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- Tezos developers are adding a new privacy feature to the blockchain.
- A new ticketing system will allow smart contracts to issue tokens.
Tezos blockchain developers are gearing up for some significant updates in hopes of attracting new users. Yesterday, Nomadic Labs, Metastate and Marigold shared a joint press release in which they proposed a new update to the Tezos blockchain. The update, dubbed “Edo”, plans to introduce some new updates for privacy and smart contracts as Tezos hopes to expand and expand its user base.
Meet “Edo”
Most notable on the list is the introduction of Sapling, a library used by the ZCash blockchain. The feature essentially introduces “transaction protection”, a component that allows users to send transactions privately. The sapling is one of the many features that made ZCash the strength it is today. As the developers explained:
Our proposal allows smart contract developers to easily integrate Sapling into their smart contracts and build privacy-conscious applications. Since Tezos can be modified, it was possible to add this exciting new feature directly to Tezos itself.
The developers also introduced a new ticketing system that allows smart contracts to grant transferable permissions and issue tokens. They pointed out that ticketing makes it easier to write functional contracts and incorporating it could allow the Tezos blockchain to attract more users.
Also important is the incorporation of a new adoption period for protocol updates. The developers pointed out that previously blockchain changes have only been published a block after the voting is completed. Ideally, this takes about a minute, much less time for network users to understand and acclimate to the changes.
“Edo” brings a change to this. Instead of four eight-cycle periods when voting, the developers are introducing a five-cycle gap between adoption and activation of the new protocol. This should take around two weeks, ensuring that network user integrations can run smoothly.
Trampling on murky waters
The new update will be the second for Tezos in less than a month. On November 13, the developers announced the successful implementation of “Delphi”, an update that reduced smart contract rates by 74%. As they explained, the changes were implemented to attract users from nascent areas such as collectibles, games, and decentralized finance (DeFi).
With DeFi growing strongly, most of the market remains on the Ethereum blockchain. Tezos hopes the reduced gas tariffs will appeal to some protocols, essentially giving it a foothold in the market.
While “Edo” appears to be another step in the right direction, it is worth noting that it may have some ramifications. Industry, especially regulators, is becoming more aware of private currencies and their use for criminal activities.
Earlier this month, South Korea’s Financial Services Commission (FSC) announced it will ban the use of privacy coins such as Monero and ZCash starting in March 2021. Calling the assets “dark coins”, the agency pointed out that tracking these coins has proved difficult. By trying to curb criminal activity, it would simply cut them out of its economy.
Crypto companies are also following suit. This month, the major exchange platform ShapeShift confirmed that it will remove Monero, ZCash and DASH. Therefore, Tezos may not want to get the same “privacy coin” tag.
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