Comprehensive Review of Polkadot’s Transactions Per Second (TPS) in the Latest Update

“Polkadot” is one of the pioneers of blockchain technology, aiming to create a multi-chain platform to enhance the interaction and scalability of blockchain networks. This network is striving to improve its capabilities through new updates and to become one of the most powerful blockchain ecosystems.

Polkadot is one of the prominent projects in the blockchain space with the goal of creating a “multi-chain” ecosystem. It was created by Gavin Wood, one of the co-founders of Ethereum. One of the key metrics in evaluating the performance of blockchain networks is the “Transactions Per Second” (TPS) rate.

Polkadot, as one of the leading blockchain networks with high scalability and diverse technical innovations, has attracted considerable attention. The second-quarter 2024 report by “Messari” on the state of Polkadot provides a comprehensive and detailed analysis of the network’s performance and progress.

This article examines TPS in Polkadot’s new update along with a comprehensive review of the network’s state in the second quarter of 2024.

Definition of TPS and Its Importance

TPS refers to the number of transactions a blockchain network can process per second. This metric is crucial for evaluating the efficiency and scalability of a network. Different blockchain networks offer varying TPS rates depending on their architecture and consensus algorithms.

Review of the Latest Polkadot TPS Update

Polkadot has recently made significant updates to enhance the network’s performance and scalability. The most important of these updates include “Asynchronous Backing” improvements, which aim to increase transaction speed by up to 10 times the current rate. This update increases block execution time and reduces the time between parachain blocks, which boosts block capacity and, consequently, transaction throughput.

According to published information, initial tests of Asynchronous Backing were conducted in June 2024, yielding very promising results. These tests showed that the network could handle up to one million transactions per second, a significant improvement over the current network capacity.

Furthermore, the new updates also include major changes to Polkadot’s governance system. These changes involve the removal of the council and technical committees and the introduction of a new system called “Polkadot Fellowship,” where all network decisions are made through community referendums.

With the release of this new update, Polkadot has made substantial improvements in transaction speed and network performance. This update allows the Polkadot network to process between 100,000 and one million transactions per second, whereas previously it could only process 1,000 transactions per second.

These improvements have been achieved by reducing the time to produce parachain blocks to six seconds and increasing the block space for each parachain by five to ten times. These changes allow parachain blocks to use older parent blocks, creating a “pipeline” of parachain blocks that boosts network efficiency and scalability.

Additionally, Polkadot plans to introduce new features such as “Agile Coretime,” which will allow more flexible block space allocation at a lower cost.

In Polkadot’s latest update, significant improvements have been made to the network’s structure and algorithms, which directly affect the TPS rate.

These improvements include the following:

1. Improvement of the Consensus Protocol (Nominated Proof-of-Stake or NPoS):

The NPoS consensus protocol in Polkadot has been optimized to enhance transaction processing capabilities. These improvements include reducing block confirmation time and increasing network efficiency in transaction management.

2. Increase in the Number of Parachains:

One of Polkadot’s standout features is its support for parachains. In the latest update, the number of active parachains has increased. Each parachain can process its independent transactions, which contributes to the overall increase in the network’s TPS rate.

3. Optimization of Cross-Chain Messaging (XCMP):

XCMP, the communication protocol between parachains, has been improved. This protocol now allows for more efficient messaging and transaction transmission between parachains, which helps increase the TPS rate.

4. Upgrading the Runtime System:

Polkadot’s runtime system has been optimized to reduce transaction execution times. These optimizations include improvements to processing algorithms and increased efficiency in executing code.

Technical Details of the New Update

• New Block Time:
  In the new update, the block production time has been reduced. This reduction in time leads to an increase in the TPS (Transactions Per Second) rate, as more blocks are produced in a shorter period.
• Optimization of Network Nodes:
  The Polkadot network nodes have been optimized to process transactions faster. These optimizations include improvements in network protocols and communication algorithms.
• Increased Computational Capacity:
  By using new parachains and expanding their computational capacity, the Polkadot network is able to process more transactions simultaneously.

