Tezos Reveals New Roadmap to Revive Blockchain Smart Contracts

Bittime - The development team behind the Tezos blockchain recently revealed "Tezos X," a series of technology improvements that it claims can provide a "major boost in performance, composability, and interoperability."

The roadmap, which sets out development plans for the next two years, calls for splitting transaction execution into separate "canonical rollups" that will support "atomic transactions between smart contracts written in different programming languages." The main Tezos blockchain will serve as the base layer for consensus and settlement.

Improved Technology and Scale

This announcement was made by a team of developers from Nomadic Labs, TriliTech, and Functori. Tezos, founded by husband-and-wife team Arthur and Kathleen Breitman, raised $232 million in an initial coin offering in 2017, and at the time was considered one of the most promising smart contract blockchain projects to rival Ethereum.

However, the project has struggled to stay at the top of the rankings, with a token market capitalization of $749 million, around the 80th largest project based on CoinDesk data. The native token XTZ is currently down 92% from its all-time high.

In 2022, developers began pushing to scale the Tezos network. "At the heart of this strategy is Smart Rollups, a scalable technology in which an optimized and dedicated second layer executes transactions, while consensus and settlement remain guaranteed" by the layer-1 blockchain, according to the blog post. Another key feature is a dedicated data availability layer on the Tezos mainnet.

Comparison with Ethereum Scaling Efforts

This new roadmap bears similarities to the scaling efforts that Ethereum has been pursuing over the past few years, where transaction execution is shifted to additional layer-2 networks. New “modular” components have emerged to handle other functions handled by the Ethereum main chain, such as storing large amounts of data efficiently. "To be able to scale and maintain decentralization, Tezos has evolved from a monolithic to a modular design, where groups of interconnected nodes take on different roles - while still maintaining an integrated experience for builders and users," according to the post.

Tezos Plan Differences

What's different about Tezos' plan is that transaction execution can be handled by a single rollup rather than multiple layer-2 networks, as is the case with Ethereum. "In theory, one rollup is enough to meet the needs of all but the most extreme use cases," the post said. "That's what Tezos X envisions: the creation of a single canonical rollup capable of handling and massively expanding all activity on the Tezos network." Canonical rollup is expected to be realized in 2026.

Conclusion

With this new roadmap, Tezos hopes to revive its position as one of the major players in the world of blockchain smart contracts. The proposed technology enhancements, such as Smart Rollups and a dedicated data availability layer, demonstrate Tezos' commitment to continuously innovate and improve the scalability and efficiency of its network. This move is expected to not only attract the interest of new users and developers, but also strengthen the community's confidence in the future of Tezos.

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