$2.67 -1.58%
XTZ · 54w

Tezos Set to Pass Historic Vote, Will It Push Its Price Back to All-Time Highs?

The Tezos delegates (bakers) are currently casting their vote to either approve or disapprove the promotion of Athens A to mainnet. For the community to implement this new upgrade, there must be a super-majority in favor and participation must reach the quorum.

At the moment, the required super-majority in-favor has been achieved, and it is getting close to reaching the participation quorum. With the historic vote set to provide a proof-of-concept for Tezos as a self amending ledger, it could increase the demand for the coin.

Tezos Is Less Than 20 Percent Away From Implementing Athens A Upgrade

The Tezos amendment process has four essential steps to be followed before an upgrade proposal is implemented on the network. The Athens A update has already passed the first three steps namely; proposal, exploration, and testing.

At the final stage which is called promotion, the upgrade proposal needs to reach the 80 percent in-favor voting threshold for a super-majority and the 81.39 percent voting participation quorum. Athens A achieved a 100 percent vote on supermajority and currently has 65.49 percent vote on quorum.

At the end of the promotion vote period, if participation reaches the quorum and the tested proposal has a supermajority in favor, then Athens A would be implemented as the new protocol. With roughly 16 days to go until the voting process closes, it is highly likely that the proposal would reach the required quorum threshold.

A total of 45,398 delegates are expected to cast their votes, and so far, 36,530 have voted. Of the 36,530 casted votes, 20,303 are in support of the upgrade while 16,227 pass votes have been recorded.

The Athens upgrade is proposing two changes to the Tezos network. In the first proposal, the gas limit will be increased. At the launch of the blockchain, the gas limit was set to protect the blockchain. However, the idea was to increase the gas limit through the amendment process. The incr...

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