Tezos blockchain prepares to activate Babylon 2.0 update

Today, the Babylon 2.0 update, which will be the third protocol update, should be activated on the Tezos network.

The update, which was supported by 84.53% of network members, was proposed by a group of researchers and developers Nomadic Labs and Cryptium Labs. Babylon 2.0 should slightly change the consensus algorithm, the functionality of smart contracts and the network management mechanism.

One of the main changes will be the simplification of the process of creating smart contracts, and their code will be simpler and cleaner. Also, the reward system for “bakers” (validators) will change to include all available block approvals.

In addition, it will become easier for users to transfer funds. Previously, for this it was necessary to generate a special address KT1, however, after activating the update, the transfer of funds can be carried out from the main address.

This summer, it was reported that BTG Pactual, the fifth largest bank in Brazil, plans to use the Tezos blockchain to carry out an offer of token-shares (STOs), the volume of which can reach $ 1 billion.

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