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What is Inside Tezos Blockchain’s Fifth Upgrade Edo?

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Last Saturday, February 13, the Tezos Blockchain network underwent its 5th upgrade called Edo that, according to teams behind the Tezos ecosystem, has brought new exciting features to the network.

According to a joint announcement by Nomadic Labs, Marigold, DaiLambda, and Metastate, the entities that developed the Edo, on early Sunday, February 14, the Edo upgrade went live at block number #1,343,489. This is the fifth upgrade in the span of two years and follows the Delphi upgrade just three months ago.

What is inside Tezos Edo Upgrade?

According to the announcement:

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“The upgrade contains some minor bug fixes, some improvements to performance and gas consumption, the addition of a new period (named the “Adoption Period”) to the upgrade process, and two important new features that we have been working on for some time: Sapling, and Tickets.”

From the announcement, it is apparent that the Adoption Period, Sapling, and the Tickets function are standout features of the Edo upgrade.

Adoption Period

blog post by Tezos Commons explains the Edo upgrade in detail. According to Tezos Commons, the Adoption period or simply called the 5th period is an important improvement to the Tezos governance mechanism itself that is designed to “provide enough time to enable the ecosystem and dev tooling to be updated.”

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The previous four upgrades went live one after voting has been completed, which in practice is only sixty seconds. According to the team, this made it difficult for some Tezos bakers, indexers, and other users of the network to assure seamless upgrades of their nodes. Before the addition of the 5th Period, the Tezos upgrade period consisted of four periods of eight cycles.

The new upgraded process will consist of five periods of five cycles and there will be approximately a two weeks of gap between the “acceptance of the new protocol in the promotion vote Period, and the time when it is activated on the Tezos network,” assuring a seamless protocol transition.

Sapling

Originally developed by the Electric Coin Company, the Sapling protocol brings optional privacy for DApps. Sapling enables privacy-preserving transactions of fungible tokens in a decentralized environment and allows developers to create privacy-conscious applications by integrating Sapling into their smart contracts.

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Tickets

According to Tezos Commons, the Tickets function featuring the Edo upgrade simplifies the “process of granting portable permissions to other smart contracts and to issue tokens.”  They also allow new complex authentication schemes like composing multi-sig contracts.

But the Tickets feature is still in experimental stages and the team has recommended developers not use Tickets in mission-critical applications.

Future Upgrades

Nomadic Labs, Marigold, DaiLambda, and Metastate, have also announced that within few weeks, they will also inject the 6th protocol upgrade proposal for the next “Florence” upgrade.

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Tezos Price Analysis: XTZ could break past the $7.5 mark if bulls persist

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  • Tezos price analysis is bearish for the next 24 hours.
  • Tezos saw a bounce from $6 support today.
  • Further upside currently gets rejected.

The market is presently rejecting any higher development in the direction of $7.5, which was a strong support earlier this week. As a result, we anticipate XTZ/USD to make another attempt to test the $7.0 support in the near future.

Over the past day, the market as a whole has been in the green. Bitcoin has climbed 1.85 percent, while Ethereum has advanced just 0.36 percent. Meanwhile, Solana (SOL) is the standout performer, increasing by 16%.

Tezos price movement in the last 24 hours: Tezos bounce from the $6 mark

After a recent decline against the US dollar, OST/USD is now pushing higher. The pair was up over 5% at one point today, and after testing resistance at $6.19, it moved to $6.48 before slipping back to the upper boundary of its daily range. Trading volume has been pretty low this morning; as of

XTZ/USD 4-hour chart: XTZ to go for another test of the $6 support?

On the hourly chart, we can see that the Tezos price has failed to move significantly higher today, suggesting another bearish trend overnight.

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Tezos Price Analysis: XTZ could break past the $7.5 mark if bulls persist 1
XTZ/USD 4-hour chart. Source: TradingView

The price of Tezos has appreciated this month, with bullish momentum returning. After a drop to $4 on the 7th of September, a new sizable swing highlow was established.

On September 14th, XTZ/USD was up 100 percent to $8. However, the market did not remain there for long; instead, it reversed in the days that followed.

The Tezos price dropped 25 percent on Monday, with $6 serving as a support the day before. XTZ/USD has had a modest upward swing today, with bearish momentum returning over the past hours.

Tezos Price Analysis: Conclusion 

For today, November 13, the Tezos price analysis is bearish. Bulls were unable to propel the market higher than $6.7 today, therefore we anticipate XTZ/USD to decline overnight and attempt to recover at $6.

