We plan to share a bit more of a detailed blog post on the significance of this upgrade next week. But, it’s important to focus on this mechanism amidst all the great developments as this is the thing that quite literally makes Tezos and derives its value proposition as comparative to other networks.
That said, in case you’re unaware of that “mechanism” allow me to explain.
Tezos has a unique feature
, allowing it to incorporate the latest and greatest feature sets/technologies onto the core protocol in a formal and seamless means. This allows Tezos to “self-amend” and incorporate these feature sets without a hard fork, or splitting of network effects.
Think of networks like Ethereum which are still under a Proof of Work based consensus. In order to incorporate any protocol level changes, they must undergo a hard fork.
This has led to example upon example of splitting communities and network effects. Those network effects are crucial for public blockchains as that’s where they drive the majority of their value from. Tezos isn’t an outlier, it just recognized these flaws ahead of time and created a new method and means of incorporating protocol level changes without succumbing to the same fate.
For more information, be sure to check out the video here
Now that we’re all caught up, let’s look at Hangzhou and the significance of this upgrade.
Upon activation (December 3rd), Hangzhou will be the 8th autonomously activated Tezos on-chain upgrade. No other public blockchain can claim this feat, Tezos has truly battle tested its novel self-amendment process.
Hangzhou traces its nomenclature to East China’s Zhejiang province. Located on the East China Sea, Hangzhou was a natural location for trade and became one of the largest ports in China during the Three Kingdoms period (220–280 CE). This in culmination with the arrival of new people and the growing importance of the Silk Road on the Chinese economy — led to a large artistic, cultural, and religious exchange as well.
We can draw parallels to Tezos today. While Tezos is not bordered or tied to a specific geographic region of the world, we’re seeing the blending of art, culture, and more globally in the form of NFTs and DAOs, to name a few. At the epicenter of this cultural and artistic movement is a global and decentralized network designed to adapt and evolve over time.
Hangzhou introduces several new features for the Tezos network. Of all the proposed features, it’s clear the foundations are being laid for the highly anticipated Tenderbake feature.
The features present within Hangzhou are as follows:
- Global Table of Constants
- Context Flattening
- Liquidity Baking
In case you’d like to learn about everything more in-depth, be sure to head over to Marigold’s blog
While we’ve seen the constant changes/optimizations in gas/storage costs, we’re witnessing a feature truly unique to Tezos being battle tested in a public environment.
What remains to be seen is the roles in which Tenderbake and further Layer-2 developments will begin to bring about for the Tezos network for dApp’s, NFTs, DeFi, and more.
December is going to be another month for the books.
If you’re a public or private baker, be sure to upgrade to octez 11.0 as well!