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Tezos’ latest update is live: Delphi! A threat to Ethereum?

Photo of: Nathan VDH
by Nathan VDH

Delphi is one of the first in a new series of regular updates to the Tezos protocol, with developer teams working to make the most of Tezos’ unique governance process.

The Tezos blockchain has been successfully updated with Delphi. Delphi is the fourth update to Tezos in two years – and far from the last.

The most significant feature of this update is a dramatic decrease in gas consumption to facilitate the execution of “smart contracts,” a decrease made possible by significant improvements in the performance of the Michelson interpreter and gas model. Delphi is also cutting storage costs by a factor of four to reflect improvements in the underlying storage layer.

Delphi reduces gas consumption by approximately 75%, enabling the use of more complex smart contracts in on-chain applications. This underscores Tezos’ adaptability to other public blockchains, such as Ethereum, which lack the mechanisms to coordinate regular updates to their protocol and thus implement feature enhancements on a large scale.

Although Tezos has already been successfully updated on several occasions, the technical teams contributing to the Base Protocol will be proposing protocol updates to participants at regular intervals, as outlined in this publication on Tezos Agora. Tezos is the first blockchain to have a coordination mechanism that allows for frequent updates with the active contribution of all stakeholders. This means that as the cryptocurrencies ecosystem progresses and develops new technical innovations, Tezos can integrate these innovations more effectively and thus evolve to stay ahead of the curve and maintain its network effect.

Tezos ecosystem developers, long-time community members, and newcomers to the ecosystem have welcomed the latest update and the announced new update schedule.

Hugo Renaudin, the co-founder of the LGO Group and founder of Bender Labs, said: “After selling LGO, my partners and I have been working hard to find a blockchain particularly adapted to DeFi consumer and institutional products. The reliability of the underlying protocol is a significant aspect, which is why the regular schedule and pace of Tezos updates is particularly attractive as I can be sure that improvements will be frequent and make our products more enjoyable for users. When you combine the regularity of upgrades with the reduction in gas costs that this upgrade brings, Tezos technology is mature for the development of DeFi”.

Arthur Breitman, one of the founding architects of Tezos, added: “This is what Tezos was built for: to change, evolve, and grow. It is encouraging to see teams from around the world coming together to make this vision a reality.