Tezos is about to arrive with its first on-chain protocol upgrade

According to Alison Mangiero, President of the Tocqueville Group (TQ Tezos), Tezos is a notable open source project in the blockchain space that applies decentralization to its overall model rather than just promoting decentralization.

As a reminder: Tezos went through a very successful ICO event in the summer of 2017 and raised up to 232 million US dollars. Back then, Tezos was the ICO that raised the most funds.

Decentralization by and large

“Tezos as a project not only pays lip service to decentralization and is not only decentralized with regard to our validators, stakers or bakers,” Mangiero said recently in an interview with CryptoPotato. “The units working on Tezos are also decentralized.”

Mangiero delved a little further into the concept and explained the Zug-based (Switzerland) Tezos Foundation “Houses”.

Alison Mangeiero, TQ

the funds from the original Tezos Foundation fundraiser. ”Her mission, she noted, is to provide these funds to support the Tezos ecosystem. The foundation’s day-to-day activities include granting grants to various stakeholders, as well as helping institutions that support the Tezos project through multiple methods, Mangiero said. New York-based TQ is one such company.

Regarding TQ, Mangiero said they “focus on business development, technical services, communication and marketing, and advocacy”.

The TQ president also mentioned the Paris-based Nomadic Labs. “You are one of the teams working on the core protocol,” she explained. Mangiero made it clear that there are many teams worldwide working on the Tezos protocol and “some of the original architects of Tezos are now housed in Nomadic Labs in Paris”. In addition, she mentioned several other groups involved worldwide including Tezos Japan, Tezos Korea, Tezos Southeast Asia, and others.

Latest Tezos news

Speaking of the latest developments for Tezos, Mangiero spoke about the very first Tezos upgrade, Athens, which was in the works in the last few months from January 2019, “she explained.

“It’s a self-changing ledger, meaning it contains a formal on-chain mechanism for suggesting, selecting, testing, and activating protocol upgrades that come straight from the community without the need for a hard fork.”

Mangiero added: “The first changes to the protocol were proposed in January [2019]The proposed changes relate to the baking area (staking out for Tezos) and the minimum number of tokens required to own a role (similar to a master node) in order to be able to bake.

Prior to the discussed upgrade, users who want to bake will need a roll of 10,000 XTZ coins, Mangiero explained. The January proposal included reducing the required roll size from 10,000 to 8,000, as well as proposed changes to gas limits, noted the TQ president.

The community has spoken out in favor of lowering the role requirement, said Mangiero. “We are now approaching the end of the exploratory period and by the end of May this change will be made automatically if the proposal reaches quorum,” she said. “This is an important moment because it will prove that the log is capable of updating itself,” she added. “We knew it worked in theory, but this will be the first time the Tezos Protocol actually does this.”

Mangiero also clarified, “A super majority of around 80% is the threshold for a quorum.” That essentially means that at least 80% of the bakers who vote must agree to the upgrade for the changes to take effect. “

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