The latest Tezos protocol upgrade, named Paris, was launched on Mainnet on June 4th, 2024. Tezos is renowned for its self-amending capabilities and community-driven on-chain governance system, positioning it as a cutting-edge blockchain technology. The Paris upgrade continues to uphold Tezos’ tradition of community-driven innovation and development, enhancing its speed, scalability, and reliability.
Key features of the upgrade include the Data Availability Layer (DAL), 10-second block time, Adaptive Issuance, Staking, and Adaptive Slashing.
Enhancing Layer 2 Throughput with the Data Availability Layer
The introduction of the Data Availability Layer (DAL) is a significant aspect of this upgrade. The DAL facilitates better participation by reducing hardware and bandwidth requirements, promoting a decentralized, open, and reliable data distribution network. By enabling the DAL, Tezos significantly boosts throughput for Smart Rollups, paving the way for processing millions of transactions per second. This is particularly beneficial for high-demand applications such as gaming, ticketing, and other data-intensive services.
Rollup data remains verifiable and accessible, supporting decentralized apps (dApps) across various sectors. With the implementation of the DAL, Tezos emerges as one of the most scalable blockchains available, offering a secure option for companies and developers seeking to leverage blockchain technology for complex applications.
Improved Performance on Layer 1 – Enhancing Affordability and Decentralization
The latest upgrade reduces block addition time from 15 seconds to just 10 seconds, resulting in reduced latency and quicker finality. This enhancement allows for faster transaction processing, enhancing user experience without compromising network security and reliability. The network becomes more dependable for critical transactions, offering a more responsive platform with reduced waiting times.
Faster confirmation times and enhanced speed make Tezos a more attractive platform for a wide range of applications, including financial transactions that require swift trades and settlements. With increased efficiency and user-friendliness, Tezos becomes a preferred choice for developers and users within the blockchain ecosystem.
Adaptive Issuance and Reinforced Proof-of-Stake Foundations
The introduction of adaptive issuance aligns the economics of Tezos’ native currency, tez, with practical use cases, making it more suitable for rollups, DeFi, and lending markets. This reduces the reliance on custodians for baking, minimizing administrative challenges and regulatory impacts. Additionally, lower reward rates may lead to reduced tax obligations.
The network’s security is bolstered by the new staking mechanism, which increases the amount of funds locked in Tezos’ Proof-of-Stake. Through the new staker role, users can contribute to a baker’s security deposit without forfeiting control over their funds, earning rewards without the risks associated with centralized staking options.