Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
Today, Tezos X has been unveiled, presenting a forward-looking vision for Tezos that marks a significant evolution from its original design. According to the official blog, this vision addresses some of the most fundamental issues in the blockchain space, aiming to enhance usability and utility while maintaining the core properties of blockchain technology.
By:
27 June 2024
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Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
Today, Tezos X has been unveiled, presenting a forward-looking vision for Tezos that marks a significant evolution from its original design. According to the official blog, this vision addresses some of the most fundamental issues in the blockchain space, aiming to enhance usability and utility while maintaining the core properties of blockchain technology.
🔥 Introducing Tezos X — a blockchain with superpowers — a scalable, cloud-like backend for a wide range of apps.
Read on to find out what this means – and how we could get there. 🧵⤵️#TezosX
The Tezos X vision proposes an integrated “modu-lithic” approach, combining the best aspects of monolithic and modular blockchain designs. This approach aims to create a scalable, composable, and interoperable system, preserving decentralization and security.
Key Elements of Tezos X Vision
Layer 1 as a Settlement Layer: The vision sees Layer 1 (L1) evolving into a strong, lightweight, decentralized settlement layer, while an extremely powerful “canonical” Layer 2 (L2) rollup provides vertical scalability. This approach ensures that the L1 remains secure and decentralized, while the L2 handles the heavy lifting of transaction processing.
Smart Rollups and Data Availability Layer (DAL): Central to scaling efforts, Smart Rollups enable resource-intensive processing on dedicated layers, while the DAL ensures high throughput communication. This combination aims for network throughput of up to 1 million transactions per second (TPS). The DAL acts as an independent network for transmitting rollup data, with data availability guaranteed by L1 bakers.
Composability and Interoperability: By supporting multiple execution environments and enabling atomic transactions across smart contracts in various programming languages, Tezos X aims to improve composability and interoperability. A smart contract in Solidity can interact with one in Python and another in JavaScript within the same transaction. This ability to execute cross-language smart contracts within a single rollup enhances the flexibility and functionality of the network.
Developer-Friendly Environment: The canonical rollup will support mainstream programming languages such as JavaScript and Python, making it easier for developers to create and deploy applications. This interoperability is expected to attract a broader range of developers to the Tezos ecosystem. By lowering the barrier to entry, Tezos aims to foster innovation and expand its developer community.
Adaptive Issuance: Tezos X also proposes an automatic adjustment of security to reduce inflation and improve composability. This mechanism aims to balance the need for security with the goal of maintaining a sustainable and scalable network.
The Road to Tezos X
Tezos has been steadily evolving from a monolithic blockchain, where every node replicates all activity, to a more modular design. This evolution aims to keep activities requiring high decentralization on L1, while offloading other tasks to specialized modules. This more modular approach is designed to significantly improve performance without compromising on security or decentralization.
Key Developments Along This Journey Include:
Smart Rollups (Q1 2023): These rollups scale the network by allowing transactions to be processed on multiple dedicated layers, with integrity and security guaranteed by L1. The flexible design of Smart Rollups allows for the deployment of tailor-made blockchain solutions that don’t compromise on security and scalability.
Faster Block Times (Ongoing): Optimizations have reduced block times from 60 seconds to 10 seconds, enhancing application performance and transaction finality. The goal is to achieve a block time of 5 seconds by 2026, further improving the speed and efficiency of the network.
Data-Availability Layer (Ongoing): Ensures large amounts of rollup data can be transmitted and publicly available without compromising decentralization. The DAL is a crucial component in supporting the high throughput required by Smart Rollups.
Etherlink Rollup (Q3 2024): An EVM-compatible execution environment that provides a protocol-level trustless bridge to L1, enabling low-latency sequencer operations and ensuring seamless integration with the Ethereum ecosystem.
MEV Protection (2024-2025): A sequencer guarantees the absence of manipulation in the order of transactions within a block, addressing the issue of Maximum Extractable Value (MEV) and enhancing the integrity of the blockchain.
Michelson Rollup (2025): A proposed rollup supporting the same smart contract languages as Tezos layer 1. This rollup will allow existing applications on Tezos to be easily deployed on L2, benefiting from the high scalability and low latency enabled by Smart Rollups. The Michelson rollup can run in parallel with Etherlink, enabling a trustless bridge between those two runtimes.
New Runtime (2025): Exploration of RISC-V as an additional runtime, offering scalable and efficient processing power. This new runtime aims to complement the existing WASM engine, providing developers with more options for deploying their applications.
