The Tezos (XTZ) Network Continues To Expand Behind The Scenes

February 27, 2022 6:07 pm

Over the past year, Tezos has been silently growing with the company observing continued network growth, more partnerships, and an increasing number of XTZ holders.

Tezos is a decentralized open source blockchain project that was launched nearly four years ago and has for the most part stayed under the radar for most investors.

Since the launch of its blockchain, the network has gone through seven substantial updates already using its self-amendment mechanism which is facilitated through on-chain voting.

The on-chain voting has a specific purpose which is to prevent hard forks which we have observed with several other blockchains in the past.

CryptoPotato reports:

The latest one announced in September 2021 and called Hangzhou promises to deliver a “new era” for the network.

“The Hangzhou upgrade will help set the stage for an expected 2022 consensus upgrade, Tenderbake, and introduce a number of new technical tools and patches.”

Some of the new additions will incorporate a feature allowing smart contracts to read the storage of other smart contracts.

Another one will provide countermeasures against Block Producer Extractable Value, while context flattening will enable future optimizations to speed up blocks processing, and others.

The ability to allow developers to deploy smart contracts on its blockchain meant that Tezos is among the growing number of platforms that will be heavily involved in the decentralized finance space.

The emerging space of DeFi (decentralized finance) really became a hot topic in the middle of 2020 with many blockchain projects just starting to enter the space.

Tezos is reported to be growing heavily in this space as there is now over 100 decentralized applications on the Tezos network with a focus on either DeFi or NFTs.

Protocols are also being built now to target other emerging spaces such as the metaverse and blockchain-based gaming.

When it comes to network activity and partnerships, the metrics also show the number of transactions steadily increasing over time and increased awareness through collaboration with well known brands.

ZellaNews reports:

The most important improve got here in the summer season of 2021 when Tezos launched a community improve chopping common block instances in half.

Transactions involving good contracts noticed an uptick as NFT protocols on Tezos began seeing enhanced adoption, equivalent to FX Hash.

XTZ token holders transfer consistent with the aforementioned will increase. Wallets containing not less than one coin practically tripled in a few yr and are effectively above 300,000 as of now.

The venture has inked quite a few partnerships in the previous yr or so and was significantly lively with international banks.

One of the first got here in April final yr when the third-largest French banking group – Societe Generale – tapped the Tezos blockchain to challenge a structured product as a safety token.

The French establishment additionally revealed plans to begin providing crypto-asset structuring, issuing, change, and custody providers to skilled shoppers this yr.

Another partnership with a banking firm – this time with Arab Bank Switzerland – allowed the latter’s institutional shoppers to retailer, stake, and commerce the native cryptocurrency of Tezos – XTZ.

At the time of writing, Tezos is the 44th largest coin with many investors expecting XTZ to have a high probability of continued growth in the long-term given its  successful track record even if it doesn’t become one of the top blockchains.

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