Polkadot, the popular open-source blockchain platform, has announced the introduction of its first Parachains, short for Parallel Chain, which aims to improve interoperability between multiple blockchains. ParaChain, a personal blockchain running parallel to the Polkadot ecosystem on its network, has been in development for five years and marks a breakthrough for interconnected blockchain technology. Polkadot has launched its first five parachain, slot auctions on November 11. The winners of the first auction include Parachain teams focusing on a variety of topics from decentralized finance to investments and loans as well as smart contracts.
The first five winners of the auction are Acala, Moonbeam, Parallel Finance, Astar and Clover. They will be able to lease a slot polka dots The main blockchain, the relay chain, for 96 weeks at a time. As the ecosystem grows, especially with the nascent emergence of the metaverse, dozens of protocols will increasingly appear. In that scenario, there won’t be a single blockchain, but we will have many interconnected chains.
After 5 years of research and development, and a multi-stage launch that began in May of 2020, the Polkadot launch is now complete, with all auction-winning Parachains currently producing blocks on the network.https://t.co/V40mY3WEwZ
— polkadot (@polkadot) December 18, 2021
Ultimately, Polkadot aims to provide a total of 100 Parachain slots. Polkadot promises that more slots will be allocated in batches in the coming months, but not all slots will be allocated through Parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads. “As more Parachain teams connect Polkadot’s growing array of solutions, a more diverse, decentralized and interoperable Internet of Things network – Web 3 – will become a reality,” Polkadot said in a press release.
The next batch of Polkadot auctions will start on or around December 23. The second batch will have a total of six auctions, with the six winning Parachains on or around March 11, 2022.
“The launch of Parachains on Polkadot represents the culmination of the original vision outlined in the Polkadot Whitepaper (aka The Polkadot Paper) in 2016,” the Polkadot team said in a statement.
“The Polkadot paper outlines the main features of Polkadot and sketches the sharded multichain design of the network. Parachains are the last piece of core functionality, as outlined in the paper, to be fully launched. Here’s how Polkadot would have evolved from It is up to its community of DoT holders to approve any future upgrades through the network’s on-chain governance system.”