Tezos Just Deployed A Massive Update

It’s been revealed that Tezos just deployed an important update. Check out the latest reports revealed by CoinDesk.

According to the same online publication, proof-of-stake blockchain Tezos has activated a major upgrade, changing its consensus algorithm in the protocol’s ninth upgrade.

According to a press release, the upgrade is code-named Ithaca 2. It’s also important to note the fact that this replaces the current consensus algorithm, known as Emmy, with Tenderbake, which enables lower block times, producing faster transactions and smoother-running applications.

“In addition to Tenderbake, Ithaca 2 prepares the Tezos blockchain for scalability efforts, such as rollups for WebAssembly and Ethereum Virtual Machine (EVM) compatibility, with pre-checking, a validation scheme that increases throughput,” according to the same online publication.

It’s also important to note the fact that the Ithaca 2 upgrade will also reduce the requirement to become a network validator by 25% from 8,000 tez (the Tezos digital token) to 6,000 tez, adding to the network’s decentralization, according to the press release.

Also, the smart contract calls on Tezos have increased significantly from 100,000 per month in January 2021 to over 6.2 million in January 2022, according to the same online publication.

The price of Tezos’s XTZ currency has risen 4.6% to $3.92 over the last 24 hours, according to CoinDesk data, with other cryptocurrencies gaining modestly over the same time period.

In other recent news, it’s been just revealed that Senator Ted Cruz has just introduced a bill that would prohibit the Fed from issuing a retail CBDC. Check out more details below.

A direct-to-consumer CBDC could be used as a “financial surveillance tool” by the federal government according to Cruz.

Blockworks notes that Cruz has proposed a bill echoing one introduced in the House in January. This was his attempt to maintain the dollar’s dominance without competing with the private sector.

As the same online publication notes, the latest planned legislation, introduced by the Republican senator from Texas, would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals.