[Newsflash] Tezos (XTZ) Successfully Completes its First ‘Blockchain Vote’ Regarding Two Upgrades
According to all new report released yesterday, the Tezos team has formally completed its first round of voting for its “two competing system-wide upgrade proposals”.
The proposals have been dubbed ‘Athens A’, ‘Athens B’ and both of them have been designed to help Tezos’ native operational framework undergo certain amendment procedures that will make the platform more secure and easy to use.
As many of our regular readers may remember, Tezos was launched last year after the platform was able to raise a whopping sum of $232 million via its initial coin offering (ICO). At press time, the project’s total market capitalization lies around the $360 million mark.
Statistical data related to the above mentioned election process shows us that the Tezos community submitted a total of 25,855 votes. After a thorough vetting process, it was determined that ‘Athens A’ won a majority of bids from bakers— which basically means that the proposal was able to procure a total of 18,181 votes.
Also, at this point in the article, it should be pointed out that not all bakers on the Tezos blockchain elected to vote in this election. For example, we can see that more than 50% of the baking community abstained from voting in favour of either Athens A or Athens B.
Lastly, on the issue of the Tezos Foundation retaining ⅓ rd of all permissible votes for itself, a representative for the organization posted the following message:
“The Tezos Foundation decided to remain neutral by not upvoting any proposals …. As noted, this contributes to the required quorum and further elevates the voices of other members of the Tezos community in this historic first vote.”
So What do the Changes Actually Entail?
With its passing, the Athens A proposal will basically look to introduce “two different backwards-incompatible changes” to the network.
- The first change will see the network modify its native ‘gas limits’ – so as to allow for a larger tx throughput.
- The second change is essentially one that will see “roll sizes” drop from 10,000 XTZ to 8,000 XTZ.
In regards to the matter, Awa Yin — one of the Tezos’ primary bakers— was quoted as saying that the new changes are not radical in nature and will only serve to “test the platform’s actual on-chain governance processes and set a precedent for future protocol upgrades and proposals,”.
Echoing Yin’s sentiment was Benjamin Canou, the CTO of Nomadic Labs, who too is of the opinion that Athens A is not really a “super technical upgrade”. However, he then went on to add:
“It is worth mentioning that even though not radical, the changes are far from trivial. Take the proposed increase to the gas limit, for instance. It is mostly the change of a constant but just being able to have the community decide on this change is already a breakthrough.”
What Lays Ahead for the Platform?
Before being implemented within the Tezos ecosystem, the Athens A proposal will have to undergo an “Exploration Vote Period” — which is only the second step of a four-stage process.
If everything goes as planned, the last phase will review the proposal one more time and then allow the community to vote on it once again. As a result of this, it is expected that the process may take 2-3 more months to finally reach a conclusion.
In regards to this highly through process, Tezos Founder Andrew Paulicek was recently quoted as saying:
“We are mainly interested in seeing the actual protocol upgrade and the entire Tezos’ community using the Athens protocol from the winning proposal”.
In closing out this piece, it is worth adding that in a recent interview with Coindesk, Paulicek said that in the coming few months, Tezos could possibly welcome the integration of zero-knowledge cryptography techniques (such as zk-SNARKs) into its existing framework.
“We are indeed working on adding zero-knowledge cryptography via a future protocol upgrade proposal later this year. The exact shape that this integration will take is not yet decided.”