Tezos, a decentralized open-source blockchain network, announced on Monday that it has planned the schedule for its upcoming major upgrade “Hangzhou”. The upgrade will take effect on December 3 at approximately 16:20:22 UTC, or when the block height reaches 1,916,929.
Along with this, bitFlyer, which handles Tezos (XTZ), has announced that it will stop the deposits and withdrawals of XTZ from 5PM UTC Friday.
The network has named the upgrade after Hangzhou, a major global technology and innovation hub located in China’s Zhejiang province. As per the announcement, Hangzhou will set up the foundation for a Tezos’ 2022 consensus upgrade, Tenderbake.
The upgrade will enable major improvements in the network, such as improving the functionality of smart contracts, faster access, at a lower gas cost, to data, faster processing speed, and extending the sunset period of liquidity baking. Liquidity baking was introduced in Tezos’ last upgrade “Granada” in August.