- Tezos Set to Activate Babylon Upgrade
- What Babylon 2.0 Would Bring to the Table
Tezos News Today – Tezos is one of the fastest-growing crypto projects in the blockchain space. Since its emergence, the crypto project has achieved quite a lot. Even the native currency of the project – XTZ – has been doing pretty well and it has grown substantially over the past months. Tezos is referred to as a self-amending blockchain in the industry, and the blockchain is about to achieve a major milestone.
Tezos Set to Activate Babylon Upgrade
The self-amending blockchain, Tezos, would be achieving a major milestone today, as it is about to experience an upgrade from its mechanism of governance. The Tezos protocol has experienced two major on-chain updates, and this activation would mark the third.
For the proposed changes to take effect, the proposal, which is Babylon 2.0, required the support of at least 74.7 percent of the participants in the network, where over 80 percent of them voted in favor of the proposal.
What Babylon 2.0 Would Bring to the Table
The new Babylon upgrade was proposed by Cryptium Labs & the research and development group Nomadic Labs. The upgrade would affect the consensus algorithm, governance mechanism, and smart contract functionality of the network. One of the changes aims to make the development of smart contracts easier and better by making complicated contract codes simpler and cleaner.
There is also a change in the reward system for bakers – the validators. The system has changed to incentivize them better to include all the endorsements that are available. Endorsements are what confirm that a newly created block was valid.
Another fascinating thing the upgrade would do is that it would simplify the delegation process. Prior to the upgrade, users are required to generate a specific kind of address (KT1), which enables them to delegate their funds. With the new upgrade, Babylon 2.0, users would be able to delegate their public key – addresses that begin with a tz1, tez2, or tez3 – without being mandated to create a new contract with a KT1 address. This would be a major achievement for the blockchain project and it would take it higher the ladder.
Tezos Remains a Top Performing Currency
Tezos (XTZ) is one of the top-performing digital currencies in the market. Since its emergence, it has been fighting its way higher. Tezos (XTZ) is now among the top twenty digital currencies by market cap, according to CoinMarketCap. The digital currency is now holding the 19th position on the list. At the press time, it is one of the few altcoins in the green, with an increase of about two percent over the past twenty-four hours.