The Tezos blockchain, one of the earliest Proof-of-Stake (PoS) blockchains, has received the latest proposal for its protocol upgrade.
The Jakarta proposal upgrade is the 10th major upgrade from Tezos, which aims to bring major updates to the blockchain’s economic protocol and a number of minor improvements to the platform.
Named after Indonesia’s capital city, the Jakarta upgrade proposal introduced Transaction Optimistic Rollup as a scalability solution, developed a secure sapling integration, introduced toggle voting for liquidity baking subsidies, and ‘tickets’ tracking on the Tezos protocol. started of.
According to the Nomad Labs post, the Jakarta proposal will launch its own testnet, JakartaNet, in the coming days, with bakers, developers, indexers and other users welcoming the platform ahead of the vote.
Tezos Blockchain’s 10th Major Upgrade Proposal
Over the years, Tezos has welcomed continuous upgrades and updates at the protocol level to expand Tezos’ DApp ecosystem.
The last nine major upgrades have reduced transaction times and reduced gas costs, giving builders more opportunities to develop on top of the Tezos blockchain. It has seen increased user adoption and value addition across its ecosystem, with the decentralized finance (DFI) and non-fungible token (NFT) markets on Tezos doubling in value over the past year.
Jakarta proposes the introduction of the Upgrade Transaction Optimistic Rollup (TORU), a Layer 2 scalability solution.
These rollups enable higher transaction throughput (TPS) by moving the validation of transactions from the main blockchain to ‘Layer 2’, making the mempool lighter on the mainchain.
TORU will be an experimental feature that will allow for faster exchange of tokens and additional efficiency in other tasks.
To optimize the perception of ownership on the Tezos protocol, the Jakarta upgrade introduces ‘Ticket Hardening’, a mechanism to explicitly track the ownership of tickets.
Tickets are a way for smart contracts to authenticate data regarding Tezos addresses. Now, users can clearly track the ownership of their tickets on the platform with the new upgrade.
This will boost the security of stamps, give them additional protection against forging and facilitate Layer 2 solutions that use stamps to represent assets on the main chain, such as TORUs.
Redefining the Liquidity Baking Subsidy
For each block ‘baked’ (mined) in the Tezos blockchain, a small amount of $tez (subsidy) is mined and deposited into the CPMM contract, which is used as an incentive for bakers on the network. Is.
As a safety precaution, this subsidy expires automatically at a certain level called the Liquidity Baking Sunset Level. Tezos holders can then stake their tokens to vote whether to keep the subsidy or remove it, in a process previously labeled as the “liquidity baking escape hatch.”
The latest upgrade renamed the process to “Liquidity Baking Toggle Vote”, adding an additional option for voters. The options are now “on”, to vote to turn the liquidity baking subsidy on, and “off”, to vote to turn the subsidy off, and a new “pass” option to abstain. There are options for
Another change is that if the inactivity threshold is reached, the subsidies are no longer inactive. If the proportion of bakers who voted “on” subsequently exceeds the limit, the subsidy may be reintroduced.
Finally, the Jakarta Protocol Upgrade Proposal also redefines the counting of voting power of delegates in the self-amendment process.
If implemented, the voting power of representatives would be defined by the share of representatives rather than by direct roll. However, the minimum stake required to be assigned voting rights is 6,000 $tez.