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Tezos, a blockchain network based on smart contracts that differ from Ethereum by offering a much more advanced infrastructure, is about to launch a new upgrade that will further improve its network and systems. The so-called Jakarta 2 upgrade is scheduled to activate once the project’s network processes block 2,490,369, which is scheduled to take place today, June 27th, 2022.
The precise time of the upgrade is estimated to be 23:27 UTC, and the upgrade was already supported by a number of different platforms. One example is Binance, while another is Gate.io, both of which announced their support for the upgrade on June 23rd.
— Binance (@binance) June 23, 2022
Gate.io added as part of its announcement that XTZ deposits and withdrawals will be suspended during the upgrade.
The @tezos upgrade is estimated to take place on June 27, 2022 at 23:27 UTC
— Gate.io (@gate_io) June 23, 2022
However, in another announcement on its website, Gate.io added that the deposits and withdrawals will return as soon as possible. However, while withdrawals and deposits will not be possible — trading of XTZ will continue even during the process, and will not be affected by the upgrade.
What is Jakarta 2 about?
Jakarta 2 is going to be Tezos’ 10th protocol upgrade. It initially emerged as a proposal that the community voted on, deciding together that its implementation will be beneficial for the network to have an upgrade made.
It was deemed necessary, as the first — the original — Jakarta protocol was found to have two critical bugs, which are affecting the implementation of the experimental Transaction Optimistic Rollups, or TORUs feature.
According to Tezos’ announcement, both bugs have been fixed in Jakarta 2. The protocol has been developed, tested, and released, and is now waiting to be added to the project’s protocol as the official upgrade.
Tezos had a busy month
While the launch of Jakarta 2 will be the project’s final move for this month, it is only the latest of the new developments surrounding Tezos’ network. There were six other important developments this month, starting with June 6th, when Tezos got its official bridge to Ethereum, which enabled faster transfers for a number of coins and tokens. This includes USDC, USDT, DAI, BUSD, wBTC, wETH, LINK, and MATIC.
Only one day later, the US-based clothing and accessories retailer, Gap, launched its third NFT collection on Tezos’s blockchain. A few days later, on June 10th, Tether officially expanded to Tezos as well, launching its USDT token on the Tezos blockchain, thus gaining yet another platform for its stablecoin to operate on.
June 13th brought another NFT project to Tezos, this one issued by Capital FM, which launched its first-ever NFT offering, and it chose Tezos to be the platform to support it. After that, on June 15th, Tezos announced that it is looking for developers, encouraging “all developers” to fill out its survey and join its platform. And, finally, on June 17th, Turing College announced the launch of a new Tezos course for developers, which will last for two months.
To learn more visit our Investing in Tezos guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.