The Tezos blockchain, renowned for its self-amendment capabilities and community-driven crypto governance, has reached a new milestone with the activation of the Oxford 2 upgrade, the fifteenth improvement of its core protocol.
The update of the Tezos blockchain to improve the approach with the crypto community
This update, which demonstrates Tezos‘ commitment to continuous improvement and innovation, brings several crucial advancements, including private Smart Rollups, a refined staking process, and enhanced security measures through renewed timelocks.
The central point of the Oxford 2 update is the introduction of private Smart Rollups in the Tezos ecosystem. Smart Rollups, initially launched in 2023 as a layer 2 scalability solution, have now been enhanced to offer developers an additional level of privacy.
This innovation comes from collaboration with financial institutions that require strict compliance with data privacy.
With private Smart Rollups, developers can choose to define a whitelist of approved operators with access to the data, in order to meet various use cases, such as verifiable settlements between consortia or secure implementations of beta rollups.
This new flexibility allows developers to create custom solutions for specific privacy requirements, while also taking advantage of the scalability benefits of Layer 2 architecture.
The update simplifies the staking experience for validators. Colloquially known as bakers in the Tezos community, with the introduction of an automatic staking mechanism. This improvement simplifies the management of staked funds, promoting greater efficiency and participation within the network.
By automating the staking processes, validators can focus more on network security and participation. This further strengthens the company’s network stability.
Strengthening security: Tezos’ goal
Another significant aspect of the Oxford 2 update is the reactivation of Timelocks within Tezos smart contracts. The renewed design and implementation solve previous security issues, paving the way for their restoration.
Timelocks are a crucial tool for mitigating the risks associated with Maximum Extractable Value (MEV) and front-running attacks, particularly relevant in decentralized exchanges and other transaction-sensitive applications. Thanks to enhanced security measures, developers can implement more resilient and secure smart contracts on the Tezos blockchain, promoting trust among users and stakeholders.
In line with Tezos’ commitment to maintaining the integrity of the network, the Oxford 2 update introduces proportional penalties for validators who engage in double block signing.
By linking penalties to validator stakes, this adjustment strengthens the deterrent against illicit behavior, while ensuring a fair and equitable penalty framework within the network. These measures underline Tezos’ commitment to promoting a secure and reliable blockchain ecosystem for all participants.
The success of the activation of Oxford 2 upgrade exemplifies the strength of Tezos’ community-driven governance model. The collaborative efforts of various stakeholders, including developers, companies, and enthusiasts, have propelled Tezos to the forefront of blockchain innovation. Thanks to its commitment to openness, transparency, and inclusivity, Tezos continues to set the standard for decentralized development and governance.
Information about Tezos and the Tezos Foundation
Tezos is an open-source blockchain platform, energy-efficient, and therefore designed to facilitate the distribution of assets and applications in a scalable and cost-effective manner.
As one of the pioneering Proof of Stake blockchains, Tezos boasts a global peer-to-peer network and is renowned for its long-term upgradability, open participation, and smart contract security.
The Tezos Foundation is a Swiss non-profit organization that plays a fundamental role in supporting the development and long-term success of the Tezos protocol. Committed to promoting innovation and sustainability within the Tezos ecosystem, the foundation acts as a catalyst for community-driven initiatives and progress.
Conclusions
In conclusion, the success of the activation of the Oxford 2 update marks a significant milestone for the Tezos blockchain, consolidating its position as a leader in blockchain innovation.
With the introduction of private Smart Rollups, simplified staking mechanisms, and enhanced security measures. Meanwhile, Tezos continues to evolve to meet the ever-changing needs of the decentralized landscape. The collaborative efforts of the Tezos community, along with the contributions of expert teams, highlight the platform’s commitment to open participation and continuous improvement.
As Tezos prepares for the launch of Etherlink, a Layer 2 solution compatible with EVM, the Oxford 2 upgrade lays the foundation for increased scalability, privacy, and efficiency. With its constant focus on promoting innovation and sustainability, Tezos remains at the forefront of blockchain technology, ready to empower builders, developers, and businesses worldwide.