Marigold, Metastate, Dailambda and Nomadic Labs have recently introduced Edo, Tezos’ latest protocol upgrade which has since gone live and keen observers would have noticed that some much-needed features such as transaction privacy have finally been added. Additionally, decentralized finance contracts to the Tezos blockchain have also been showcased.
Zcash was the first one to utilize Sapling, an upgrade which Tezos has adopted for their new protocol. With it, disclosure on selective transactions is now made possible much to the delight of Tezos.
Tezos is a blockchain, quite similar to that of Ethereum. Much like the latter, Tezos employs the use of smart contracts to automatically control, execute as well as document and all legally relevant actions and events as per the terms and agreements of any given contract. Unlike Ethereum though, Tezos has much grander aspirations as the team desires to completely avoid the utilization of a hard fork in favour of improved functionalities. This will have the added effect of potentially creating increased capabilities to the network’s pre-existing functionalities which will, in turn, enable it to be made available for even more use cases.
XTZ holders usually vote to decide if developers may actually go through with suggested recommendations to their upgrades and overall protocols, and for the most part, Edo has enjoyed considerable success when it comes to implementation. Moreover, XTZ holders will further be eligible to have access to private transactions provided this is permitted by the network via a vote. Secure as well as composable contracts, will also be made available.
To ensure a seamless transition to this new protocol, an adoption period for both essential as well as non-essential users will be provided to those who subscribe to the Tezos network.
Tezos’ native digital currency is currently ranked as only the 23rd biggest cryptocurrency in terms of market capitalization, according to CoinMarketCap. No matter how one may choose to look at it, Tezos has clearly transformed itself into an extremely determined and advanced blockchain project within the crypto space. This new upgrade could thus contribute towards reaching even higher levels of adoption via consistent developments in the near future.