Polkadot (DOT) has launched the auction launch schedule parachain on November 11 after being unanimously approved by the online chain board members of blockchain. This news marks a landmark achievement as it completes the final core technical element of the white paper published five years ago.
Parachains is the foundation blockchain The only special layer 1 that works in parallel with the network Polkadot main, in addition to being connected to the Relay Chain Polkadot. Their purported functionality can be witnessed across many areas from decentralized finance to smart contracts.
Speaking at the Sub0 Conference as a representative of Parity Technologies, the founders of Polkadot Gavin Wood and Robert Habermeier have confirmed that Polkadot now holds the technical ability to execute parachains, auctions, and crowdfunding for the first time.
In an immediate response, Proposal #118 was motioned by administrator Joe Petrowski, showing details and recommendations for implementation.
Polkadot . Auction parachain The first batch of the lot was originally slated to begin November 11 and will continue at a one-week rate for five consecutive weeks until the final auction on December 9.
The initial bidding phase will last for two days, followed by a five-day closing period. Two unique points about this auction schedule's proposal are that it is unlike the fact that Kusama immediately introduced after the auctions, Polkadot auctions will be held for a month's duration.
In addition, there will be 75% capacity projects that witness on Kusuma, in an effort for quality over quantity.
In the proposal, and indeed further cited later in this section, the canary network Kusama is believed to have had a positive impact on the development of this concept both in terms of abstraction and reality.
Kusama, a sandbox platform designed for developers to experiment with blockchain applications before their official launch on the Polkadot blockchain, recently successfully launched 11 parachain slot auctions.
Head of Public Affairs at Parity Technologies, for an exclusive commentary on the inspiration behind the proposal as well as the potential impact the implementation could have on the Polkadot ecosystem:
“Kusama was launched to give the teams that built the core Polkadot protocol, their parachains, and their constituent communities the opportunity to battle test their technology and teams. several months of deploying parachains on Kusama has given us confidence that they are ready for official time on Polkadot. "
He went on to discuss the positive effects the implementation will have on the Polkadot ecosystem, saying: “This is the moment everyone has been waiting for since the 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. .