Eco-friendly blockchain network Tezos reinvented itself this week with a new upgrade called ‘Nairobi’. This is the fourteenth major upgrade for the blockchain since its inception in June 2018. The developers behind the blockchain are making rapid strides towards turning Tezos into a multi-functional platform that can support a variety of Web 3 applications. Between March and June this year, there have been a total of two significant upgrades to the blockchain, Nairobi being the latest.
Nairobi upgrade has increased transaction speed manifold research up to eight times. Blockchain has always been ahead of its peers in terms of making transactions faster. According to coinmarketcapTezos features 40 transactions per second (TPS). This is much higher than the TPS achieved by Bitcoin and Ethereum, which are 4.6 TPS and 15 TPS respectively.
“Tezos is a constantly evolving blockchain. The Nairobi Protocol proposal includes a number of updates and improvements to the Tezos economic protocol, most prominent of which is an improved gas model for signatures to reflect the cost of the various curves. blog post told the team.
This new gas fee mechanism brought by Nairobi to Tezos will charge users according to their network usage. Prior to this upgrade, the network charged the user a flat fee in fiat currency for network usage regardless of the duration of the user’s visit.
in an official Twitter In the announcement, the Tezos team did not forget to add that the upgrade will enable faster consensus, which helps the blockchain system achieve distributed agreement about the state of the ledger in a shorter time frame, making its work seamless.
buckle up! Nairobi, Tezos’ 14th protocol upgrade, introduces these key enhancements:
:small_blue_diamond: Up to 8x increase in TPS due to refined gas model :Chart_with_up_trend:
:small_blue_diamond: fast consensus :zap:️
:small_blue_diamond: smart rollups now evolve in sync with protocol upgrades :arrow_counterclockwise:
Find out more: https://t.co/Bi3tiCcWQm, pic.twitter.com/rHVFVQZOwN
— Tezos (@tezos) 24 June 2023
As mentioned earlier, this is the second upgrade for Tezos in the last three months. In March, the developers of Tezos deployed the ‘Mumbai’ upgrade to the PoS blockchain. 13th Upgrade, Mumbai introduces Smart Rollup, a new Layer 2 scaling solution built directly into the protocol.
With Nairobi, Tezos is also improving its Smart Rollup solution.
Despite being updated with new upgrades, the Tezos network is reporting numbers that indicate low usage. blockchain Allegedly Only 68,000 transactions were processed in the last 24 hours.
Meanwhile, according to coinmarketcapTezos is currently ranked 53rd on CMC with a live market cap of $756.8 million (roughly Rs. 6,208 crores).