimizes downtime while providing consistent scalability and enhanced functionality over time. Tezos is able to adopt the best features of other blockchain protocols and embrace continuous improvements without the need to rely on hard forks. By providing a chain mechanism to change its network and deploy upgrades seamlessly, Tezos is able to stay ahead of industry trends and capabilities.
Granada owes its name to the Spanish city in the Andalusian Autonomous Region. Tezos network upgrades are named after historic cities that correspond to where the upgrade sequentially falls in the alphabet (Athens, Babylon, Carthage, etc.).
Sign up to get the crypto flip side
Upgrade your inbox and get our DailyCoin editors’ picks 1x per week straight to your inbox.
You can always unsubscribe with just one click.
Continue reading on DailyCoin