News Report Technology
December 22, 2023

Polkadot will Introduce Asynchronous Support and Snowbridge Cross-Chain Bridge with Ethereum in 2024

In Brief

Polkadot plans to implement new features such as Asynchronous Backing and deploy Snowbridge cross-chain bridge with Ethereum in 2024.

Polkadot will Introduce Asynchronous Support and Snowbridge Cross-Chain Bridge with Ethereum in 2024

In development update, Polkadot outlined its strategic initiatives for 2024 in its “Polkadot in Numbers” annual report for 2023. The blockchain platform plans to implement new features such as Asynchronous Backing, flexible Coretime and a minimum Relay.

Additionally, the platform announced that the first quarter of the upcoming year will see the deployment of Snowbridge, a cross-chain bridge connecting Polkadot and Ethereum.

Asynchronous Backing aims to streamline Polkadot’s network performance. This innovative upgrade will reportedly enhance the network’s scalability and throughput by allowing validators to process multiple parachain blocks simultaneously.

A key feature of this enhancement will be its ability to decentralize block production, dynamically distributing the workload across validators. This eliminates the need for validators to wait for global consensus, resulting in faster block times.

Polkadot said the upgrade has undergone rigorous testing on Polkadot’s testnet Rococo, and is poised for deployment on Kusama, the canary network. Successful implementation on Kusama is a crucial milestone preceding its release on the Polkadot mainnet.

After rigorous testing on Polkadot’s testnet, Rococo, the Asynchronous Backing upgrade is set to be deployed on Kusama, Polkadot’s canary network. A successful implementation on Kusama is anticipated to pave the way for a subsequent release on the Polkadot mainnet. This transformative upgrade is projected to triple the number of validators, scaling to support approximately 1,000 validators by the close of 2024.

Snowbridge: A Trustless Bridge Between Polkadot and Ethereum

In tandem with Asynchronous Backing, Polkadot is set to launch Snowbridge in the first quarter of 2024. Snowbridge is a pioneering project aimed at creating a trustless bridge between Polkadot and Ethereum, allowing interoperability between the two prominent blockchain networks.

The Snowbridge team is diligently merging their pallets and support code into the Polkadot-SDK monorepo using git subtree, streamlining the synchronization process. Plans are in place to publish their crates and add their pallets to the BridgeHub runtimes post-completion of the ongoing re-audit.

Technical Advancements and Enhancements

Polkadot said Snowbridge has achieved notable milestones, including fortifying the resilience of the BEEFY light client against potential attacks and refining the Solidity API for the transfer of ERC20 tokens to Polkadot parachains. Emphasis has also been placed on utilizing static exchange rates for Ether-DOT conversions, governed by Polkadot governance, to uphold decentralization and reduce transfer costs.

The project prioritizes message traceability across the bridge, utilizing the SetTopic instruction, while protocol-level data formats now support versioning for seamless live upgrades. The BEEFY light client has successfully passed a re-audit and is poised for production, with ongoing re-audits for the remaining codebase.

With Snowbridge nearing completion, the company said that the project’s focus is shifting to final integrations, bug bounty programs, and additional application-level features for post-launch upgrades.

Polkadot’s ambitious plans for 2024 highlight its strategic goal to position Polkadot at the forefront of the rapidly evolving blockchain landscape, with implications for the broader cryptocurrency ecosystem.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

More articles
Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

Hot Stories
Join Our Newsletter.
Latest News

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
Markets News Report Technology
SatoshiVM Plans Runes Bridge Testnet Launch Next Week, Alpha Mainnet to Follow
April 22, 2024
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
Business News Report Technology
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
April 19, 2024
What’s Next for Aleph Zero? Antoni Zolciak Shares Mainnet Updates, Plans, and Key Partnerships at TOKEN2049
Interview Software Technology
What’s Next for Aleph Zero? Antoni Zolciak Shares Mainnet Updates, Plans, and Key Partnerships at TOKEN2049
April 19, 2024
MyShell Launches AI Consumer Layer 2 Network With AltLayer Powered By EigenDA And Optimism
Business Technology
MyShell Launches AI Consumer Layer 2 Network With AltLayer Powered By EigenDA And Optimism
April 19, 2024