Tomorrow will mark yet another milestone for the self-amending blockchain Tezos where it will experience an upgrade from its governance mechanism. The activation will mark the third on-chain update for the protocol. For the proposed changes to be included, the proposal, Babylon 2.0, needed the support of at least 74.7% of the participants in the network, where 84.53% voted in favor.
What will the update do?
The Babylon upgrade, proposed by Cryptium Labs & the research and development group Nomadic Labs, will affect the networks’ consensus algorithm, smart contract functionality, and its governance mechanism.
One of the changes intends to make it easier to develop smart contracts by making the code of complex contracts simpler and cleaner.
The reward system for bakers (validators) has changed to incentivize them better to include all available endorsements. Endorsements are what confirm that a newly constructed block was valid.
Lastly, the upgrade will simplify the delegation process. Previously, users had to generate a specific type of address (KT1) that allowed them to delegate their funds. With Babylon, users will now be able to delegate from their public key (addresses starting with a tz1, tez2, or tz3) and not be forced to generate a new contract with a KT1 address.