DailyCoin
Published Aug 15, 2021 12:00AM ET
Tezos (XTZ): Price Updates, Recent Developments, Community, Future Events
Tezos is one of the fastest-growing blockchain platforms owing to its security, community governance, and energy efficiency. Even better, Tezos continues to evolve, now with the latest upgrade, Granada.
Tezos’ outstanding blockchain network has attracted several high-profile partnerships to the Tezos ecosystem, including collaborations with McLaren and Red Bull Racing. How has Tezos fared in recent times?
Recent Developments
The seventh upgrade – Granada – comes less than three months after the sixth upgrade, Florence, doubled the size of maximum operations on the network; from 16kB to 32kB.
The upgrade has successfully cut the block time on Tezos by half; from 60 seconds to 30. Granada will drastically reduce gas consumption for smart contracts. Consumption will be reduced by an average factor of 3 to 6 times.
Following the release of Granada, the Tezos network has surpassed 10 million contract calls, from 8 million in the past 8 weeks. In July alone, there were over 2.5 million contract calls on Tezos.
In the first three years of its launch, the Tezos network was only able to amass 5 million contract calls. In all, 2021 has been a spectacular year for Tezos. The activity on the Tezos network has grown as much as 1,200 percent this year.
In June, McLaren Racing announced that it will be building a non-fungible token (NFT) platform on the Tezos blockchain.
In July, CryptoTask, a DeFree freelance application with over 35,000 users and over 100 daily sign-ups announced that it will be moving to Tezos’ blockchain. This week, Rocket Launchpad, a decentralized IDO (initial DEX offering) platform also entered the Tezos network.
Future Events
Although Granada brings faster finality to the Tezos blockchain, it is only a step in the process for a transition into a new consensus algorithm, Tenderbake.
With Tenderbake, Tezos’ eighth network upgrade, it will transition its current blockchain network from a Nakamoto-style consensus algorithm into a BFT-style (Byzantine Fault Tolerance).
This new consensus algorithm is expected to significantly speed up finality. Tenderbake is expected to launch in 2021 and it will catapult Tezos’ transactions per second to 1000+.
On The Flipside
Tezos Price Update
Like the majority of altcoins, Tezos has been in the green in the last week. XTZ opened trading in August at $3.03, but an altcoin rally has seen it rise to as high as $3.29 today.
Currently, XTZ is trading at $3.29 and has a market capitalization of $2.81 billion. Ranked as the 40th largest crypto, the asset reached an all-time high of $8.40 in May.
Tezos Community
The Tezos community is one of the fastest-growing in the crypto space today. This was earlier highlighted by the spike in contract calls on the network.
The flexibility and innovative approach to blockchain problems presented by the Tezos network has attracted, and will attract, even more to the project. On Twitter, the project has 124K followers and has gone on to garner over 1.3 million accounts.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.