Blockchain News

Polkadot’s parachain auctions are ready to take off

TL;DR Breakdown

  • Polkadot proposes the periods of the parachain auctions.
  • The Kusama parachain auctions have been a successful project.

Polkadot parachains are now set to go live on its mainnet from early November. According to the executive team, the native asset of the Polkadot network will be used by the firm in the upcoming auctions. The project’s parachains are side chains. They will operate together with the main chain.

Projects leading the queue

Polkadot Council announced that there would be over ten parachain auctions from November. Later, there will be one auction per week. The following sets of six will start in December. From there on, the auction will occur each fortnight.

The community has been curious concerning projects leading the queue. Robert Habermeier, Polkadot’s co-founder, said he wouldn’t support any particular parachain. He also noted he could not predict winners. 

He insisted that the auction’s framework favors ideas with sizable community support. The model uses a crowdloan technique. The CEO added there is no doubt that the future parachains will excite the community on Polkadot.

Less than six years ago, the insight of a heterogeneous multichain structure was penned down. The blockchain protocol described the details in their Whitepaper (also identified as the Polkadot’s Paper). The new development could be the last piece of the core technology, but Polkadot has more projects in-store.

Previous Auctions

Parachains have been in operations on the company’s live “canary” network, Kusama. The network is used for testing. Eleven chain slot auctions in Kusama began operations in June. There are 12 live parachutes currently operating on the project’s development network. The project has been running without obstacles, thus encouraging the performance of the parachains on the leading network.

Since their implementation, the Kusama parachain auctions have seen significant progress acquiring almost 2.5 million KSM, Kasama’s native token, in its crowdloans. Nearly 50,000 different addresses have raised the figure. 

Parachains are custom-made for particular blockchain projects and run alongside the main network. They use it for security and to validate transactions. 

DOT’s parachains are customized for the desired number of use cases. Parachains are an integral component of the network. They symbolize various specialized blockchains that connect to Polkadot’s Relay Chain. The parachain auction process will help realize the co-founder’s Gavin Wood vision for an interconnected blockchain structure.

The platform works around blockchain interoperability. They are visioned to grow the number of transactions a network can process.

This post was last modified on October 16, 2021 11:48 am

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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