Tezos' Latest Governance Protocol ‘Athens' By Nomadic Labs Is All Set To Undergo Real-Time Testing

Tezos’ Latest Governance Protocol ‘Athens’ Is All Set To Undergo Real-Time Testing

As per an all-new article published by theBlockCrypto earlier today, the first proposal for Tezos’ new governance protocol has been officially submitted. As a result of this, network stakeholders (also referred to as Bakers), will now be given the opportunity to “vote on adding changes to the system’s design”.

With that being said, it should be remembered that such changes can only come into effect if 80% or more of the participants vote in favor of the submitted proposals.

About Athens

From a technical perspective, we can see that the all-new Athens Protocol has been devised by Nomadic Labs and contains within it two key proposals that are quite similar to one another. The core difference lies in the fact that one proposal seeks to reduce the network’s native “baking” threshold from 10,000 XTZ to 8,000 XTZ.

In total, the voting process will conclude after a period of around 21 days— following which a final judgment on the proposal will be issued.

Other Key Changes Will Include:

  • Gas Limits: In an effort to help the network operate more seamlessly, Tezos has announced that it is looking to “double the maximum amount of gas” that can be spent for the block as well as for each individual monetary tx.
  • Invoicing: Athens is all set to include an all-new invoicing feature that will allow devs to request for XTZ so as to help fund their envisioned proposals.
  • Native Voting Efficiency: The new governance protocol will also put forth an all-new voting mechanism that will help the typical voting period shrink from its usual time-frame of three weeks to under 52 hrs.

Final Take

In closing out this piece, it should be remembered that “on-chain governance modules” have recently been gaining a lot of traction since they are known to help solve “chain disputes” in real-time. It now remains to be seen how the future of Tezos’ latest offering plays out.

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Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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