All eyes are currently on Bitcoin, waiting to see what direction the market’s leading cryptocurrency will take when it hits a new ATH. However, other cryptocurrencies, far from the limelight, record very good performance, including Polkadot. The development of Polkadot has reached an important turning point, as a timetable has just been set for the launch of the “parachain” auction on 11 November, a proposal that was unanimously voted on by members of the blockchain government council. Following the successful parachain auction on Kusama, Polkadot’s test network, parachains are ready to be deployed on the main network.
Polkadot’s architecture requires a unique economy. Parachains are Tier 1 blockchain platforms that run in parallel with the Polkadot network, in addition to being linked to the Polkadot relay chain. They can be used in a wide range of areas, from decentralized financing to smart contracts.
Parachains depend on relay chain security, but security is not free. Parachain locations are therefore rare, with an entire architecture built around how developers acquire, maintain and outsource certain aspects of the relay chain.
During the Sub0 conference, the founders of Polkadot, Gavin Wood and Robert Habermeier, confirmed that blockchain now has the technical capabilities for implementing parachains, auctions, and “crowdloans” (the process of unauthorized, competitive, and equitable allocation of resources, funded by future users of the network). A first batch of parachains will go on sale on November 11th, and the process will continue with one sale per week for five consecutive weeks until December 9th.
The initial auction period lasts two days followed by a closing period of five days. This auction plan has two unique features: unlike Kusama’s projects, Polkadot’s auctions will be held in transit for a period of one month.
Speaking during an interview with Cointelegraph, peter maurichead of public affairs at Parity technologiessaid:
“Kusama was launched to give the teams that build the core of the Polkadot Protocol, parachains and their components, an opportunity to test their technologies and teams. Although there was some expected chaos along the way, experience implementing parachains on Kusama has given us confidence that they are ready for Polkadot. “
Separately, Gavin Wood also revealed on Twitter that Polkadot’s Treasury Department has allocated over 18.9 million DOTs (worth about $ 777 million today) to a development fund. Capital would be mobilized to achieve the “build, improve, educate” Polkadot ecosystem.
Participation in Polkadot governance polls has been relatively low in the past, and this fund could aim to further engage DOT holders in the process.
Many observers believe that the Acala Network, supported by Coin basewill be one of the main candidates to get the first parachain on Polkadot.
After monitoring the development of Parity Ethereum over the last few years, Parity Technologies has chosen to focus exclusively on Polkadot. Parity Ethereum was Ethereum’s second largest customer after Geth, which did not fail to bother the Ethereum community. The team had explained that it no longer had the necessary resources to ensure the maintenance of the project. Either way, the choice of Parity Technologies seems to have been beneficial for Polkadot, which is cementing its place in a multi-channel universe.
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