The Development Of Polkadot Reaches An All-time High

Published on:

Last Updated on October 17, 2022 by Bitfinsider

According to information obtained from the programming repository GitHub, Polkadot acknowledged more than 500 contributions on a daily basis in the month of September. This figure represents an all-time high for the multichain protocol. At the same time, information obtained from Polkadot’s cross-consensus interoperability standard XCM indicates that a record number of 26,258 messages were transmitted between its parachains. During the month of August, a total of 14,930 contributions made by developers were logged on Polkadot’s GitHub.

The developers of the project have reported that there are currently 66 active blockchains on Polkadot and the parachain startup network Kusama. Over 140,000 messages have been passed between chains through a total of 135 different messaging channels since the beginning of the system. To date, the Polkadot and Kusama Treasuries have pooled their resources and contributed a total of 9.6 million DOT and 346,700 KSM ($72.8 million) to fund various spending proposals within the ecosystem.

Individual layer-1 blockchains are known as parachains. These blockchains are run in parallel on Polkadot and are initially tested on Kusama. Auctions for positions on the parachain are conducted in the form of crowdloans, and the position is awarded to the initiative that submitted the highest bid. The inaugural event of this kind took place in November of last year.

Rob Habermeier, the founder of Polkadot, recently published a roadmap with the goal of increasing the scalability of both Polkadot and Kusama. This will help the company move forward. Asynchronous backing, also known as the decoupling of the extension of parachains from the extension of the relay chain, is one of the highlights. This decoupling is a potential mechanism for reducing the blocktime of parachains by fifty percent while simultaneously increasing the amount of block space given by ten times. In the event that the upgrade is implemented, it is anticipated that the network’s speed will increase to between 100,000 and 1 million transactions per minute.

It is anticipated that the asynchronous backing upgrade will first be implemented on Kusama before the end of the year and then on Polkadot after that. In theory, an upcoming upgrade to the network that will introduce ‘pay-as-you-go’ parachains could combine the process of launching a blockchain on Kusama with the process of simultaneously launching smart contracts. The move would cut down the amount of time needed to develop Polkadot for new construction.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.