Tezos reaches milestone and launches network upgrade Carthage

  • The Tezos community has successfully voted and implemented the network upgrade Carthage.
  • The protocol upgrade 006 includes the increase of the gas limit and fixes minor errors of the previous protocol version.

Tezos was able to defy a few bear markets and, thanks to a steadily rising XTZ price, it was able to fight its way to 10th place among the largest cryptocurrencies in terms of market capital. After a successful governance decision process, the Tezos development team successfully implemented the Carthage network upgrade. The protocol was upgraded on block 851,969, marking the transition from the Babylon protocol (also known as 005) to Carthage (006).

Awa Sun Yin, founder of CryptiumLabs, announced the positive news on Twitter. Community participation was very high with 74.75% and 72.05% of all stalled XTZ in the exploration and production phase.

The Carthage Testnet was already launched on November 07, 2019 and included the same features as the previous Mainnet Babylon protocol. The main developers of Carthage are CryptiumLabs and NomadicLabs, who have been among the Tezos core developers for a long time. Among the most important changes is the increase of the gas limit per block by 30%. This increases data throughput and security, allowing a greater number of Smart Contracts to be executed.

The formula for calculating rewards has also been improved to make it more resistant to non-cooperative baking strategies. Tezos works with a different terminology than other blockchain projects. The process in which a new block is created is also called “baking”. Nomadic Labs explains in more detail:

Baking can be framed as a game in which bakers follow strategies aiming at maximizing their profits, for some notion of profitability. A strategy is called cooperative when a baker bakes publicly, on time and includes all available endorsements. Cooperative baking strategies are the ones that provide the chain with the best security, fastest probabilistic finality, and throughput. Nomadic Labs’ baker (which is currently the most widely used) implements such a strategy.

Each network participant can either “bake” himself or commission a delegation service. Without support of a delegation service the baker must operate a node and have at least 8,000 XTZ. This requires extensive technical knowledge. However, the baking can also be delegated to a delegation service. This service is the easiest and safest way to receive rewards for the baking.

The upgrade to Carthage is a big milestone for Tezos and the whole community. Tezos Capital CEO Jonas Lamis further announced in mid-January that the StakerDao will be launched on the Tezos blockchain in the first or second quarter of this year. StakerDAO attempts to combine decentralised finance (DeFi) with decentralised governance. This will enable Tezos to enter the forward-looking DeFi market.

Tezos (XTZ) is one of the top performers in the cryptomarket

In the last 30 days, the price of XTZ has risen by more than 60%. This makes XTZ one of the best performing assets in the crypto market in 2020, but it remains to be seen whether Tezos can continue its steady rise.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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