Crypto.com Halt XTZ Transactions to Support Ithaca Upgrade

Tezos blockchain is all set to receive a new network upgrade. Named Ithaca 2, this addition will offer an improved payment environment for XTZ holders. The upgrade was developed based on the previous Ithaca and has been intended to fortify the network with new metadata RPCs. As the upgrade is scheduled to drop on the 1st of April around 00:53 UTC, Crypto.com will suspend all XTZ deposits and withdrawals on its exchange platform.

Tezos is a flexible peer-to-peer blockchain network that was built as an evolution of legacy chains like Bitcoins and Ethereum. As per the definition, Tezos is a blockchain project that powers the XTZ coin and can execute smart contracts. However, the proof-of-stake algorithm differs from other blockchains and allows the holders of XTZ to receive rewards for participating in the consensus mechanism. On top of that, the chain was designed to improve flexibility and scalability and will receive periodical upgrades with community approval. Reportedly, the latest upgrade of the network will drop on April 1.

In order to make the upgrade seamless and error-free, Crypto.com will suspend all the XTZ transactions on its exchange platform. According to this Crypto.com review, the exchange currently offers support to more than 100 trading pairs and 20+ currencies, including Tezos. They listed the XTZ tokens for trading in 2019 and have since become one of the most sought-after places to trade with Tez. The decision to hold XTZ was taken to protect users from the inconsistencies during the upgrade. So, the transactions will be made unavailable from 18:00 UTC on March 31.

The XTZ trading, however, will go on unbothered on Crypto.com, as the temporary limitations are applicable only to deposits and transactions. The exchange will continuously monitor the network upgrade and keep the community informed about it. Crypto.com also has a status report page where one can easily check on the current situation about the Tezos upgrade.

The new upgrade from Tezos was developed by a group of tech firms like Nomadic labs, TriliTech, Marigold, Oxhead Alpha, Tarides, DaiLambda, and Functori &Tweag. The revised version of Ithaca will have improvements that help the network save the space that is taken during error messages. It will also enable paycheck operations and liquidy baking with low gas consumption and reduced block times. This new upgrade will happen at the block height of 2,244,609.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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