- Tezos has deployed its fourteenth network upgrade, ‘Nairobi,’ which significantly enhances transaction speeds, making them up to eight times faster.
- The Nairobi upgrade introduces a novel fee mechanism, charging users based on network usage instead of the traditional flat fee.
The Tezos blockchain network has unveiled its latest upgrade, ‘Nairobi,’ which promises to revolutionize transaction speeds by making them eight times faster than before. This advancement follows the ‘Mumbai’ upgrade deployed in March, which allowed the blockchain to process up to 1 million transactions per second (tps).
Unlike traditional flat fees that operate under a one-size-fits-all model, the Nairobi upgrade introduces a fresh fee mechanism. This updated approach takes into account network usage when determining charges, offering a fairer and more tailored experience for users.
Furthermore, the Nairobi upgrade brings an important advancement for Tezos’ Smart Rollups. This scaling tool, pivotal for enhancing network usage speed, will now be subject to automatic and continual updates whenever new upgrades are deployed on the Tezos network. This feature ensures that the Smart Rollups are always in sync with the latest network developments, optimizing their performance.
Notwithstanding the significant enhancements brought by Nairobi, the usage of the Tezos network remains relatively low at present. Over the past 24 hours, Tezos processed a mere 68,000 transactions, a far cry from the volume seen on other popular blockchains within the same timeframe.
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In the cryptocurrency market, the network’s XTZ token was trading at a 2% decrease, valued at 80 cents at the time of writing. However, it’s important to note that the market performance of a cryptocurrency often does not reflect the technical advancements of the underlying blockchain. Therefore, despite the current market conditions, the Nairobi upgrade represents a significant leap forward for Tezos.
To put things into perspective, Ethereum, one of the leading blockchains, processed 1 million transactions within the past 24 hours. Meanwhile, BNB Chain dealt with 3.9 million transactions, and Bitcoin, the original blockchain, processed 400,000 transactions within the same period.
It is clear from this comparative data that there is significant room for growth in terms of network usage for Tezos. Nevertheless, with the ‘Nairobi’ upgrade’s enhancements, the Tezos network is better equipped than ever to handle an increase in usage and deliver high-speed transactions for its users.