Tezos Co-Founder Explains New OnChain Upgrade As A Simpler Way To Use Complex Smart Contracts

Tezos Co-Founder Explains New OnChain Upgrade As A Simpler Way To Use Complex Smart Contracts

Tezos – the blockchain network for smart contracts and decentralised applications (DApps) which facilitates formal verification – has officially launched its on-chain blockchain update. The upgrade known as “Athens A” is aimed at significantly lowering the minimum number of compulsory tokens needed by any user on the chain to become a baker. This number has now been reduced by 2,000 from 10,000 XTZ to 8,000 XTZ. The responsibility of a baker is similar to that of a miner on a proof-of-work PoW blockchain as bakers are also expected to verify transactions and also create new blocks.

The Athens A is also supposed to help scale up the network as computation restrictions will now be increased so that much larger transactions are possible.

Speaking on this, the Chief Marketing Officer (CMO) of a staking-as-a-service provider known as Everstake, has expressed that this new upgrade will generously help small bakers.

According to Alexandr Kerya:

“The reduction will result in a bigger amount of XTZ staked. Now if a baker has 16k, only 10k is staking while after the upgrade the baker will have 2 rolls engaged in staking. There will be fewer leftovers so to speak which is particularly important for small bakers.”

Arthur Breitman who is the co-founder of Tezos has also explained that Athens A would make it easier to put a lot more complex smart contracts on the Tezos network. Arthur explained that at the beginning, the limits were considerably small because the network was new but now, things can be scaled up significantly.

Side-Chains are Tricky

Arthur Breitman has also explained that deploying side-chains could be risking the integrity of the network and doing an on-chain upgrade is better way to make sure you are “protecting the values in the system.”

Using Bitcoin as an example, Breitman has noted that a network being too easily changed could make it vulnerable as there would be many charlatans who would only be too willing to inject unsafe additions into the network. Bitcoin, according to him is quite sturdy because of its “strong cultural norms”. He also added that all the changes being effected on the Bitcoin network are very small and not too altering. Any really huge change, according to him, would make a hard fork ultimately necessary.

Importance And Use Of Upgrades

Breitman, speaking on Athens A, said that:

“The Athens activation demonstrates that cryptocurrencies do not have to choose between being stuck with early technological choices or protecting themselves against interference. Upgrades can be automated, decentralized, and self-funding.”

He also spoke on the voting process preceding the release of Athens A saying that “participation was a huge success with over 80 percent of the votes cast, twice, in a period of a few months.”

The Price of Tezos is expected to increase favorably because of Athens A with some analysts predicting that the XTZ is bullish in the long-term.

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