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Read our articles on Wrapped Bitcoin and NFT Marketplace while you wait for Tezos to progress further.

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Proposal for Tezos’ 8th Protocol Upgrade Hangzhou is Announced

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Tezos’ 8th protocol upgrade Hangzhou is underway as the proposal for the upgrade has been announced by the Global Tezos community.

In a blog post on Tuesday, September 21, the Tezos team said that the Hangzhou proposal features several major improvements to the protocol, as well as numerous minor improvements. These improvements include timelock, views, cache, global table of constants, context, and liquidity baking.

According to a separate blog post explaining the Tezos’ 8th protocol upgrade by Nomadic Labs, Marigold, Oxhead Alpha, Tarides, and DaiLambda, the teams who developed the proposal, Hangzhou true name is its hash, which is

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PtHangzHogokSuiMHemCuowEavgYTP8J5qQ9fQS793MHYFpCY3r.

The upgrade is named after the capital of East China’s Zhejiang province, Hangzhou. This name is given to the upgrade because it has now become a dynamic economic zone, and is considered a major technological and innovation hub.

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What Hangzhou Upgrade Features?

Some of the major improvements that this upgrade will bring to Tezos protocol include:

Views

According to the teams involved, views are a new kind of entry point for smart contracts that will allow smart contracts to read the storage of other smart contracts.

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Timelock

Timelock is a kind of encryption that will allow a smart contract to include a countermeasure against Block Producer Extractable Value.

Global Table of Constants

The blog post describes this as:

“The global table of constants can be used by smart contract developers to register Michelson (the language of smart contracts in Tezos) expressions as “constants” and reference them in contracts. This allows developers to create larger and more complex contracts than they otherwise could. It will also serve as the foundation for smart contracts libraries in Tezos.”

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Cache

According to the teams, adding cache feature will directly increase the throughput of Tezos by providing faster access to regularly accessed data and will lower the associated gas cost.

Context Flattening and Liquidity baking

Context flattening is the rewriting of the network’s database internals that will optimize storage use, and enable future optimizations to speed up the processing of blocks and operations.

According to the blog post, liquidity baking “extends the sunset period of liquidity baking to correspond to the next upgrade proposal. Without this, the subsidy would halt during the lifespan of this protocol.”

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Tezos’ 8th protocol upgrade will also have many other minor improvements.

No other blockchain has upgraded as many times as Tezos. Hangzhou is the fourth Tezos protocol in 2021, following Edo, Florence, and Granada. If the Hangzhou upgrade proposal is adopted, it will follow the 7th Granada upgrade that went live on August 6th, 2021.

When Hangzhou will go live, it will set the stage for the next upgrade that is reported to introduce a new consensus algorithm that will bring fast finality to Tezos.

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Tezos Announces Hangzhou Upgrade Proposal

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Tezos is ready to implement the Hangzhou upgrade.

Tezos blockchain has received its newest upgrade proposal for the global Tezos community. The Hangzhou proposal sets the Tezos ecosystem up for the upcoming 2022 consensus upgrade and also introduces a number of new technical tools and patches.

The proposal was named after the global technology and innovation hub located in China—Zhejiang province. The update was presented with the usage of on-chain governance that allows network updates without hard forks.

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The constant development of Tezos at the protocol level has led to the expansion of Tezos’ Dapp system. By decreasing transaction costs and time, builders have more possibilities for building and developing apps on top of the Tezos blockchain. In general, it has led to the increased growth of the Tezos community in recent months. Recently, Tezos reached over three million contract calls and set numerous records in DeFi and NFT metrics, doubling last month’s results.

The most recent upgrade proposal brings several major upgrades to the protocol. The new upgrade presents views that offer the possibility for smart contracts to read other smart contracts and cache results with lower gas costs. The upgrade will also add a Global Table of Constants that will be used to allow smart contract developers to register Michelson expressions as constants. This means that they will be able to build more complex contracts and libraries based on Tezos.

To optimize the functioning of smart contracts on the network, the upgrade brings Context Flattening, which allows optimization of block processing and operations. In addition to that, the network welcomes Liquidity baking, which allows for a more stable transition to the next upgrade proposal.

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Tezos already has seven upgrades since last month’s Granada upgrade. The network has also faced a record number of interactions than ever before, which means that more people are using Tezos. The main reason for this is protocol upgrades that are possible through on-chain governance.

The Hangzhou proposal was developed by Marigold, DaiLambda, Nomadic Labs, Tarides and Oxhead Alpha.

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