First-Ever On-Chain Blockchain Update on Tezos Is About to be enacted.

Tezos is a somewhat new decentralized blockchain that self-governing through establishing a true digital commonwealth. It enables a technique referred to as formal verification which mathematically proves the accuracy of the code governing transactions and boosts the security of the most sensitive or financially weighted smart contracts. Tezos is a proof-of-stake (PoS) blockchain with an estimated valuation of over $1 billion. As announced on Wednesday, The Tezos blockchain will undertake a series of backward-incompatible changes to the network; this is after nearly three months of voting by token holders.

Since March, Nomadic Labs put forward two proposals: Athens A and Athens B. Athens A and Athens B both suggested an increase to the computation or gas limit of Tezos blocks. This would effectively make smart contract deployment easier for application developers building atop the platform. Athens A, suggested that the minimum amount of tokens that are required for a user to become a baker – called a roll size – will be reduced. Note that Bakers on Tezos is equivalent to miners on bitcoin or ethereum blockchain. Inherently, the barrier to entry for baking is less with Athens A and would encourage a higher number of bakers on the Tezos blockchain.

Nomadic Labs, a developer group launched the first on-chain governance process for Tezos, back in February. Athens was the first to undergo the network’s “self-amendment” process in which bakers on Tezos stake tokens bundled into “rolls” to show their support for or against other upgrade proposals. At the time there was turbulence in the project’s early days. The last round of voting was last Tuesday with over 46,000 rolls cast. The minimum participation level for Tezos’ final voting phase required 81.39 percent of all Tezos rolls at the least. The majority of these rolls needed to be staked in favour of activating Athens A on the mainnet. After three months of voting and testing, bakers have now officially passed the final voting threshold to activate Athens A on Tezos’ main network.

Now, Athens A is expected to be activated on the main network soon on block number 458,752. Styles of on-chain governance.


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Credits – Chrsitine Kim


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