Polkadot is a Layer-1 multi-chain network that comes with shared interoperability and security. It ensures a safe passage between hundreds of simple Layer-1 blockchains called parachains. Due to its unique functionality and high efficiency, the platform became quite popular among crypto users. What made this ecosystem truly valuable was its ‘parachains’.
Parachain is a parallelizable chain which means it can work on two different blockchains parallely. Its computations are completely autonomous and it can work on private as well as public networks. Moreover, every parachain comes with its own function, token, and governance. Since they are so important to the blockchain, Pokadot keeps updating it from time to time. That is exactly what it is trying to do by adding 1000 parachains.
What Does It Mean For The Ecosystem?
The core development team of Polkadot made this announcement at the sub-zero developer conference in Lisbon. They said that the addition of 1000 parachains will expand the blockchain. They have named this update “asynchronous backing”. It has been developed to halve the parachain block time. So, if a block is currently taking 12 seconds to process, it’ll take 6 seconds to post the update.
Notably, it will enhance the blocks’ spaces by 5 to 10 times. In addition, it would facilitate flexible scheduling for future scaling work. Asynchronous backing will do it through instantaneous coretime and elastic scaling. The team said that they have a well-planned roadmap to support 1000 parachains and 1M+ transactions per second. Parity Engineering lead, Sophia Gold said that it’ll make Polkadot a reliable and long-lasting solution.
Reportedly, the developers will deploy asynchronous backing on Polkadot’s Rococo testnet in two weeks. Parity Technologies, a major contributor to Polkadot, shared this information at the sub-zero conference. However, it didn’t say anything about the timeline of the mainnet release. Parachains stem the security attributes from a central blockchain called a Relay Chain. They function as application-specific blockchains that maintain interoperability on Polkadot.
Gold also mentioned that asynchronous backing would enable Polkadot to multiply its validators. She also said that it is the most significant event of the parachain consensus since its launch two years ago.
How Would It Impact The Crypto Industry?
As the functionality of Polkadot grows, it’ll also become a more valuable blockchain ecosystem. It would emerge as a better option for enterprises looking for parallelizable systems. Furthermore, 1000 parachains will make the ecosystem faster than ever. They will make the consensus algorithm more transparent while eliminating unreliable nodes. In the future, it would also help the blockchain in expansion programs.
The implementation of any other update will be easier. The developers won’t have to go through the whole rigmarole every time. With heightened scalability, the network will be able to secure better advantages for the users too. So, it seems that the update will do all good to the network and the crypto domain. But technology keeps evolving and no one can forecast the future. So for Polkadot, it is the right time to brag about their technological achievements.