Comprehensive Review of Polkadot’s Status in Q2 2024 from Messari: Analyzing Polkadot’s Strengths and Challenges:

1. Polkadot 2.0 and Major Changes

The upgrade of Polkadot to version 2.0 was a significant milestone in the development of the network. This version includes major structural changes that have improved the network’s efficiency and scalability.
Some of these changes include:

• Resource Utilization Model:
  In Polkadot 2.0, network resources are allocated flexibly and on-demand. This model is similar to a co-working space, where resources (computational cores) are used based on the needs of users and projects. This change improves network productivity and makes it easier for new projects to join.

2. Asynchronous Backing:

Asynchronous backing is one of the key technical upgrades in Polkadot 2.0. This new feature allows parachains to connect their blocks to the historical blocks of the chain.
This change has two major benefits:

• Increased Efficiency and Scalability:
  With this feature, parachains can produce more blocks without being bound by the “Relay Chain” scheduling. This leads to improved scalability of the network.
• Better Resource Utilization:
  Parachains can use historical blocks to propose new parachain candidates, improving the utilization of network resources.

3. Key Performance Indicators in Q2 2024:

During this period, Polkadot continued to grow. Some key performance indicators include:

• Increase in Transactions and Inter-chain Messages (XCM):
  The number of XCM messages reached 449,813 in December, indicating significant growth compared to previous months. This increase in activity shows greater adoption of this technology among users and projects.
• Increase in Chain Events:
  The number of chain events, including transactions, exchanges, and staking, saw a substantial increase during this period.

4. “Big Unlock” Event:

One of the major events during this period was the unlocking of a large number of DOT tokens that had been previously locked in parachains. This event led to an increase in the number of staked tokens on the network. Following the unlocking, the number of staked tokens increased from 673 million to 710 million DOT, reflecting greater user interest in participating in staking and securing the network.

5. New Projects and Innovations:

In Q2 2024, several new projects and innovations were introduced within the Polkadot ecosystem, helping to develop and expand the network.
Some of these projects include:

• Agrotoken: This project allows farmers to tokenize their products and use these tokens for the exchange of goods and services.
• Snowbridge: This project is a bridge between the Polkadot and Ethereum networks, facilitating the exchange of data and assets between the two networks.

6. The Future of Polkadot:

With the improvements and innovations introduced, Polkadot is on its way to becoming one of the leading blockchain networks. With enhancements in efficiency, scalability, and security, it can emerge as a main platform for developing and executing decentralized applications (dApps) and blockchain projects.

Conclusion:

The new Polkadot update demonstrates the network’s commitment to continuous improvement and offering innovative solutions to scalability and efficiency challenges in the blockchain world. These changes not only help increase transaction speed and reduce delays but also pave the way for further capabilities in the future. By implementing this update, Polkadot can become one of the best choices for blockchain projects seeking a reliable and efficient ecosystem.

The new update of Polkadot has had a significant impact on the network’s TPS rate. By improving the consensus protocol, increasing the number of parachains, optimizing communication protocols, and upgrading the execution system, Polkadot has managed to significantly increase its transaction-per-second rate. These improvements not only enhance network efficiency but also improve its scalability. With these changes, Polkadot can be recognized as one of the leading blockchain networks in terms of performance and scalability.

The Q2 2024 report of Polkadot provides a clear picture of the network’s progress and innovations. With the upgrade to version 2.0 and the introduction of new features like Asynchronous Backing and Agile Coretime, Polkadot has significantly improved its scalability and efficiency. Additionally, important events like the unlocking of DOT tokens and the increased activity of parachains indicate the growing dynamism and adoption of the network among users and projects.

Given its innovations and future developments, Polkadot will continue to be one of the front-runners in the blockchain world. With ongoing improvements and efforts to increase productivity and security, the network holds strong potential to become a main platform for developing and executing decentralized applications.