Tezos (XTZ) developers activate Granada update

Sat 07 Aug 2021 ▪ 14h51 ▪ 3 min de lecture - par Felix Meyer

The blockchain platform Tezos has activated its seventh protocol update, called Granada.

Florence’s successor

The Granada upgrade was launched less than three months after the activation of Florence. The developers’ proposals were voted on by 200 backers, accounting for more than 68 percent of the vote.

The Granada upgrade was launched less than three months after the activation of Florence. The developers’ proposals were voted on by 200 backers, accounting for more than 68 percent of the vote.

The main change to Granada was the Emmy* consensus algorithm, which cuts transaction execution time in half without compromising network security. With the activation of the new algorithm, the block creation time on the network was reduced to 30 seconds (previously 60 seconds).

According to a press release, Emmy* will prepare the Tezos platform for the transition to the Tenderbake consensus algorithm being developed by Nomadic Labs to speed up platform performance.

Tenderbake is expected to be part of the eighth Tezos update and will be based on Cosmos’ Tendermint concept.

Pros of the new algorithm

The project team stressed that with the activation of Granada, the gas consumption of smart contracts has been drastically reduced. This will allow developers to run more complex decentralised applications on the platform.

As part of the update, an experimental DeFi pool, funded by the Tezos protocol itself, was also launched. When each new block is generated, the platform issues an additional 2.5 XTZ and contributes them to the XTZ/txBTC liquidity pool.

After six months, the project will stop feeding the pool. The community will have the opportunity to vote on the continuation of the experiment or the creation of new pools with other trading pairs.

Earlier in July, the Gitcoin platform, which funds the development of open-source blockchain projects to build the Web 3.0 concept internet infrastructure, integrated the Tezos network.

The new update has been released, allowing the platform to run faster and at a lower cost. It should prepare the platform for the launch of an even more progressive algorithm soon. In addition to the Granada update, a new XTZ/txBTC liquidity pool has been created.

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Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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