Finally, it's official; after some three months of deciding, Tezos' blockchain is finally undergoing some much-needed upgrade. Coin Desk reported that the updates will be backward-incompatible and that they will be implemented Wednesday.
The upgrade went by the name "Athens" and was actually the first to undergo Tezos' "self-amendment" policy. The policy had 'bakers' (Tezos' version of bitcoin/ethereum miners) stake tokens, which were bundled into 'rolls' if they were interested in a platform that was upgrading. Tezos operated on the whole basis of 'baking' and reached its value of $1 billion through the entire process of "bakers doing the baking" on their platform.
The developer group Nomadic Labs was behind the "Athens" blockchain. They were also the first ones to kick-start Tezos' process back in February. During that period, the developers put forward two versions of the program, labeled Athens "A" and Athens "B". The process was supposed to make it easier for developers to gain smart contracts while building within the platform.
Toshi Times, meanwhile, covered the beginnings of Tezos. From a "smart contract blockchain" that managed to raise $232 million in 2017, Tezos has become a big part of why blockchain transactions are flourishing. Tezos' pricing has risen up by 70%, leaving others to think of what Tezos might have done to create something of this magnitude.
These days, it's hard to ignore Tezos' rise to the top without looking back to how it began.
The efficiency to create upgrades was what the blockchain-based platform started on. What they came up with was a voting system where all miners were consulted on and everybody had a vote. By doing this, only the apps and programs which were voted enough on will have a guarantee on whether they can be updated or not.
This system has only been recently put to the test. The last few days, token holders have been voting on various proposals. Whether it's to raise the gas limits or to lower requirements for staking a claim or what, the users--which had also been called 'bakers'--had been busy voting on proposals and making sure that only that deserve to pass through does so.
It's a big process, but by all means, it's not that Tezos already knows how to make blockchain decisions work. It just shows that on-chain governance has a long way to go, but with firms like Tezos working on it, it has a chance to flourish further.
