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.
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.
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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.
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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.
