Tezos recent Babylon upgrade puts on-chain governance on the front stage

Tezos’ on-chain governance system voted in favor of the Babylon 2.0.1 proposal, which was automatically activated when the voting period concluded on Oct. 18, 2019. The new upgrade introduced a more robust version of the blockchain’s consensus algorithm (Emmy+), simplified smart contract development, and refined the delegation process. The Babylon vote also marked a new all-time high in participation in votes submitted (59,967).

Why it matters:

• Ethereum is drawing developer attention away from other smart contract platforms, including Tezos ($XTZ), because of its robust development environment. Babylon introduces a more friendly smart contract language that could sway developer mindshare towards Tezos.
• One criticism of on-chain governance is that low-voter turnout could enable a minority of voters to dictate the future direction of the network. The Babylon vote saw participation from nearly 84% of eligible stakeholders, suggesting Tezos’ approach is working as intended and even exceeding expectations.