Tezos celebrates its 4th birthday with a new update. Discover Jakarta and its scalability solutions!
On the 30th of June 2022, Tezos turned 4 years old! This date in fact coincides with the launch of the Genesis Block of the Breitman blockchain in 2018. In 4 years, Tezos has implemented no less than 10 updates in its network. The latest one is called Jakarta and went live on the 28th of June, following Ithaca in April 2022. Check out Jakarta and its scaling solutions to expand Tezos’ NFT ecosystem!
With the new Tezos update comes optimistic roll-ups
One of the reasons to be a fan of Tezos is that it is a blockchain that is constantly being updated. Tezos’ policy is to offer updates on a regular basis to provide the most functional and innovative technologies. The new Jakarta update continues Ithaca’s focus on optimising transaction finalisation. Jakarta was proposed on 16 April and went live on 28 June. The most notable feature of the new Tezos update is the inclusion of Transaction Optimistic Rollups (TORU) that will improve performance in terms of TPS (transactions per second). These rollups will be piloted for one year, and their final stay will depend on usage and feedback from the community.
How do optimistic roll-ups work?
Roll-ups are a Layer 2 scalability solution that allows a series of transactions to be merged off-chain into a single block that is recorded on Layer 1. Optimistic roll-ups are specific roll-ups in which transactions collected together are not verified once they are transferred to the main chain because they are assumed to be valid: “they are called optimistic because they work on the assumption that the validation is correct until explicitly proven otherwise.” The validity of transactions is verified as needed and security is guaranteed by a ‘Fraud Proof’ mechanism. Optimistic Rollups are used by Arbitrium and Optimism, two of Ethereum’s scalability solutions.
Tezos’ scalability strategy? Everything for NFT!
Tezos‘s latest updates, such as Jakarta, are part of this blockchain’s scalability plan. With the new consensus mechanism (Tenderbake) Tezos has already improved the speed at which transactions are included and transcribed in the chain. But what is all this scalability for? To accommodate the adoption of projects and realities in the Tezos network, especially for those with a non-fungible and collectible token theme. For Tezos, NFTs have always been a focus, the scalability of the blockchain supports the ever-increasing number of transactions that are required to mine and sell NFTs. Scalability promotes mass adoption of Tezos as a network for NFTs!
Although they are not among the market leaders, the NFT marketplaces on Tezos have achieved significant results. Objkt for instance achieved a volume of over 100 million dollars. Not bad for a ‘secondary’ marketplace. Objkt is characterised by its green vocation, in fact it characterises its products with the hashtag #cleanNFT.
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