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Tezos Community Votes For Protocol Update

13:11 22/03/2019
First Voting On System Update Is Held On Tezos Blockchain

The Tezos blockchain platform officially announced the completion of the first stage of voting for two competing proposals on the system upgrade, CoinDesk reports.

 

Voting was preceded by the disputes within the community. Two proposals called Athens A and Athens B are intended to update the Tezos protocol and should prepare the blockchain for hard forks that will occur automatically.

 

About 26,000 bakers (the equivalent of miners in the usual PoW-based blockchains) made their choice. Athens A gained the overwhelming majority of votes — over 18,000. It should be noted that more than 50% of bakers abstained from voting.

 

Athens A will make specific changes to the work of the blockchain. Thus, the gas limit will be raised, which will lead to an increase in the system capacity. Moreover, there should be 8000 XTZ on the account, instead of 10,000 XTZ, to get baker status.

 

After the vote, the developers will proceed to the so-called research phase, which will last three weeks. During this time, they will have to make a decision regarding the testing of the Athens A proposal. As a result of the tests, it is expected to hold another vote, and then the update will be activated. The whole process should be completed by the summer of 2019.

 

The Tezos blockchain was officially launched in September 2018. In 2017, the project managed to raise $232 million during the initial coin offering. According to CoinMarketCap, the Tezos cryptocurrency was 20th in the rating with a capitalization volume of $489.8 million and a value of $0.738204, on March 22 at 05:30 (UTC).

 

As previously reported, a project related to real estate tokenization will be launched on the Tezos blockchain.

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