Tezos, the eco-friendly blockchain network, has revamped itself this week with a fresh upgrade called ‘Nairobi’. This marks the fourteenth major upgrade for the blockchain since its inception in June 2018. The developers behind the blockchain are taking a fast-paced approach towards their pursuit of transforming Tezos into a multi-functional platform that could support varied Web3 applications. Between March and June this year, the blockchain has undergone a total of two significant upgrades, Nairobi being the latest one.
The Nairobi upgrade has multiplied the transaction speed of Tezos up to eight times. The blockchain has always been ahead of its peers in terms of processing fast transactions. As per CoinMarketCap, Tezos facilitates as much as 40 transactions per second (TPS). This is much higher than the TPS achieved by Bitcoin and Ethereum, which is at 4.6 TPS and 15 TPS, respectively.
“Tezos is the constantly evolving blockchain. The Nairobi protocol proposal contains several updates and improvements to the Tezos economic protocol, the most prominent being improved gas model for signatures to reflect the cost of different curves,” a blog post from the team said.
This new gas fee mechanism that Nairobi brings to Tezos will charge users as per their network usage. Before this upgrade, the network charged the same fee in fiat currency for network use regardless of the duration of the user’s visit.
In an official Twitter announcement, the Tezos team did not forget to add that the upgrade will enable faster consensus, which helps blockchain systems achieve distributed agreement about the ledger’s state in a shorter time frame, making its working seamless.
Buckle up! Nairobi, the 14th protocol upgrade to Tezos, introduces these prominent enhancements:
:small_blue_diamond: Up to 8x TPS increase thanks to refined gas model :chart_with_upwards_trend:
:small_blue_diamond: Faster consensus :zap:️
:small_blue_diamond: Smart Rollups now evolve in sync with protocol upgrades :arrows_counterclockwise:
Discover more: https://t.co/Bi3tiCcWQm… pic.twitter.com/rHVFVQZOwN
— Tezos (@tezos) June 24, 2023
As mentioned earlier, this is Tezos’ second upgrade in the last three months. Back in March, the developers of Tezos had deployed the ‘Mumbai’ upgrade to the PoS blockchain. The thirteenth upgrade, Mumbai introduced Smart Rollups, a new Layer 2 scaling solution built directly into the protocol.
With Nairobi, Tezos is finetuning its Smart Rollups solution as well.
Despite being up to date with newer upgrades, the Tezos network has been reporting numbers that indicate low usage. The blockchain reportedly processed only 68,000 transactions in the past 24 hours.
Meanwhile, as per CoinMarketCap, Tezos’ current ranking on CMC is 53rd, with a live market cap of $756.8 million (roughly Rs. 6,208 crore).
