Polkadot launches Parachain auction after governance vote

By October 13, 2021Polkadot
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Polkadot has released the schedule for Parachain auctions to start on November 11th after it was unanimously approved by the members of the blockchain’s online chain board. This news marks a milestone as it completes the final technical core of the whitepaper published five years ago.

Parachains is a unique special Layer 1 blockchain platform that works with the main Polkadot network and is additionally connected to the Polkadot relay chain. Their supposed functionality can be observed in many areas, from decentralized finance to smart contracts.

As representatives of Parity Technologies at the Sub0 conference, Polkadot founders Gavin Wood and Robert Habermeier confirmed that Polkadot now for the first time has the technical skills to carry out parachains, auctions and crowdfunding crowdfunding.

For an immediate response, Proposition 118 was sponsored by governance member Joe Petrowski and presented details and recommendations for implementation.

The first Polkadot Parachain auction of the original batch is scheduled to begin on November 11th and continue for five consecutive weeks through the final auction on December 9th.

The first bidding phase lasts two days, followed by a five-day final phase. Two peculiarities of the proposal for this auction plan are that, unlike Kusama’s project, which will be launched immediately after the auctions, the Polkadot auctions will take place for a month.

In In addition, 75% of the project capacity on Kusuma is attested to putting quality over quantity.

In the proposal, and also later in this section, it is said that the Canarian network of Kusama has positively influenced the development of this concept, both abstractly and practically.

Kusama, a sandbox platform designed for developers to test blockchain applications prior to their official launch on the Polkadot blockchain, recently successfully launched 11 parachain slot auctions.

In addition to the official release praising the near perfect flow of the Kusama auctions, it was also found that 2.4 million KSM were brought into the auctions from 49,000 unique active addresses.

Cointelegraph contacted Peter Mauric, Head of Publicity at Parity Technologies, for an exclusive comment on the inspiration behind the proposal, as well as the potential impact its implementation could have on the Polkadot ecosystem:

“Kusama was created to give the teams building the Polkadot Core Protocol, their parachains, and their communities the opportunity to test their technology and teams in combat. Several months of implementing Parachains on Kusama have given us confidence that they are ready for the official time on Polkadot. “

See Also: Polkadot Web3 Talisman Wallet Closes $ 2.35 Million Seed Funding Round

He went on to discuss how the implementation will most positively impact the Polkadot ecosystem, saying:

“This is the moment everyone has been waiting for since Polkadot paper was introduced more than 5 years ago. The promise of Parachains has always been at the core of what Polkadot is all about: a scalable, customizable and truly decentralized infrastructure for the next generation of Layer 1 protocols in the form of these Parachain networks.

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