Tezos Activates Oxford 2 Upgrade: Enhancing Security, Staking, and Smart Contracts

BERN, Switzerland — Tezos, a blockchain platform known for its self-upgrade capabilities and community-driven governance, has successfully implemented the Oxford 2 upgrade, marking its fifteenth core protocol upgrade.

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This latest upgrade brings several significant improvements, including the introduction of private Smart Rollups, enhancements to staking processes for validators (bakers), adjustments to slashing penalties, and the re-enabling of Timelocks in Tezos smart contracts.

Key Features of the Oxford 2 Upgrade:

Private Smart Rollups: Enables developers to define a whitelist for data visibility, catering to specific privacy needs.
Smoother Staking UX: Introduces auto-staking for Tezos bakers, simplifying fund management.
Timelocks Re-enabled: Enhances security by reactivating Timelocks in Tezos smart contracts.
Proportional Slashing Penalties: Ensures fair penalties for validators with adjustments to slashing penalties.

The introduction of private Smart Rollups opens up new possibilities for developers building Layer 2 solutions on Tezos. This feature also allows developers to choose an additional level of privacy when deploying rollups on-chain.

It originated from collaboration with financial institutions seeking specific privacy requirements, enabling developers to define a whitelist of allowed operators with visibility on the data. Use cases for private Smart Rollups range from auditable settlements in banking consortia to beta rollups deployed by developer groups, offering enhanced data protection on Layer 2.

Moreover, the Oxford 2 upgrade streamlines the staking experience for Tezos bakers by introducing an auto-staking mechanism. This feature facilitates the management of staked funds, enhancing the overall staking user experience.

Another notable improvement is the re-enabling of Timelocks in Tezos smart contracts. The redesigned Timelocks address security concerns that led to their temporary deactivation in a previous protocol upgrade.

Timelocks play a crucial role in reducing the risk of front-running attacks and enhancing security in Tezos smart contracts, particularly in scenarios like decentralized exchanges. Additionally, the slashing penalties for double-signing blocks have been adjusted to be proportional to validators’ stakes, ensuring fairer penalties across the network.
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The Oxford 2 upgrade underscores Tezos’ commitment to continuous innovation and readiness for future developments, such as the upcoming launch of Etherlink. This EVM-compatible Layer 2 solution built on Tezos and powered by Smart Rollups is poised to further expand the platform’s capabilities and ecosystem.

The successful activation of the Oxford 2 upgrade reflects Tezos’ robust governance model and collaborative community effort. Expert contributions from Nomadic Labs, Marigold, TriliTech, Oxhead Alpha, Tarides, DaiLambda, and Functori have been instrumental in bringing these enhancements to fruition.

Developers, businesses, and enthusiasts are encouraged to explore the opportunities presented by the Oxford 2 upgrade, further cementing Tezos’ position as a leading blockchain platform for decentralized innovation.

For more information about Tezos and the Oxford 2 upgrade, visit www.tezos.com.

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About Tezos

Tezos is an open-source, scalable, and energy-efficient blockchain for assets and applications. It empowers builders, developers, and businesses to deploy applications at low cost, supported by a global peer-to-peer network. Known for its long-term upgradability, open participation, and smart contract safety, Tezos continues to drive innovation in the blockchain space.

About the Tezos Foundation

The Tezos Foundation is a Swiss non-profit organization dedicated to supporting the development and long-term success of the Tezos protocol. With a focus on energy-efficient blockchain technology and self-evolving capabilities, the Tezos Foundation aims to foster innovation and sustainability in the blockchain ecosystem. Visit www.tezos.foundation for more information.

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