Polkadot's Vision of Web3 with Parachain

Open source platform announced the launch of the first parachains (or parallelized chains) aimed at improving interoperability between multiple .

According to Cointelegraph, the team  has invested 5 years in the development of parachains (parachains are used to allocate to teams through auctions, namely , , Finance, Astar and Clover are the first 5 projects selected).

The winning projects in the auction can rent the above positions of Polkadot up to 96 weeks.

helps to coordinate consensus and communication between parachains developed by (founder of Polkadot and co-founder ).

Wood says:

“When the ecosystem growing with the early appearance of metaverses, there will be many new protocols born. Then we will not have a single blockchain, but instead many chains that are connected to each other.”

Polkadot created with belief in the future of Web3

Polkadot (DOT) has stood firmly in the top 10 categories leading market capitalization value after more than 5 years of development. Polkadot Ecosystem intends to increase the maximum number of allocations for Relay Chain from 5 to 100 positions .

“However, not all of these slots will be allocated through auctions as some will be used for parachains and parathreads that support governance,” Wood said.

"Paradigm was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services and parachains will solve this problem,” added Wood.

In the plan to accelerate smart contract development on DeFi and NFT recently announced the release of a layer-1 smart contract called Assembly.

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Cointelegraph says Assembly will use existing architecture of to act in parallel as a bridge. Dominik Schiener co-founder and president of Foundation said:

“Assembly is fully configurable and can be bridged across any chain of smart contracts. Every network built using the protocol will benefit from the secure infrastructure, interoperability, and shared tokens provided by Assembly.”

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