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Polkadot (DOT) Launches Most Important Upgrade, Price Reacts

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Wed, 8/05/2024 – 9:08

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Polkadot is expecting to overhaul its Relay Chain protocol in the near future; however, before that happens, it has made a very important upgrade. The protocol called the latest upgrade “Asynchronous Backing,” an optimized approach for how parachain blocks are validated by the Relay Chain.

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How will Polkadot benefit?

Upgrades on Polkadot are not new as several referendums are being voted on regularly. With Asynchronous Backing, the Relay Chain becomes 2x faster in block production. Additionally, it now becomes 3-5x more extrinsic per block, with a 6-10x boost in blockspace availability.

In the Polkadot ecosystem, parachain or sub-blockchains are at the center stage of the blockchain’s innovation. With the latest upgrade, the protocol said parachains will now display a higher block space utilization.

It does not end there as Asynchronous Backing is expected to boost throughput by 8x. While this is important, the protocol said it can achieve this scaling “without sacrificing security, paving the way for supporting Web3 applications across verticals such as gaming and DeFi.”

Polkadot has been driving massive enterprise adoption within its ecosystem through developer-focused innovations. The protocol noted that the throughput this latest update brings onboard is important to support large-scale platforms like Mythical Games.

The upgrade has helped DOT, the native token, sustain its growth over the past week. At the time of writing, the coin is down 1.20% to $7.02; however, the weekly uptick comes in at 11.09%.

Driving Polkadot 2.0

In line with the Asynchronous Backing upgrade, Polkadot said this comes as one of three major tech stacks to usher in its Polkadot 2.0 vision. 

The community should keep its eyes on “Elastic Scaling” and “Agile Coretime,” which look to bring more utility and performance to the Polkadot ecosystem. Besides the massive embrace of the protocol by top exchanges, these upgrades keep the Polkadot blockchain among the most vibrant in the industry.

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