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Polkadot’s Asynchronous Backing Upgrade
Polkadot recently implemented an essential upgrade known as asynchronous backing, a significant development aimed at enhancing the network’s adaptability in blockspace allocation and overall performance. This upgrade, alongside Elastic Scaling and Agile Coretime, forms part of the technological advancements steering Polkadot towards its Polkadot 2.0 vision.
Understanding Asynchronous Backing
Asynchronous backing, according to Polkadot, offers an optimized approach for validating parachain blocks by its relay chain. The blockchain’s announcement highlighted that this upgrade is expected to bring about a twofold acceleration in blockspace production time and a notable 3-5x increase in extrinsic per block. More importantly, it is projected to significantly enhance the utilization of parachain blocks, leading to a 6-10x increase in blockspace availability. Furthermore, this enhancement is set to deliver an impressive 8-fold increase in overall network throughput while maintaining stringent security standards. Notably, the introduction of asynchronous backing is anticipated to play a crucial role in supporting decentralized applications across various sectors, including Web3 gaming and decentralized finance (DeFi).
PolkaWorld, a social media account dedicated to disseminating information about the Polkadot network, further elaborated on this upgrade, stating that:
“Asynchronous backing greatly enhances the system’s flexibility and efficiency, enabling the processing of a higher number of transactions within a shorter period. This, in turn, enhances the network’s overall throughput and responsiveness.”
DOT Price Stability
Despite the implementation of asynchronous backing, Polkadot’s native token, DOT, did not experience significant price fluctuations. In the last 24 hours, DOT saw a modest decline of 1.16%, settling at $7.06 at the time of writing, as indicated by data from CryptoSlate. This marks a shift in momentum for the digital asset, which had witnessed a roughly 10% increase in value over the past week amidst general market movements.
Renowned crypto analyst Michaël van de Poppe recently shared his perspective on Polkadot, describing it as one of the premier layer1 networks that remains undervalued. In a tweet, he mentioned:
“Polkadot is the second largest blockchain in terms of developers and growth, yet its price continues to lag behind. This trend may not persist for long, especially considering its aim to address scalability and security challenges faced by Ethereum.”
Overall, Polkadot’s deployment of asynchronous backing signifies a pivotal step towards enhancing the network’s efficiency, scalability, and overall utility across diverse decentralized applications and use cases.
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