Future Developments
The roadmap for Tezos X includes several key milestones that are expected to further enhance the network’s capabilities:
Canonical Rollup (Expected 2026): A unified rollup to handle most network activity, supporting multiple execution environments for smart contracts. This rollup aims to be a one-stop-shop for builders and users, centralizing application activity while maintaining high performance and security.
Further Scaling (Expected 2025): Aiming for ultra-high throughput with parallel transaction execution, targeting 1 million TPS in a single rollup. This scaling effort will ensure that Tezos can handle a growing number of applications and users without compromising on performance.
Support for Mainstream Languages (Expected 2025): Turnkey Smart Rollup solutions will come with built-in support for deploying smart contracts in top mainstream programming languages. No need to learn a blockchain-specific programming language to start building. The first planned additions are JavaScript and TypeScript, with Python and Java being explored as next additions.
Improved Developer Experience (Ongoing): Tooling, tooling, tooling. Tezos developer teams have prioritized delivering more and better SDKs, APIs, and other tools for building on Tezos. The guiding principle is that integrating the Tezos blockchain into any type of application should be as easy as importing a software library.
Enhancing Interoperability
Tezos X aims to break down barriers by supporting mainstream programming environments and integrating with other blockchains and non-blockchain systems. This interoperability is expected to attract more developers and facilitate the creation of cross-chain applications.
Key Developments in Interoperability:
Etherlink (Ongoing): An EVM-compatible Smart Rollup built by Tezos protocol developers. Etherlink enables the deployment of Solidity smart contracts with frictionless integration with EVM ecosystem tools. The protocol-level trustless bridge between Smart Rollups and layer 1 enables asset transfers without relying on third parties.
Support for Mainstream Languages (Expected 2025): Turnkey Smart Rollup solutions will come with built-in support for deploying smart contracts in top mainstream programming languages. No need to learn a blockchain-specific programming language to start building. The first planned additions are JavaScript and TypeScript, with Python and Java being explored as next additions.
Custom Rollups: Multiple blockchains for use cases requiring isolated or private computation, with trustless bridges to secure Layer 1 and other rollups. This approach allows for tailored solutions without compromising on security.
Decentralized Sequencer (Expected 2024): The possibility of a decentralized sequencer for the canonical rollup is being explored. A sequencer would allow for much lower latency inside the rollup – much less than a second. It could also offer fair ordering of transactions or transaction encryption, which serves to prevent someone from manipulating the order of transactions in a given block to their benefit, known as Maximal Extractable Value (MEV).
The Integrated ‘Modu-lithic’ Future
This innovative ‘modu-lithic’ approach seeks to enhance performance while maintaining the integrity and security that are fundamental to blockchain technology. This strategy not only boosts scalability but also attracts a broader range of developers, ensuring the continued growth and relevance of the Tezos ecosystem. The proposed roadmap and vision underscore Tezos’ commitment to innovation and community-driven development, setting the stage for the next generation of blockchain technology.
This comprehensive approach ensures that Tezos remains a cutting-edge platform capable of meeting the evolving needs of the blockchain space. The combination of advanced rollup technology, improved developer experience, and enhanced interoperability positions Tezos X as a leader in the next generation of blockchain solutions.
Today, Tezos X has been unveiled, presenting a forward-looking vision for Tezos that marks a significant evolution from its original design. According to the official blog, this vision addresses some of the most fundamental issues in the blockchain space, aiming to enhance usability and utility while maintaining the core properties of blockchain technology.
On June 19th, the Tezos community took a significant step forward with the activation of Adaptive Issuance and a new staking mechanism on the Tezos mainnet. This enhancement, introduced with the Paris protocol upgrade, aims to improve network security and provide more incentives for users to participate in staking. Now, a week into its implementation, the Tezos community is beginning to experience the benefits and changes brought by this update.
Tezos protocol’s sixteenth upgrade, Paris, was activated on Mainnet on June 4th, 2024. Tezos is a pioneering blockchain known for its self-amending capabilities and community-driven, on-chain governance system. The upgrade makes the Tezos blockchain faster, more scalable, more robust, and continues its tradition of community-driven development and innovation.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
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Jstz, pronounced “justice,” is an upcoming Smart Rollup powered by JavaScript. It is part of the Tezos X vision and results from collaboration between multiple Tezos development teams. The Developer Experience team at Trilitech is currently building and testing a prototype of Jstz.
On June 19th, the Tezos community took a significant step forward with the activation of Adaptive Issuance and a new staking mechanism on the Tezos mainnet. This enhancement, introduced with the Paris protocol upgrade, aims to improve network security and provide more incentives for users to participate in staking. Now, a week into its implementation, the Tezos community is beginning to experience the benefits and changes brought by this update.
