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Tezos to validate first on-chain blockchain update – Coinnounce

Tezos to validate first on-chain blockchain update

On Wednesday, 29th May 2019, the Tezos blockchain will undertake a series of backward-incompatible adjustments to the network after almost three months of voting by token holders.

Called Athens A, the advancement proposal was the initial one to pass through the network’s “self-amendment” process. It is where bakers on Tezos- the same level as miners on ethereum or bitcoin- stake tokens bundled into “rolls” to indicate their support for or against competing for upgrade proposals. Tezos is viewed as a proof-of-stake (PoS) blockchain with an estimated worth of over $1 billion.

Teeing up this week’s occasion, Nomadic Labs, a developer group, jump-started Tezos’s first on-chain governance process earlier on February. At that moment, the news was notable given the “turbulence” that transpired during the project’s early days.

As reported in March, Nomadic labs tabled two proposals. They were Athens A and Athens B. Both Athens A and Athens B suggested an increase to the gas limit or computation of Tezos blocks. It would effectively make intelligent contract deployment simpler for application developers building at the top of the platform.

Athens also suggested a reduction to the least amount of tokens referred to as a roll size. It is required as such so that a user can become a baker. This would lower the barrier to entry for baking and also motivate an increased number of bakers on the blockchain of Tezos.

Following three months of voting and running tests, bakers have now officially gone through the final voting threshold. By that, they can now activate Athens A on Tezos’ primary network. As indicated by Jacob Arluck from Tocqueville Group, bakers actually passed the final voting round last Tuesday with over 46000 rolls cast. At the moment, Athens A is expected to be activated on the primary network sometime tomorrow on block number 458,752.

Joyce Lang

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