Polkadot ATH Reached in Development Activity
The Polkadot ATH (all-time high) in platform advancement activity was reached recently. Data from the GitHub programming repository shows that the platform acknowledged more than 500 additions daily in September, a high for the multichain protocol.
A record 26,258 messages were transferred between its parachains, according to data from Polkadot's XCM cross-consensus interoperability protocol. On Polkadot's GitHub, 14,930 developer contributions were recorded in all.
Polkadot is an open-source, multichain protocol that unites and secures a network of specialised blockchains, allowing cross-chain transfer of data or asset type, thus making blockchains interoperable. The platform was created to serve as the foundation for Web3, a decentralised internet of blockchains.
According to project developers, 66 blockchains are operational on the platform and its parachain startup network Kusama. More than 140,000 messages have been sent and received between chains across 135 communications channels since the system's launch. The Polkadot and Kusama Treasuries have distributed 346,700 KSM and 9.6 million DOT ($72.8 million) to finance budgetary requests in the ecosystem.
Parachain slot auction
Parachains are individual layer-one blockchains that run simultaneously on Polkadot and are initially tested on Kusama. Auctions for parachain slots are in the form of equity loans, with the position going to the project with the highest bid. The first auction took place in November.
The platform has continued to auction off parachain slots to innovative projects. The most recent cryptocurrency projects to receive a parachain were the identity protocol Kilt, the metaverse infrastructure company BridgePort, and the data solution firm Integritee.
Rob Habermeier, the network founder, recently published a roadmap for enhancing the scalability of Polkadot and Kusama. Highlights include the potential to cut parachain blocking time in half while increasing space block provided tenfold through asynchronous support, which decouples parachain extension from relay chain extension.
If the upgrade were implemented, network speed could rise to between 100,000 and 1 million transactions per minute.
After the Polkadot ATH was reached, there is more development activity to come. By the end of the year, Kusama will be the first platform to build the asynchronous support upgrade, followed by Polkadot. Establishing a blockchain on Kusama and the simultaneous launch of smart contracts would theoretically constitute another network update planned for the impending introduction of "pay-as-you-go" parachains. By doing this, the platform's development process would speed up.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.