On 15th September 2020, Societe Generale- Forge chose Tezos blockchain for an experiment to develop Central Bank Digital Currency. A press release by Nomadic Labs broke the exciting news to the crypto world showing France’s dedication to digital currency adoption.
The French government, Societe Generale- Forge, will join forces with several tech providers and advisors in the development of CBDC. One of the companies involved in this experiment is Nomadic Labs, one of Tezos most prominent research and development centers.
According to the press release on the CBDC experiment, the selection of the Nomadic Labs and Tezo technologies shows that the two are highly effective technologies. Therefore, the two technologies are capable of delivering quality CBDC. Nomadic Lab’s team is integral to establishing the core Tezos protocols and native smart contract language.
About Tezos and the Technical Features that Favoured Selection
Tezos is an open-source blockchain for assets and applications backed by global researchers, validators, and builders. It is a decentralized platform and has robust technical features, one of them being self-amendment. Self-amendment allows Tezos to upgrade itself without necessarily splitting the network into two different blockchains. In this case, costs for coordination and execution of the protocol upgrades decrease, and future innovations become smoothly enacted.
The key features that favored Tezos selection are on-chain governance, a consensus algorithm-based proof-of-stake, and the ability to enhance smart contracts’ formal verification. On-chain governance allows all Tezos stakeholders to take part in the governing protocol.
On the other hand, a consensus-based algorithm permits different participants to take part in the consensus process. The protocol then rewards the participants for contributing to the security and stability of the network. Additionally, POS reduces barriers to entry for involvement, while smart contracts formal verification helps avoid costly bugs when appropriately used.
According to Michel Mauny, president of Nomadic Labs, Tezos is attracting a community in various projects in France and other parts of the world. The high adoption of Tezos as per Mauny is its technical capabilities and its adaptability.
Tezos Blockchain Recent Cases of Its Technical Prowess
In August 2020, Tezos recorded a remarkable growth in the number of smart contracts activities. The high number of smart contract deployments got to an all-time high since Tezos mainnet went live in 2018.
The blockchain deployed bout 357 smart contracts in August 2020 alone. Interestingly, half-way September, there are already over 41 contracts deployed on the mainnet. Other Tezos blockchain networks are also witnessing increased activities; they include Zeronet, Delphinet, and Carthagenet. The chain recorded 6990 new smart contract deployments for both on and off the mainnet, in August 2020, alone.
The latest cryptocurrency and blockchain rankings published by CCID show Tezos climbed up the ladder due to its impressive records in August. Moreover, it moved to the 23rd position, from its previous 35th position, in the top 37 crypto projects.