Polkadot’s core developers are now eyeing plans to expand the multichain protocol’s network of parachains to 1,000 – a massive upgrade from the current limit of 100 parachains – with software upgrades.
The upgrades that the Polkadot team has been betting big on is ‘asynchronous backing’ that concerns the network’s consensus algorithm. The update has been designed to halve Polkadot’s block time to six seconds and boost the space for each block by up to 10 times.
Parity Engineering Lead Sophia Gold said asynchronous backing ushers in flexible scheduling for future scaling plans. The Polkadot team has a robust map to support 1,000 parachains and achieve up to 1 million transactions every second.
According to reports, asynchronous backing is slated to be deployed on Polkadot’s Rococo testnet in around two weeks. The announcement was made by Parity Technologies, a leading contributor to Polkadot, at a sub-developer conference in Lisbon. The company stated that the timeline for mainnet release is currently tentative.
Gold also said that asynchronous backing would empower Polkadot to increase the number of validators three-fold by 2024 to around 1,000.
Analysts said that they are closely monitoring live cryptocurrency prices to gauge any impact of the announcement on Polkadot’s prospects.
About Polkadot:
Often counted among the Top 10 cryptocurrencies of the world, Polkadot has been designed as a sharded multichain protocol that comprises a network of sovereign blockchains called parachains. These specialized and interoperable chains enable Polkadot users to seamlessly transfer data and assets. Its native cryptocurrency is called the DOT token and it’s used for various transactional purposes on the network. Developers also call Polkadot a Layer 0 metaprotocol because of its network of Layer 1 blockchains. One of the key USPs of Polkadot is that it can forklessly update its codebase through on-chain governance.
The Polkadot ecosystem has four core components. The first one is the Relay Chain which helps in creating interoperability, consensus, and developing a shared security mechanism across different blockchains. The second component is parachains which can be optimized for specific uses and can also have their own tokens. The third one is parathreads that are similar to parachains but have a pay-as-you-go model and more flexible connectivity. The last component of the system is bridges that enable parathreads and parachains to connect with external blockchains.
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