Tezos, the innovative self-amending proof-of-stake blockchain and formidable competitor to Ethereum, recently announced the implementation of its 14th network upgrade, dubbed “Nairobi.”
The upgrade brings several major enhancements aimed at improving user experience and network performance. Despite these advances, The blockchain’s native token has not had a significant impact on its price.
Nairobi Upgrade: Improving Transaction Throughput and Simplifying User Experience
Created in collaboration with teams including Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori, the Nairobi upgrade introduces a series of . A key highlight of these improvements is increased transaction throughput, allowing for faster processing of transactions and lower transaction fees.
After the upgrade, Tezos saw an 8x increase in throughput, which applies to operations as diverse as transactions, smart contract calls, and Smart Rollup maintenance operations.
Notably, with the Nairobi update, Tezos now offers support for the Smart Rollup feature. The blockchain platform introduces new features and internal layer 2 messages, enabling Tezos to seamlessly sync the rollup kernel with future protocol upgrades. Additionally, Tezos has improved terminology for better understanding and communication. The ability to reach consensus faster is also enhanced, notably by increasing the speed at which pre-proofs propagate.
Tezos Ecosystem DAO: Simplifying On-Chain Funding Deployment
The Nairobi upgrade coincides with the launch of the Tezos Ecosystem DAO to improve on-chain fund deployment and treasury management to facilitate important initiatives within the ecosystem . Decentralized Autonomous Organizations (DAOs) enable community members to submit funding requests for Tezos-related initiatives, which are then curated, voted on, and allocated XTZ. To ensure transparency and accountability, all DAO activity will be publicly visible. Initially, the DAO will be governed by a three out of five multi-signature setup, with organizations including: Tezos Foundation and Tezos India Foundation hold keys.
Despite these significant developments, XTZ price remains under pressure. As of June 26, XTZ was trading at $0.80, up 13% from its June 2023 low. While the overall cryptocurrency market appears to be bottoming out, the current bearish trend persists, down 45% from February highs.
looking to the future
Nairobi upgrade marks a major milestone , highlighting the blockchain platform’s commitment to continuous improvement and innovation. By increasing transaction throughput, improving terminology, and launching the Tezos Ecosystem DAO, Tezos not only improves network performance, but also simplifies the user experience. Despite the current poor XTZ price trend, these advancements pave the way for a bright future for the Tezos network.
Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.