Polkadot will debut parachain auctions after governance vote

By November 12, 2021Polkadot
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Polkadot (DOT) has outlined a program for the launch of the first parachain auctions on 11th November, after the unanimous approval of the members of the blockchain’s on-chain governance board. The news represents a significant milestone as it brings to fruition the last fundamental technical element described in the white paper published five years ago.

Parachains are unique layer-1 blockchain platforms that operate in parallel to the main Polkadot network, as well as being linked to the Polkadot Relay Chain. Their functionality can be applied to a multitude of industries, from decentralized finance to smart contracts.

In a speech at the Sub0 Conference as representatives of Parity Technologies, Polkadot founders Gavin Wood and Robert Habermeier confirmed that Polkadot now possesses the technical capabilities to implement parachain, auctions and crowd-loans for the first time.

In an immediate response, Governance Member Joe Petrowski presented Proposal # 118, listing details and recommendations for implementation.

The start of the first Polkadot parachain auction in the starter series is scheduled for November 11 and will continue with a weekly auction for five consecutive weeks until the final auction on December 9th.

The initial offer period will run for two days, followed by a final five-day period. The proposal of this auction program presents some significant distinctions compared to those of the Kusama project. Unlike immediate onboarding after auctions on the latter, Polkadot’s auctions will be held for a period of one month.

Furthermore, the capacity of the projects will be 75% of that on Kusama, in an attempt to promote quality over quantity. Within the proposal, the Kusama network was cited for its positive impact on the evolution of this concept in both abstract and practical terms.

Kusama, a sandbox platform designed to allow developers to experiment with blockchain applications prior to their official launch on the Polkadot blockchain, recently successfully ran 11 parachain slot auctions.

In addition to praising the near-perfect process of the Kusama auctions, the official report pointed out that 2.4 million KSMs were contributed by 49,000 unique active addresses during the process.

Cointelegraph reached out to Peter Mauric, Head of Public Affairs at Parity Technologies, for an exclusive comment on the inspiration behind the proposal and the potential impact the implementation could have on Polkadot’s ecosystem:

“Kusama was launched to offer the teams developing Polkadot’s core protocol, the parachains and their communities the opportunity to test technology and teams. Despite some points of chaos expected along the way, the experience over the past few months during the implementation of the parachain on Kusama has given us confidence that they are ready for the real show on Polkadot. “

Related: Talisman, Polkadot’s Web3 wallet, concludes a $ 2.35 million seed funding round

Going on, he highlighted the positive impacts the implementation will have on the Polkadot ecosystem, explaining:

“This is the moment everyone has been waiting for since the Polkadot white paper was published more than five years ago. The promise of parachains has always been crucial to what Polkadot aims to achieve: scalable, customizable and truly decentralized infrastructure for next generation of layer-1 protocols, in the form of these parachain networks. “

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