As a seasoned crypto investor with a keen interest in blockchain technology and its real-world applications, I’m thrilled to see Polkadot making significant strides forward. The recent improvement in network performance through the implementation of Asynchronous Backing is a game-changer for the protocol. Not only does it boost transaction speeds and capacity, but it also paves the way for supporting larger Web3 applications.
TL;DR
- Polkadot has recently improved its network performance, significantly boosting the speed and capacity for processing transactions.
- In addition to its technical advancements, the protocol is exploring a potential $8.8 million sponsorship deal with the American soccer club Inter Miami.
What’s New Around Polkadot?
In recent news, the blockchain protocol has gained attention for achieving significant advancements. According to CryptoPotato’s report, this development introduced Asynchronous Backing to the network. This mechanism signifies an efficient method for validating parachain blocks by the Relay Chain.
In simpler terms, the Relay Chain serves as the core component in Polkadot’s system, playing a crucial role in connecting and enabling communication between various parachains. It manages the transmission of messages using the XCMP protocol for seamless inter-chain interaction.
As an analyst, I’ve observed that Polkadot’s team has reported some significant improvements following their recent upgrade. Specifically, the production of blocks has been increased twofold, resulting in a 3-5 times greater number of extrinsic transactions per block. Additionally, the available blockspace has been enhanced by a factor of 6 to 10. These developments are expected to lead to higher utilization of parachain blocks and an overall more efficient network.
“Our ‘Async Backing’ technology enhances throughput by a factor of eight without compromising security, opening up possibilities for Web3 applications in sectors such as gaming and DeFi. This bridges the gap between Web2’s large-scale capabilities and the emerging world of Web3, which is essential for expanding platforms like Mythical Games.”
The Previous Endeavors
Around a few weeks ago, the Join-Accumulate Machine (JAM) Gray Paper was unveiled by Polkadot. This paper outlines a potential plan to promote progress within the Relay Chain, merging features from both Polkadot and Ethereum.
The team explained that JAM offers a worldwide, permissionless object environment using a global singleton, similar to the smart contract setting introduced by Ethereum. Additionally, it provides secure sideband computation that can be computed in parallel across a scalable network of nodes, a concept initially proposed by Polkadot.
“A significant advancement that is still under wraps involves the potential collaboration between Polkadot and Inter Miami soccer club. According to Nico Zini, Inter Miami’s Partnership Marketing and Media Rights representative, the team could be entering into an $8.8 million sponsorship agreement with Polkadot.”
For those unfamiliar, Lionel Messi, the Argentine legend, is Inter Miami’s most renowned player, and David Beckham shares ownership of the team.
Polkadot made its second foray into the soccer sphere two years ago when it had an opportunity to be FC Barcelona’s jersey sponsor. However, Barcelona ultimately went with Spotify instead.
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2024-05-12 23:56