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Tezos Announces Hangzhou — The Newest Upgrade Proposal

Tezos-newest-upgrade-proposal-hangzou-announce News
  • Tezos announced the newest upgrade proposal named Hangzhou
  • The upgrade will enable new technical tools, patches, and extend liquidity baking
  • The Hangzhou upgrade will prepare the stage for the upcoming Tenderbake update

Tezos recently announced a new upgrade proposal. They named it after Hangzhou — a location in China’s Zhejiang province that’s known to be a major global tech and innovation hub. The upgrade proposal includes major improvements to Tezos.

Tezos is one of the earliest Proof-of-Stake blockchains. It’s also one of the networks that have on-chain governance that lets the network upgrade without performing a hard fork.

While platforms like Cardano are still starting to implement smart contracts, Tezos consistently improves its decentralized network with major updates. The Hangzhou proposal is a predecessor to the upcoming Tenderbake consensus upgrade and will present new technical tools and patches.

The upgrade proposal includes several major improvements. This includes the following:

Views

Views give the possibility to smart contracts to read the storage of other smart contracts. This increases the flexibility of contract design, making it easier for them to express common needs.  

Timelock

Timelock allows a smart contract to include a countermeasure against Block Producer Extractable Value.  

Cache

Caching results in faster access, at a lower gas cost, to the data that is accessed regularly. It helps to improve the use of storage at the protocol level, by splitting the data and increasing the overall throughput of Tezos.  

Global Table of Constants

The Global Table of Constants will allow smart contract developers to register Michelson expressions as “constants” and reference them in their contracts. This allows them to create larger and more complex contracts and serve as the foundation for libraries on Tezos.  

Context Flattening

Context flattening will allow future optimizations in order to speed up the processing of blocks and operations.  

Liquidity baking

Extends the sunset period of liquidity baking to correspond to the next upgrade proposal. Without this, the subsidy would halt during the lifespan of this protocol.

Tezos is known as the blockchain that upgraded many times. Many believe that the Tezos ecosystem sets the bar in the entire crypto industry by showing how on-chain governance can expedite innovation.

The Hangzhou proposal was developed by Marigold, DaiLambda, Nomadic Labs, Tarides, and Oxhead Alpha.

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Ezra Reguerra is the Senior Editor for CoinQuora. He works in the editorial aspects of the publication. His tasks include writing, overseeing the content team, setting goals, and approving content.