Polkadot To Increase Parachains By 10X, Will This Support Free-Falling DOT?
22 Setembro 2023 - 6:00PM
NEWSBTC
Polkadot, a platform aiming to drive blockchain interoperability,
wants to increase the number of parachains from 100 to 1,000 in a
planned upgrade. The network, which remains one of the most
valuable by market cap, has, like most layer 1 networks, suffered
from dropping user activity over the past months. DOT Is Down
Over 90% The dip follows the crypto winter in 2022. However, the
upcoming upgrade might catalyze demand, even supporting DOT, the
native currency. DOT is changing hands at $4 at spot rates, down by
over 90% when prices soared to as high as $55 in the last bull
market. Even though the contraction has significantly impacted
prices, other altcoins, including Solana and Algorand, suffered the
same fate. Even so, with the Asynchronous backing update,
whether DOT will find support is yet to be seen. The reveal on
September 21 didn’t move DOT, and the coin is edging lower, towards
2023 lows. Related Reading: Privacy For All: Brave To Integrate
Zcash Protocol On Native Crypto Wallet Polkadot developers are now
setting their eyes on Asynchronous backing. Sophia Gold, the
Engineering Lead at Parity Technologies, said the update
is “the most significant evolution of parachain consensus since we
launched parachains almost two years ago.” Their goal is to
increase the number of parachains to 1,000 by the end of
2024, effectively boosting the network’s transaction processing
speeds to over 1 million. Asynchronous backing enables flexible
scheduling for our future scaling work through elastic scaling and
instantaneous core time. We have a credible roadmap to get Polkadot
to support 1,000 parachains and 1m+ transactions per second. The
design is there – we know how to scale Polkadot for the indefinite
future. The Asynchronous Backing: What It Means For Polkadot With
this update, Polkadot is introducing a feature called “pipelining.”
This means multiple parachain blocks can be processed
simultaneously instead of waiting for one block to be fully
validated and included on the relay chain before moving on to the
next one. Accordingly, Polkadot would process more
transactions every second at any instance, effectively scaling the
network without relying on layer-2 solutions common in Ethereum or
Bitcoin, for example. Since “pipelining” will enhance throughput,
Polkadot will have a higher capacity. For this reason, the
developer plans to half blockchain validation time from 12 to 6
seconds. Related Reading: This Bitcoin Chart Mirrors Sinister
2019 Shadow: Retrace To $20,000 On The Horizon? A key feature about
Asynchronous backing is that any parachain block that fails to be
added to the “relay chain” on the first attempt can be reused.
Developers note that this will significantly improve network
efficiency due to reduced wastage. It is the combination of
pipelining and reusing of parachain blocks that Polkadot developers
say opens the door for the number of Parachains to be increased
from the current 100 to 1,000. With enhanced on-chain scalability,
running more parachains can be more feasible. Feature image from
Canva, chart from TradingView
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