Polkadot eyes increasing transaction speed by 100 to 1,000 times

Polkadot updated its roadmap on Monday, expecting to deploy a technique called “asynchronous backing” on its development-testing network Kusama before the end of 2022, as a prelude to upgrading the mainnet for boosting the transaction speed.

Fast facts

• Asynchronous backing is a technique that allows parachains and the relay chain to build blocks concurrently, according to a May report from crypto market intelligence institution Messari.

• Polkadot is a protocol focused on connecting different blockchains, which allows incompatible blockchain networks (parallel chains) to link and send value and data to each other via a chain named the relay chain.

• Polkadot said the technology will allow the speed of the network to increase to 100,000 and 1,000,000 transactions per second (TPS), compared with the current network speed of 1,000 TPS, according to Coinbase.

• The technique will also decrease the parachain block time by a half (to six seconds), and increase the amount of block space available to each block five to 10 times.

• In addition, Polkadot has announced a series of upgrades related to scalability, cross-chain communication, expense calculation, governance and staking in the roadmap update, which are expected to be rolled out by the middle of next year.

• Polkadot’s price rose this morning in Asian time on reports that it now supports Tether, the world’s largest stablecoin by market capitalization.

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