Business Wire

Tezos Activates ‘Mumbai’ Upgrade Enabling More Than a Million Transactions Per Second

Share

Tezos, a pioneering blockchain for Proof-of-Stake consensus and on-chain governance, has activated Mumbai, its thirteenth core protocol upgrade. The Mumbai upgrade introduces Smart Rollups, a new Layer 2 scaling solution built directly into the protocol, which puts Tezos at the forefront of optimistic rollup technology.

Smart Rollups enable decentralized applications (dApps) to benefit from their own dedicated hardware resources in order to process a high amount of transactions, while the integrity and security of the Smart Rollup is guaranteed by the Tezos main chain, or Layer 1.

Due to this approach, the Tezos ecosystem will be able to surpass the milestone of one million transactions per second in 2023 without sacrificing decentralization.

Secure, flexible, developer friendly

Smart Rollups come with state-of-the-art technical features, namely:

  • Fully decentralized and open interactive fraud proofs guarantee rollup security and integrity, provided there is at least one honest participant in the rollup validation.
  • A WebAssembly (WASM) execution environment allows for flexible development and deployment of a wide range of decentralized applications. Developers can now use general purpose programming languages such as Rust, C, and C++ to build applications ranging from tailor-made business solutions to public open platforms, such as an EVM-compatible chain on top of Tezos.
  • Advanced rollup features simplify interactions such as broadcasting from Layer 1 to all rollups, calling Layer 1 smart contracts from Layer 2, or transferring assets across layers.
  • New data availability solutions are possible, as Smart Rollups support custom data channels for interfacing with data providers external to the Tezos blockchain.

Lower latency, faster blockchain

Beyond rollups, Mumbai also introduces improvements to Tezos’ Layer 1. Block time is reduced from 30 to 15 seconds, which is made possible with so-called Pipelined validation. This change reduces network latency and provides a smoother user experience overall.

The protocol upgrade also includes updates to previously existing features, such as Tickets, which become more flexible by allowing direct transfers between users.

Evolution driven by the community

As with every Tezos upgrade, Mumbai has been validated and approved by the community through the Tezos blockchain's on-chain governance process.

The activation of Mumbai marks the culmination of a months-long collaboration between developers teams and the broader Tezos community.

Experts from Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori have contributed to this update, which unveils a new era of scalability and opens the door for exciting new applications to be deployed on Tezos blockchain.

About TEZOS

Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy-efficient Proof of Stake blockchain with a proven track record, Tezos seamlessly adopts tomorrow's innovations without network disruptions today. For more information, please visit www.tezos.com.

About TEZOS FOUNDATION

The Tezos Foundation is a Swiss non-profit foundation that supports the development and long-term success of the Tezos protocol, an energy efficient blockchain with the ability to evolve by upgrading itself. For more information, please visit www.tezos.foundation.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Randall Woods
tezos@sbscomms.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Ministry of Education and Science of Ukraine and Palantir Partner to Create Safe Conditions for In-Person Education in Schools28.3.2024 12:00:00 EET | Press release

The Ministry of Education and Science, along with Palantir (NYSE:PLTR), a leading provider of AI systems, have signed an agreement. The main goal is to facilitate qualitative transformations in the field of education and ensure the maximum number of children have access to safe in-person learning. The agreement, initially for 12 months, will support the Government’s official School Offline initiative which aims to provide 300,000 more Ukrainian pupils with safe access to a school. New software tooling will enable: Funding allocated for school bomb shelters to be targeted where it will deliver the greatest benefit for children and young people of a school age. Every school to receive a risk rating according to a methodology recently adopted in law as a Cabinet of Ministers decree, in order to help identify targeted measures that will improve the safety of a school. The rating will take into account factors such as historic shelling in the area, presence of a bomb shelter, safety of acce

Guidewire Jasper Release Boosts Commercial Lines Agility for P&C Insurers and Strengthens Functionality Across Entire Product Portfolio28.3.2024 10:05:00 EET | Press release

Guidewire (NYSE: GWRE) announces Jasper, its latest release, which boosts commercial lines agility for P&C insurers with support for layered coinsurance, schedule import, and a new U.S. Bureau Content Solution.* Additionally, expanded HazardHub data for Canada gives insurers deeper property risk insights for underwriting precision. Jasper release will be generally available on April 5, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328607054/en/ “Commercial lines insurers face both risk and opportunity. On the one hand, there are economic fluctuations, including inflation, geopolitical complexities, capital limitations, and environmental challenges. On the other hand, the protection gap creates growth opportunities for insurers that innovate to stay ahead of the evolving risk landscape,” said Eugene Lee, senior vice president and general manager, InsuranceSuite, Guidewire. For P&C insurers seeking to improve commerc

Surge announces closing of a €7.5 million fundraising round to decrypt the immune system and transform precision medicine28.3.2024 10:00:00 EET | Press release

Surge has just closed its second round of funding, raising €7.5 million. The round was led by Eurazeo with the participation of Kima, Teampact, and MH Innov’, as well as the support of historical funds Boutique Venture, HCVC, and 50 Partners Santé. The fundraising is complemented by grants from BPI, including support for deep tech development and the Future Investment Program, of which Surge was a laureate. This second round of funding, marked by the entry of strategic investors, reflects Surge's accelerated development and the beginning of the commercial expansion phase. This funding will enable the opening of SurgeLab™, a premier laboratory dedicated to the discovery of immune biomarkers, and the finalization of PreCyte®'s industrialization. It will also support the refinement of its cutting-edge AI algorithms. "Building on solid scientific and technical fundamentals, Surge has already demonstrated the relevance of its biomarker discovery platform to address concrete clinical needs a

EIG’s MidOcean Energy Completes Acquisition of Tokyo Gas’ Interests in Portfolio of Australian Integrated LNG Projects28.3.2024 10:00:00 EET | Press release

MidOcean Energy (“MidOcean”), a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its previously announced agreement to acquire Tokyo Gas Co., Ltd’s (“Tokyo Gas”) interests in a portfolio of Australian integrated LNG projects. The acquisition includes Tokyo Gas’ interests in the Gorgon LNG, Pluto LNG and Queensland Curtis LNG projects. The portfolio benefits from experienced operators, including Chevron, Woodside and Shell, and spans the LNG value chain from upstream operations to midstream, liquefaction and sales. As part of the transaction, MidOcean will open an office in Perth, Australia, to support and oversee the projects. R. Blair Thomas, EIG’s Chairman and CEO said, “We are strong believers in the role of LNG as a key enabler of the energy transition and have formed MidOcean to provide partners and investors differentiated exposure to the asset class.

Midea Group Breaks Revenue and Profit Records with RMB 373.7 Billion in 202328.3.2024 08:48:00 EET | Press release

Midea Group, the world's largest home appliance supplier, has reported impressive growth and record profits in its 2023 annual report. The company achieved a total revenue of RMB 373.7 billion, representing a year-on-year increase of 8.10%. Concurrently, the net profit attributable to shareholders reached RMB 33.7 billion, a year-on-year increase of 14.10%, marking the largest growth since 2019. The company's success is attributed to its "Global Impact" strategy, which has resulted in overseas sales accounting for over 40% of its total sales for several years. Midea's products have been exported to over 200 countries and regions worldwide, and it is continuously expanding its overseas manufacturing layout, promoting the construction of manufacturing bases in Indonesia, India, Thailand, Brazil, Mexico, Italy, Egypt, and other countries. Midea's new energy and industrial technology are co-builders of digital transformation and green sustainable development in the global industrial field,

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye