The Proof-of-Stake blockchain has changed its consensus algorithm to reduce block time and improve performance.
Codenamed Ithaca 2, the update replaces the current consensus algorithm, known as Emmy, with Tenderbake, which delivers faster block times, faster transactions, and smoother applications, according to a press release.
In addition to Tenderbake, Ithaca 2 prepares the Tezos blockchain for scaling efforts such as rollups for WebAssembly and Ethereum Virtual Machine (EVM) compatibility with pre-validation, a validation scheme that increases throughput.
According to the press release, the Ithaca 2 update will also reduce the requirement to become a network validator by 25% from 8,000 tez (Tezos digital token) to 6,000 tez, which will strengthen the decentralization of the network.
Smart contract calls on Tezos have increased significantly from 100,000 per month in January 2021 to over 6.2 million in January 2022.
According to data from CoinDesk, the price of the Tezos XTZ currency has risen 4.6% to $3.92 in the past 24 hours, with other cryptocurrencies gaining slightly over the same time period.
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