Polkadot rolls out asynchronous backing to boost network efficiency and transaction speed News โธ Polkadot โธ Technology
Polkadot rolls out asynchronous backing to boost network efficiency and transaction speed
Polkadot's native DOT token fell by a modest 1% despite the introduction of the major upgrade.
1 min read
Updated: May. 8, 2024 at 5:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Polkadot has implemented asynchronous backing, a pivotal upgrade enhancing the network’s flexibility in blockspace allocation and overall performance.
The upgrade is one of the three technological advancements, alongside Elastic Scaling and Agile Coretime, driving the blockchain towards its Polkadot 2.0 vision.
Asynchronous Backing
According to Polkadot, asynchronous backing provides an optimized approach for validating parachain blocks by its relay chain.
The blockchain said the upgrade would introduce a twofold acceleration in blockspace production time and a 3-5x increase in extrinsic per block. It would also lead to heightened utilization of parachain blocks and is projected to enhance blockspace availability by 6-10x.
Furthermore, asynchronous backing would also result in an 8-fold increase in throughput while upholding security standards. This enhancement is expected to support decentralized applications, catering to diverse sectors like Web3 gaming and DeFi.
PolkaWorld, a social media account focused on the Polkadot network, further explained:
“Asynchronous backing greatly increases the systemโs flexibility and efficiency, allowing more transactions to be processed in a shorter time, thereby enhancing the overall throughput and responsiveness of the network.”
DOT price unchanged
Polkadot’s asynchronous support didn’t significantly affect DOT’s price, which experienced a slight 1.16% decline in the last 24 hours, settling at $7.06 at press time, according to CryptoSlate’s data.
This represents a reversal of fortunes for a digital asset whose value had increased by around 10% during the past week amid a broader market performance.
Notably, crypto analyst Michaรซl van de Poppe recently described Polkadot as one of the leading layer1 networks still heavily undervalued.
According to him:
“Polkadot is the second largest blockchain in terms of developers and growth, while the price is still lagging behind. It might the last time it does this, as it aims to provide a solution for the scalability and security issues Ethereum is facing.”
Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.
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