Welcome to This Week on Tezos: Your Weekly Update on the Tezos Ecosystem
07 Apr, 2023
Every week, we bring you the latest news, updates, and developments from the Tezos ecosystem in a concise and easy-to-read format.
“This Week on Tezos” helps investors, token holders, and enthusiasts to stay up-to-date on the developments and updates on Tezos ecosystem. From protocol upgrades to partnerships and everything in between, we’ve got you covered.
In this week’s edition, we’ll be taking a closer look at the following stories:
- XTZ price analysis, highlighting the long-term bullish signs and the short-term reversal yet to be confirmed.
- The recent Mumbai upgrade, which brings significant improvements to the Tezos blockchain, including smart rollups and increased transactions per second.
- Artsale: An Initial NFT offering platform coming on Tezos
- King’s College London Blockchain Society’s committee elections, which were held using an e-voting solution based on Tezos blockchain technology.
- The Tezos All Star Circuit of Champions, which is set to commence championship points competition at the Core & Main Spring Nationals at Attica Raceway Park.
- Turtle Vision, an NFT project that leverages Tezos blockchain to raise awareness and funds for ocean conservation efforts.
XTZ Price Shows Bullish Signs in Long-term, Short-term Reversal Yet to Be Confirmed
Tezos (XTZ), the native token of the Tezos blockchain, has been exhibiting bullish signs in long-term time frames, but its short-term reversal remains unconfirmed. XTZ had been under a descending resistance line since September 2021, hitting a low of $0.70 in December 2022.
In February 2023, the XTZ price broke out from the line but was rejected by the $1.30 resistance area, signaling potential selling pressure.
The long-term price outlook for XTZ appears positive. If the price breaks out of the resistance, it could rise to the next long-term resistance at $2.90. However, another rejection might cause the price to drop back to the $0.70 lows.
In the short term, the technical analysis is less clear. On the bullish side, XTZ has bounced off a possible ascending support line and reclaimed the 0.618 Fibonacci retracement support level. The token price has broken out from a short-term descending resistance line, but the six-hour RSI remains undecided, and the price has yet to begin a significant rally.
The short-term trend could be considered bullish if XTZ does not close below the ascending support line, making an increase towards $1.38 the most likely scenario. However, a close below the support line might invalidate this possibility and could trigger a drop to $0.70.
Mumbai Upgrade Activated, Bringing Enhanced Scalability and Smart Rollups
The 13th Tezos protocol improvement proposal, Mumbai, was activated at block number 3,268,609 on March 29, 2023.
The upgrade was introduced by seven Tezos teams from four different countries and implemented seamlessly, with only minor block delays for approximately five minutes.
Mumbai brings significant enhancements to the Tezos blockchain, including:
- Halving block times to 15 seconds, enabled by pipelining, which further separates validation from the application of operations and blocks.
- Launching smart rollups on the mainnet, providing a layer 2 permissionless scaling mechanism and allowing individuals to create and manage multiple rollups to boost processing capacity.
- Introducing zk-rollups (referred to as ‘validity rollups’ on Tezos) on the testnet, offering instant finality and privacy upgrades.
- Increasing the potential for one million transactions per second (TPS), scaling as needed.
- Enabling direct exchange of tickets between user accounts.
Tezos’ smart rollups, known as ‘Enshrined Rollups,’ are implemented as part of the Tezos protocol directly, offering a more gas- and storage-efficient solution compared to smart contracts.
They also provide enhanced security and decentralization, as the network itself owns the rollup.
With the Mumbai upgrade, Tezos continues to push the boundaries of blockchain technology, offering innovative solutions to its community of investors, token holders, and enthusiasts.
Artsale INO platform: Arriving soon on Tezos
Instaraise recently announced the upcoming launch of its INO (Initial NFT Offering) platform, Artsale, which aims to empower NFT creators and enthusiasts with crowdfunding facility on the Tezos blockchain.
The platform offers a comprehensive solution for artists to run pre-sales, mint, and explore diverse NFT collections.
An INO is a crowdfunding model inspired by Initial Coin Offerings (ICOs) that addresses challenges artists face in selling NFTs, such as immediate liquidity. It offers genesis NFTs, benefiting retail investors and early adopters with lower listing costs and early access to desired NFTs.
