Polkadot has completed a significant upgrade and enhanced its network by implementing Asynchronous Backing, enhancing its flexibility in blockspace allocation and overall performance.
Asynchronous Backing is one of three crucial technological advancements, along with Elastic Scaling and Agile Coretime, that will take the network towards its Polkadot 2.0 vision.
A Crucial Upgrade Completed
According to Polkadot, Asynchronous Backing provides an optimized approach to validating parachain blocks by the Relay Chain, the primary chain of the Polkadot Network. The Relay Chain plays a crucial role in Polkadot’s architecture and functioning. Polkadot stated in its announcement that the implementation of Asynchronous Backing would result in a twofold acceleration in blockspace production and a 3-5x increase in extrinsic per block. Additionally, Polkadot stated that it would lead to the heightened utilization of parachain blocks, leading to an increase of 6-10x in blockchain availability.
“Async Backing boosts throughput by 8x, without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi. It brings Web2 scale into the reach of Web3, which is crucial for large-scale platforms like Mythical Games.”
Polkadot had also recently announced another major development, the release of the Join-Accumulate Machine (JAM) Gray Paper. JAM combines specific elements of Polkadot and Ethereum. Further discussing Asynchronous Backing, PolkaWorld, a social media account focused on Polkadot and its ecosystem, explained,
“Asynchronous backing greatly increases the system’s 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 Relatively Stable
The announcement regarding the implementation of Asynchronous Backing didn’t have much impact on the Polkadot (DOT) price. Currently, DOT is trading just above the $7 mark at $7.02. While Polkadot may have registered a decline of sorts after seeing a considerable increase, many, such as crypto analyst Michael van de Poppe, believe Polkadot to be heavily undervalued. While calling Polkadot one of the leading Layer1 networks, he stated,
“Polkadot is the second largest blockchain in terms of developers and growth, while the price is still lagging behind. It might be the last time it does this, as it aims to provide a solution for the scalability and security issues Ethereum is facing.”
The implementation of the upgrade, along with other factors, could lead to DOT seeing a considerable price rally, with numerous analysts expecting a bullish rally in the near future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
