Besides the upgrades in Bitcoin, Ethereum, and other established blockchains, there are many exciting new projects coming along and trying to build the blockchain of the future.
We briefly mentioned Tezos. It is described as a generic self-amending cryptographic ledger. This means that it deploys a decentralized consensus mechanism, not only for transaction validation and updating the state of its blockchain, but also on how its protocol and network are governed and evolve over time. To do this, it plans to deploy a delegated Proof-of-Stake consensus algorithm and to split its blockchain protocol into three distinct layers:
- A network protocol in charge of broadcasting transactions across its network
- A transaction protocol, which defines the criteria that make a transaction valid
- A consensus protocol that specifies how a consensus is reached...