Polkadot to launch parachain auction after governance vote


Polkadot set a timeline for the start of the parachain auction on November 11 after unanimous approval from members of the blockchain chain’s governing council. The new one marks a historic achievement because it fulfills the last basic technical element of the white paper published five years ago.

Parachains are particularly distinctive Layer 1 blockchain platforms that operate laterally alongside the Polkadot Mainnet, in addition to being attached to the Polkadot Relay Chain. Their useful function can be seen in a multitude of fields, from decentralized finance to smart contracts.

Speaking at the Sub0 conference as representatives of Parity Technologies, the founders of Polkadot, Gavin Wood and Robert Habermeier, confirmed that Polkadot now has the technical capabilities to implement parachains, auctions and crowdloans for the first time.

In immediate response, Proposal # 118 was put forward by Governance Member Joe Petrowski, voicing details and recommendations for deployment.

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The first Polkadot parachain auction of the initial lot is scheduled to start on November 11 and will run once a week for five consecutive weeks until the final auction on December 9.

The initial auction period will last for two days, followed by a five-day end period. Two unique features of this auction schedule proposal are that, unlike the immediacy of the Kusama project integration after the auction, the Polkadot auctions will be held in transit for a period of one month.

In on top of that, there will be a capacity of 75% of projects to that seen on Kusuma, in a bid for quality over quantity.

In the proposal, and moreover cited later in this article, the Canary Islands Kusama network was cited as having a positive impact on the evolution of this concept in both abstract and practical terms.

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Kusama, a sandbox platform designed for developers to experiment with blockchain applications before their official launch on the Polkadot blockchain, recently implemented the successful 11 ​​parachain slot auctions.

In addition to the official statement praising the almost flawless Kusama auction process, he also noted that 2.4 million KSM were contributed by 49,000 unique active addresses during the auction.

TNZT contacted Peter Mauric, Public Affairs Manager at Parity Technologies, for an exclusive commentary on the inspiration behind the proposal, as well as the potential impact the implementation can have on the Polkadot ecosystem:

“Kusama was launched in order to give the teams that build the base Polkadot protocol, the parachains and their constituent communities the opportunity to test their technology and their teams in combat. Although there were some expected bits of chaos Along the way, the experience of the past few months of deploying parachains to Kusama has given us the assurance that they are ready for prime time viewing on Polkadot. ”

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He then discussed the ways in which the implementation will have the most positive impact on the Polkadot ecosystem, stating:

“This is the moment everyone has been waiting for since the launch of Polkadot paper over five years ago. The Parachain promise has always been at the heart of what Polkadot aims to achieve: a scalable, customizable and truly decentralized infrastructure. for the next generation of layers. 1, in the form of these parachain networks.