Tezos (XTZ), a decentralized blockchain facilitating smart contracts and decentralized applications with a Proof-of-Stake (PoS) consensus algorithm, has completed its fourth upgrade in two years, ‘Delphi’, which reduces smart contract gas fees by 75%.
The upgrade, disclosed in an announcement, was developed by Nomadic Labs, Metastate and Marigold. Its most important feature, the document says, is the reduction of gas consumption from smart contracts and could help ensure more developers start building smart contracts on top of Tezos.
The size and complexity of smart contracts is limited by gas constraints, and so people attempting to build contracts with rich functionality have needed improvements to those constraints for some time.
The announcement adds that these improvements are “crucial to enable novel application on Tezos” on areas like decentralized finance, collectibles, and gaming. Tezos’ Delphi upgrade includes a reduction in the base cost of manager operations to 1,000 gas units, from 10,000, and the implementation of new cost models.
Tezos blocks can, as a result of Delphi, now include four times more multiasset transfers and three-and-a-half times more simple XTZ transactions. Smart contracts can now perform 10 times more interval calls. The upgrade also reduced Tezos storage costs from 1 XTZ to 0.24 XTZ per kilobyte.
In a press release Arthur Breitman, one of the original architects of Tezos, said:
This is what Tezos was built to do: amend, evolve, and grow. It’s encouraging to see teams from around the world coming together to make this vision a reality.
It’s worth noting XTZ was funded via an initial coin offering in 2017 that raised over $200 million. It’s a decentralized blockchain that governs itself by establishing a true digital commonwealth.