Tezos Blockchain Deploys Fresh Upgrade: Here’s What ‘Nairobi’ Is All About
Photo Credit: Twitter/ Tezoz India
Tezos, the environmentally friendly blockchain network, has recently undergone a significant upgrade called 'Nairobi.' This upgrade represents the fourteenth major update for the blockchain since its launch in June 2018. The development team behind Tezos is actively working to transform the platform into a versatile ecosystem capable of supporting various Web3 applications. From March to June this year, the blockchain has already witnessed two significant upgrades, with Nairobi being the latest one.
The Nairobi upgrade has resulted in a remarkable increase in the transaction speed of Tezos, reaching up to eight times its previous capacity. Tezos has always been at the forefront in terms of processing transactions swiftly. According to CoinMarketCap, Tezos currently supports up to 40 transactions per second (TPS), a significant improvement compared to Bitcoin's 4.6 TPS and Ethereum's 15 TPS.
Tezos is known for its continuous evolution as a blockchain. The Nairobi protocol proposal encompasses several updates and enhancements to the Tezos economic protocol, with one notable improvement being the enhanced gas model for signatures. This update ensures that the cost of different curves is accurately reflected, resulting in a more efficient and optimized system.
The Tezos team remains committed to refining and expanding the capabilities of the blockchain, as evidenced by their frequent updates and continuous efforts to enhance the platform's performance. The Nairobi upgrade is another step forward in Tezos' journey to becoming a versatile and high-performance blockchain network for the Web3 era.
In a significant development, the Nairobi upgrade for Tezos brings a brand-new gas fee mechanism that revolutionizes how users are charged for network usage. Before this upgrade, Tezos employed a flat fee in fiat currency for network usage, regardless of the duration or extent of a user's activities.
With the introduction of the new gas fee mechanism, Tezos now implements a dynamic and usage-based fee structure. Users will be charged according to their actual network utilization, taking into account factors such as the duration of their visit and the specific actions performed on the network. This means that fees will be more tailored and reflective of individual usage patterns, offering a fairer and more transparent fee system.
This change underscores Tezos' commitment to enhancing the user experience and addressing the evolving needs of its growing user base. By implementing a fee structure that aligns with actual network usage, Tezos aims to create a more equitable environment where users are charged based on their specific activities on the blockchain.
This innovative approach to gas fees showcases Tezos' dedication to improving the overall efficiency and accessibility of its network. By adopting a user-centric mindset and adapting the fee structure to better suit user behavior, Tezos strives to provide a seamless and inclusive experience for all participants within its blockchain ecosystem.
With the Nairobi upgrade, Tezos demonstrates its commitment to continuous improvement and innovation, ensuring that the network remains adaptable and responsive to the evolving demands of its users.
Furthermore, in an official announcement on Twitter, the Tezos team emphasized that the Nairobi upgrade brings an enhancement to the consensus mechanism, enabling faster consensus among network participants. Consensus is a crucial aspect of blockchain systems, as it ensures decentralized agreement on the state of the ledger within a specified timeframe, ultimately contributing to the smooth operation of the network.
By optimizing the consensus process, Tezos aims to reduce the time required for participants to reach a consensus on the blockchain's state. This improvement translates into faster transaction validation and confirmation, enhancing the overall efficiency and performance of the Tezos network. With faster consensus, Tezos can provide a more seamless and responsive experience for its users, facilitating quicker transaction processing and reducing potential bottlenecks in the network.
The Tezos team's inclusion of this information in their official Twitter announcement highlights the significance of the consensus upgrade in the Nairobi release. By prioritizing faster consensus, Tezos demonstrates its commitment to continuously improving the underlying technology of its blockchain, ultimately delivering a more robust and efficient platform for its users.
Through this upgrade, Tezos showcases its dedication to refining the consensus mechanism and advancing the overall functionality of the network, reinforcing its position as a cutting-edge blockchain platform in the cryptocurrency ecosystem.