Polkadot Completes a Major Upgrade: Asynchronous Backing Now Live

The NFT Unicorn PolkadotUpgrade_CB Polkadot Completes a Major Upgrade: Asynchronous Backing Now Live Crypto News

TL;DR

  • Polkadot has enhanced its network with Asynchronous Backing, increasing block production speed and capacity, aimed at improving support for complex Web3 applications.
  • The native cryptocurrency, DOT, has seen a recent increase and is anticipated by analysts to potentially rise to the $10-$15 range in the coming months.

Polkadot’s Latest Update

Polkadot announced that Asynchronous Backing has been enabled on the network.

The mechanism represents “an optimized approach for how parachain blocks are validated by the Relay Chain.” For the uninitiated ones, the Relay Chain is the central chain of the Polkadot network, playing a critical role in its architecture and functioning.

Following the latest update, blocks are produced twice as fast, whereas available blockspace was boosted by 6-10 times. “3-5x more extrinsic per block and higher utilization of parachain blocks” are two additional consequences of the advancement. 

“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’s team added.

The protocol’s previous developments include the release of the Join-Accumulate Machine (JAM) Gray Paper. It combines elements of Polkadot and Ethereum and “provides a global singleton permissionless object environment.

DOT Price Outlook

The aforementioned advancements (among other factors) may fuel a substantial price rally for Polkadot’s native cryptocurrency – DOT. Its price currently hovers the $7 mark (a 5% increase on a weekly scale), with numerous analysts expecting a bull run in the following months. 

The NFT Unicorn svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9IjAgMCAxMDMzIDczMyIgd2lkdGg9IjEwMzMiIGhlaWdodD0iNzMzIiBkYXRhLXU9Imh0dHBzJTNBJTJGJTJGY3J5cHRvcG90YXRvLmNvbSUyRndwLWNvbnRlbnQlMkZ1cGxvYWRzJTJGMjAyNCUyRjA1JTJGRE9ULnBuZyIgZGF0YS13PSIxMDMzIiBkYXRhLWg9IjczMyIgZGF0YS1iaXA9IiI+PC9zdmc+ Polkadot Completes a Major Upgrade: Asynchronous Backing Now Live Crypto News
DOT Price, Source: CoinGecko

Some examples are the X users Ted, CRYPTOWZRD and Jesse Olson who envisioned a spike in the $10-$15 range. Michael van de Poppe was even more bullish, admitting he added the asset to his personal portfolio and praising Polkadot’s “fundamental progress over the years.

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Source: CryptoPotato