on the crypto
In an interview with Bloomberg, Kathleen Breitman, co-founder of the Tezos blockchain, explains the principles of the update scheduled for tomorrow. She also specified that the Tezos blockchain does not require a hard fork, unlike other projects such as Ethereum which has just completed its merger.
The blockchain is about to undergo its XNUMXth update!
The Tezos blockchain will receive its XNUMXth update tomorrow. As the deadline approaches, co-founder Kathleen Breitman gave a videoconference interview to Bloomberg.
In this interview, Breitmann explains the differences between the upcoming update of the Tezos blockchain, called Kathmandu, and recent updates such as The Merge on the Ethereum blockchain. According to the author, the architecture of the Tezos blockchain itself was designed to offer transparent updates without the need for a hard fork. A point of view that she develops with the following words:
With Tezos, the reason it was able to update 10 times in a largely transparent way is because, basically, the blockchain was founded with the idea of updates (...) So there is a formal mechanism that makes this process quite simple and quite transparent.
According to the co-founder, this simplicity is the result of her specific approach to innovation. An approach that consists in producing “piecemeal” updates to avoid too deep changes.
As for The Merge, Tezos was already ahead of its time. The objective of the merger was in fact to move from Proof of Work to Proof of Stake, in particular to address environmental issues. Tezos doesn't have this problem because it's one of the least energy-consuming blockchains on the market.
What to expect from the Kathmandu update?
The eleventh update of the Tezos blockchain is definitely geared towards improving scalability. A topic that the Tezos project managers currently regard as THE main topic. To concretize this concept of scalability, the name Kathmandu was not chosen by chance, since the Nepalese capital is one of the cities that has evolved the most in recent decades.
Several elements are expected for this update, such as:
- The implementation of Smart Contract Optimistic Rollups (SCORUs) as a layer 2 scalar application of the blockchain.
- The improvement of the random factor on the distribution of baking rights
- Improvement of the block validation process to improve the throughput of the first level of the blockchain
What impact on the price of the XTZ token?
The Tezos ecosystem includes the XTZ token, which is the heart of the protocol. In the last 24 hours, while the update will take place tomorrow, the asset is up slightly by 1,82%. At the same time, the cryptocurrency market as a whole is posting 1,17% losses.
Looking at the last 7 days, the price of Tezos (quotation XTZ) recorded a loss of 0,83%. A level that exceeds important projects such as Bitcoin or Ethereum, which recorded losses of 5,6 and 19,3% respectively. It would appear that the update has had an effect. As with Ethereum with The Merge, the risk is that the XTZ token will lose value after the upgrade. According to the now famous adage: buy the rumors, sell the news!
