Tezos is designed to power the Web3 revolution.
The future of the internet is being built on Tezos–with user participation and governance at its core. Users can directly and frictionlessly interface with each other over a decentralized network, exchanging value and interacting with various applications, without the need for intermediaries. On Tezos, Web3 can be a truly user-governed and user-centric movement, the way it was meant to be.
Institutional Grade Security.
Tezos is designed to provide the safety and code correctness required for assets and other high value use cases at both the protocol and application layers by leveraging languages OCaml and Michelson, which facilitate formal verification, a practice commonly used in mission-critical industries. The future of Web3 can be secure on Tezos.
Governance by the People.
The Tezos platform was built with mechanisms to ensure active community governance and participation–a key component of Web3. Users can actively participate by evaluating, proposing, or approving amendments to Tezos. This empowers the type of collaborative innovation that keeps Tezos on the bleeding edge of technology, and it’s why Tezos is best positioned to underpin the Web3 revolution.
An Energy-Efficient Algorithm.
Unlike Proof-of-Work blockchains like Bitcoin or Ethereum, Tezos’ Proof-of-Stake requires significantly less energy and cost to operate, making it an ideal alternative platform for building blockchain applications that are eco-friendly. As the Web3 movement gains in adoption, scaling responsibly requires a more energy-efficient approach. Tezos delivers on this today.
Smarter Smart Contracts.
Tezos is one of the leading smart contracts Proof of Stake blockchains. Tezos smart contracts can use formal verification, allowing them to be mathematically verified, reliable, and secure.
Seamlessly, Forklessly, Endlessly Upgradeable.
Tezos is built to adjust, adapt, and add features and functionality through its proven on-chain upgrade mechanism.
Tezos is built to remain state-of-the-art. Its modular architecture and formal upgrade mechanism minimizes disruptions while offering regular upgradability and enhanced functionality over time.
A community governed,
ever-evolving technological vision.
Tezos continuously adds the latest innovation, seamlessly leveling up to deliver novel and new capabilities within the space through its upgrade mechanism. See how far we’ve come and help us imagine where Tezos will go in the future.
Upcoming Protocol Upgrade
The Tezos protocol was upgraded successfully on 28 June 2022.
A new proposal has been submitted and is being evaluated and considered by the community.
Introduced Tenderbake, a new and significantly upgraded Tezos consensus algorithm, which enables fast finality and improved scalability for the Tezos blockchain. Introduced a variety of other changes that improve the baking experience, such as reducing the amount of tokens required to be a validator, a rework of the baking and endorsement rewards mechanism, and more.
Introduced several improvements such as views which give smart contracts the ability to read the storage state of other smart contracts, timelock encryption to serve as a countermeasure against Block Producer Extractable Value, caching to provide faster access at lower gas costs to data that is accessed regularly, and a global table of constants to facilitate development of more complex smart contracts.
Introduced Liquidity Baking, which mints a small amount of tez every block and deposits it inside of a constant product market making smart-contract. This incentivizes large amounts of decentralized liquidity between tez and tzBTC. Included several improvements that led to a 3-6x decrease in gas consumption of popular contracts.
Doubled maximum size of operations, which more than doubled the maximum size of smart contracts. Furthered gas optimizations as well as sped up gas arithmetic by a factor of ten. Enabled more intuitive smart contract development by adopting depth-first execution order. Deactivated unused Test Chain in the Economic Protocol, resulting in more streamlined amendment process.
Added Sapling and BLS12-381 to enable privacy-preserving smart contracts and tickets for native permissions. Updated amendment process by lowering period length to 5 cycles and adding a 5th Adoption Period.
Improved gas costs. Reduced storage costs by a factor of 4 to reflect improvements in the underlying storage layer.
Increased gas limit per block and per operation; improved the accuracy and resiliency of the formula used for calculating baking and endorsing rewards.
Introduced a more robust version of the blockchain’s consensus algorithm (Emmy+); simplified smart contract development; refined the delegation process.
Increased gas limit per block and reduced the roll size from 10,000 ꜩ to 8,000 ꜩ