Today, on the Tezos platform, the Babylon 2.0 protocol update proposed by Cryptium Labs and Nomadic Labs will be activated, The Block reports.

According to the founder of Cryptium Labs, 80.1% of network participants voted on the proposal (more than the required quorum of 74.7%), 86.27% voted in favor.

The third update of the Tezos blockchain protocol will change the network consensus algorithm, the functionality of smart contracts and the control mechanism.

One of the changes is intended to simplify the development of smart contracts, making the code simpler and cleaner.

The reward system for bakers (network validators) will change, encouraging them to maximize participation in block approval.

In addition, it will become easier to delegate XTZ coins to bakers to bake new ones. Previously, users created special KT1 addresses for this. After the update, it will be possible to delegate funds from the main address.

Recall that in September XTZ was added to the listing by the largest cryptocurrency exchange Binance.

Subscribe to BlockchainJournal news on Telegram: BlockchainJournal Feed – the entire news feed, BlockchainJournal – the most important news and polls.