As a crypto investor with experience in the Polkadot ecosystem, I’m excited about the recent upgrade that Polkadot has completed by implementing Asynchronous Backing. This technological advancement is one of three crucial upgrades that will take the network towards its Polkadot 2.0 vision.
Polkadot has undergone a major enhancement by introducing Asynchronous Backing in an upgrade. This improvement increases the network’s adaptability when it comes to allocating blockspace and boosts overall performance.
Among the key technological innovations essential for achieving Polkadot 2.0, Asynchronous Backing stands out alongside Elastic Scaling and Agile Coretime.
A Crucial Upgrade Completed
In the words of Polkadot, Asynchronous Backing is a refined method for validating parachain blocks within the Polkadot Network through the Relay Chain, which serves as the main chain and is vital to Polkadot’s design and operation. Polkadot revealed in its statement that this implementation would bring about a twofold improvement in block production speed and approximately three to five times more extrinsics per block. Moreover, Polkadot expressed that it would lead to a significant enhancement of parachain blocks usage, resulting in an increase of 6-10 times in overall blockchain accessibility.
As a data analyst, I have observed that implementing Async Backing can increase throughput by a factor of eight without compromising security. This significant improvement opens up opportunities to support Web3 applications in various sectors such as gaming and Decentralized Finance (DeFi). By bringing the scalability of Web2 technology to Web3 platforms like Mythical Games, we can cater to large-scale requirements effectively.
Polkadot recently unveiled another significant advancement: the publication of the Join-Accumulate Machine (JAM) Gray Paper. JAM integrates certain features of both Polkadot and Ethereum. Regarding Asynchronous Backing, PolkaWorld, a popular social media platform dedicated to Polkadot and its related ecosystem, elaborated on this topic.
“An asynchronous design significantly improves a system’s agility and productivity. It enables the processing of more transactions in less time, leading to higher network throughput and improved response times.”
DOT Price Relatively Stable
The news about the rollout of Asynchronous Backing didn’t significantly affect Polkadot (DOT) price. At present, DOT is being traded slightly above $7 at $7.02. Although Polkadot experienced a slight decrease following a notable surge, several analysts including Michael van de Poppe view DOT as underpriced. Van de Poppe, who considers Polkadot one of the major Layer1 networks, stated, “…[DOT] is heavily undervalued.”
“Polkadot ranks second among blockchains in developer activity and expansion. Yet, its price has yet to catch up. This could be one of the final instances of this disparity, given Polkadot’s objective to address the scalability and security concerns that Ethereum currently grapples with.”
The DOT price may experience a significant surge due to the upcoming upgrade and various other favorable conditions. Many financial experts predict a bullish trend for DOT in the coming days.
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2024-05-09 10:04