Tezos, the green blockchain network, has been revamped this week with a new update called ‘Nairobi’. This marks the 14th major upgrade to the blockchain since its inception in June 2018. The developers behind the blockchain are taking an accelerated approach towards their quest to transform Tezos into a multifunctional platform that can support various Web3 applications. Between March and June of this year, the blockchain has undergone a total of two significant upgrades, with Nairobi being the latest.
The Nairobi update has multiplied the transaction speed of Tezos by up to eight times. The blockchain has always been ahead of its peers in terms of fast transaction processing. according to CoinMarketCap, Tezos facilitates up to 40 transactions per second (TPS). This is much higher than the TPS achieved by Bitcoin and Ethereum, which is 4.6 TPS and 15 TPS, respectively.
“Tezos is the ever-evolving blockchain. The Nairobi protocol proposal contains several updates and improvements to the Tezos economic protocol, the most prominent being the improved gas model for firms to reflect the cost of different curves,” a blog post of the team said.
This new gas fee mechanism that Nairobi is bringing to Tezos will charge users based on their network usage. Prior to this update, the network charged the same fee in fiat currency for network usage, regardless of the length of the user’s visit.
In an official Twitter announcement, the Tezos team did not forget to add that the update will enable faster consensus, which helps blockchain systems achieve distributed agreement on the state of the ledger in a period of time. shorter time, which makes it work smoothly.
Seat belt! Nairobi, the 14th Tezos protocol update, features these notable improvements:
:small_blue_diamond: Up to 8x TPS increase thanks to refined gas model :chart_with_upwards_trend:
:small_blue_diamond: Faster consensus :zap:️
:small_blue_diamond: Smart Rollups now evolve in sync with protocol updates :arrows_counterclockwise:
— Tezos (@tezos) June 24, 2023
As mentioned above, this is the second Tezos update in the last three months. In March, Tezos developers implemented the ‘Mumbai’ update on the PoS blockchain. The thirteenth update, Mumbai introduced Smart Rollups, a new Layer 2 scaling solution built directly into the protocol.
With Nairobi, Tezos is also refining its Smart Rollups solution.
Despite keeping up with the most recent updates, the Tezos network has been reporting numbers that indicate low usage. the chain of blocks reportedly processed just 68,000 transactions in the last 24 hours.
Meanwhile, according to CoinMarketCapTezos’ current CMC ranking is 53, with a live market capitalization of $756.8 million (roughly Rs. 6,208 crore).