Polkadot is building Asynchronous Backing as solution for scalability.
The sentiment around this protocol might help reboot price toward the $5 level in the near term.

Interoperability blockchain network Polkadot (DOT) has an ongoing mission to explore the full potential of Web3.0 and provide developers within its ecosystem with more efficient solutions to innovate. 

The focus has mainly been on improving the scalability of the Polkadot network and expanding the number of parallel chains. Thus far this year, the plan has hit several milestones including the recent launch of the complete version of Polkadot 1.0, the iteration of the Polkadot chain which came with several functionalities, just as it was outlined in its whitepaper. 

Currently, the Polkadot development team is pushing more efforts into developing the next stages of scalability. It is important that a blockchain like Polkadot has access to high-quality blockspace and this is what the team is trying to achieve with the introduction of ‘Asynchronous Backing’. 

As Polkadot gears towards improving its scalability and flexibility for different Web3.0 use cases across several industries, this asynchronous backing solution is deemed the next step in its roadmap.

Sophia Gold, the Engineering Lead at Parity Technologies which is a Polkadot core contributor spoke at the Polkadot Developer Conference known as sub0. Here, she acknowledged asynchronous backing as the crucial part in allowing the blockchain to increase the number of validators to around 1000 by the end of next year. 

This shift is believed to be necessary in bringing about a boost in the performance of the network.  

Polkadot Asynchronous Backing: a True Game Changer 

Asynchronous Backing will be useful to everyone including parachains, Decentralized Applications (DApp) builders, and end users as it will help lay the foundation for future scaling optimization. A concise understanding of the block execution process on Polkadot is necessary to explore the impact that asynchronous backing can have on parachains and their end users. 

Usually, every parachain block references a Relay Chain block as an anchor which is referred to as the Relay Chain Parent. Over time, it has been discovered that only parachain blocks using the most recent Relay Chain block as their Relay Chain Parent have been allowed to scale. 

Unfortunately, this places a limitation on throughput especially as it provides a short window of time for creating the next parachain block. 

According to a Polkadot blog post, Asynchronous Backing directly improves block capacity by increasing block execution time and parablock time, which in turn increases the amount of work every parachain can achieve. Ultimately, the blockchain is positive that asynchronous backing will bring about immediate results for Polkadot, its parachain, and users. In the long run, Polkadot users may expect that the benefits of Asynchronous Backing will impact positively on its price.

At the time of this writing, DOT has seen a 0.11% jump in its price which is now trading at $4.05. While it is worth noting that Polkadot has been on a decline for several weeks causing investors to doubt its capacity in the near term, with the coming Asynchronous Backing, holders of the coin are now looking forward to a price surge that might trigger a run in DOT toward the $5 price level.

---

Filed under: Bitcoin - @ September 26, 2023 12:16 pm