On the Tezos blockchain platform, the seventh protocol upgrade named Granada has been activated.
Tezos 7th Upgrade ‘Granada’ Is Now Live!
👊🏾Emmy* consensus, cutting block times by 50%
🔥Gas improvements, massively reducing gas consumption in smart contracts
✅Liquidity baking, leveraging governance mechanism and incentives to provide for public goods#Tezos #Granada pic.twitter.com/IL4zJBe9oU
— Tezos (@tezos) August 6, 2021
The Granada upgrade was launched less than three months after the activation of Florence. In a vote on developer proposals, 200 bakers participated, accounting for more than 68% of the votes.
The main change of Granada is the Emmy* consensus algorithm, which halves transaction execution time without compromising network security. With the activation of the new mechanism, block creation time in the network dropped to 30 seconds (from 60 seconds).
According to a ForkLog-available press release, Emmy* will prepare the Tezos platform for the transition to the Nomadic Labs-developed consensus algorithm Tenderbake, intended to accelerate the platform’s operation.
Tenderbake is expected to enter Tezos’ eighth upgrade and be based on the Tendermint concept Tendermint from Cosmos.
The project team stressed that Granada’s activation has significantly reduced gas consumption by smart contracts. This will enable developers to deploy more complex decentralized applications on the platform.
As part of the upgrade, an experimental DeFi-pool, funded by the Tezos protocol itself, was launched. For each new block produced, the platform releases an additional 2.5 tez into the tez/tzBTC liquidity pool.
In six months, the project will stop funding the pool. The community will have the opportunity to vote on continuing the experiment or creating new pools with other trading pairs.
In July, the Gitcoin platform, which funds open-source blockchain projects for building the Web 3.0 Internet infrastructure, integrated the Tezos network.