On Monday, Polkadot announced an upcoming change to its schedule, which would see the deployment of asynchronous backing on its Kusama development and testing network before the end of 2022. This will set the stage for a mainnet upgrade that will increase transaction speeds.
A mechanism known as asynchronous backing enables parachains and the relay chain to construct blocks simultaneously, according to a May research from crypto market intelligence firm Messari.
Polkadot is a protocol that focuses on linking disparate blockchains, allowing incompatible blockchain networks (parallel chains) to connect and transfer value and data to one another through a chain called the relay chain.
Currently, the network can handle 1,000 transactions per second (TPS), but Polkadot claims its technology will expand that to between 100,000 and 1,000,000 TPS.
In addition, the approach will reduce the parachain block time by half (to six seconds) and boost the available block size for each block by five to ten times.
Polkadot also revealed a variety of changes related to sustainability, cross-chain interaction, expenditure calculation, administration, and staking in the plan to update.
The price of Polkadot increased this morning, Asian time, on news that it now supports Tether, the biggest stablecoin by market value.
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