Artsale is a user-friendly, self-hosted NFT pre-sale platform that enables customization of NFTs, setting prices, defining sale start and end times, and establishing minting limits.
The main section of the Artsale website will allow users to explore and mint NFTs, participate in pre-sales, search for specific NFTs, and filter them based on various parameters.
The platform is set to launch soon in upcoming weeks.
King’s College London Blockchain Society Utilizes Tezos for Committee Elections
In a recent display of Tezos blockchain’s versatility, King’s College London Blockchain Society successfully conducted their committee elections using a decentralized e-voting solution based on Tezos technology.
The Director of Consulting at KCL Blockchain highlighted the importance of a smooth, safe, and open voting experience, which led to the adoption of Electis and the Tezos blockchain as the foundation for the e-voting solution. Candidates and voters were registered through their respective Tezos wallets, further demonstrating the efficiency and security of the Tezos ecosystem.
The election process culminated in the automatic transfer of a Non-Fungible Token (NFT) to the winner’s wallet via a smart contract, showcasing the seamless integration of Tezos blockchain technology in real-world applications.
The KCL Blockchain Society’s four categories – Legal, Consulting, Technology, and Operations – all recently held their chair elections using this decentralized voting system.
This innovative use of Tezos blockchain for committee elections not only exemplifies the adaptability of the technology but also highlights its potential for revolutionizing voting processes and internal management across various organizations.
As Tezos continues to make strides in real-world applications, investors, token holders, and enthusiasts can expect a bright future for the Tezos ecosystem.
Tezos All Star Circuit of Champions Kicks Off at Attica Raceway Park
The Tezos All Star Circuit of Champions, presented by Mobil 1, is gearing up for an exciting season of championship points competition, beginning with the two-day Core & Main Spring Nationals at Attica Raceway Park in Attica, Ohio, on April 7-8.
This event not only inaugurates Attica’s 2023 racing schedule but also offers a generous prize pool, with each of the weekend races awarding $6,000 to the winner and a guaranteed $550 to each A-Main starter.
The Attica Raceway Park, known as the home of “Ohio’s Finest Racing,” will host the Tezos All Star Circuit of Champions on three more occasions throughout 2023.
These include a single night during Ohio Sprint Speedweek on June 9, and the Attica Ambush, a thrilling Labor Day weekend double, offering prizes of $6,000 and $12,000, respectively.
Tezos ecosystem continues to expand, its involvement in high-profile events like the Tezos All Star Circuit of Champions showcases the growing influence of the blockchain platform in various industries and communities, offering valuable exposure to investors, token holders, and enthusiasts.
Turtle Vision – A Unique NFT Project to Raise Awareness and Funds for Ocean Conservation
Turtle Vision, a novel NFT project, utilizes the Tezos blockchain to create generative art highlighting the devastating impact of plastic pollution on marine life and raise funds for ocean conservation initiatives.
Digital artist Eziraros, known for their talent in the NFT space, collaborated with American ocean conservation activist Casson Trenor to develop the collection.
The art series features jellyfish intermingled with ocean litter, primarily plastic bags, depicting the harsh reality faced by sea turtles in today’s oceans.
Various elements such as color, species, clarity, ratio, motion pattern, and framing are combined to create a captivating and dynamic undersea experience.
Sea turtles, mistaking plastic bags for jellyfish, are increasingly found starved to death with stomachs full of plastic.
Turtle Vision aims to combat this crisis by supporting The 5 Gyres Institute, a nonprofit organization fighting against plastic pollution.
Eziraros and Trenor chose the Tezos blockchain for the project due to its low carbon impact and sustainability-conscious community.
Tezos’ proof-of-stake consensus mechanism consumes significantly less energy than proof-of-work chains like Bitcoin, making it an ideal choice for an environmentally-focused project.
Wrapping Up This Week on Tezos
As we conclude another exciting week in the Tezos ecosystem, it’s clear that innovation, collaboration, and progress continue to drive this thriving blockchain.
Thank you for joining us for another edition of This Week on Tezos. We hope you found these updates informative and engaging. Remember to check back next week for more news and developments from the Tezos ecosystem. As always, we encourage you to stay informed, stay active, and continue to explore the limitless potential of the Tezos blockchain. Until next time!