The XTZ price shot up 25% in one week after the recent Tenderbake testnet launch as we read more about it in our latest Tezos news today.
Tezos saw notable gains over the past week with the price of its cryptocurrency XTZ, surged around 25%. The surge came amidst the news of the release of the Tenderbake testnet which is a new algorithm that is adapted to handle a large number of validators. The update was introduced in a whitepaper called Tenderbake- A solution to Dynamic Repeated Consensus for Blockchains. As per the official Medium release, the algorithm is a product of a global collaboration between academic researchers and engineers while also being supported by the formal verification of Theorems 5 and 6 in the paper.
Tenderbake is taking the advantage of the classical style of BFT consensus algorithm that is adapted to handle a huge number of validators. In this, the difference from the Emmy+algo that Tezos currently uses, replacing them will represent a major change to the network and will bring more advantages. As a major step forward, Tenederbake is a block that has been appended to the chain of a nodes that are known to be final as soon as the two additional blocks appear on it despite the network’s latency or chain splits. This means that the chain forks will resolve in the next two blocks regardless of any network latency and chain splits.
According to the team, this could be the biggest update on the horizon for cryptocurrency in the past few years. Being in a wild bull market, the price of XTZ spiked on the announcement of the Tenderbake testnet. In the past week, the XTZ price shot up 25% and brought the total by-weekly increase to over 50%. Over the past month, the cryptocurrency increased the dollar value by 60% and the data from Coingecko shows that Tezos is the 32nd biggest project by means of a total market cap that sits on $4.89 billion.
Also as recently reported, Tezos’ Kalamint that went live a month ago, sets itself apart by building a quality community of minting artists and by battling plagiarism. The new NFT platform is expected to have a great start because of the Tezos NFT Community’s growth over the past few weeks.
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