Cryptocurrency News

First Polkadot Parachain Auction Is Set To Start This Month

Today an approval was given to the proposal for initial parachain auctions of Polkadot by the community thereof. These parachains are described as the last portion of essential functionality required for Polkadot for realizing the target of multichain interoperability.

Polkadot Community accepts the proposal regarding parachain auctions

Polkadot, a project utilizing layer-1 and promising to enable the blockchain networks to have interoperability among them, took a big move towards that target today by conducting a poll for the approval of the proposal for releasing the initial parachain auctions of the network. The proposal was submitted on polkassembly.io (the platform of Polkadot for the discussion over the community governance) by Joe Petrowski (a member of Web3 Foundation). He stated that following the Kusama parachains’ success and the public assessment of Parity that the program for crowdloans, auctions, and parachains is prepared for the earliest production release, there is a requirement for Polkadot to have the due preparation for this serious move.

Parachain auctions determine which of the blockchain projects will get selected for acquiring one of the slots of Polkadot’s parachain, from which there is just a small number to be altered via a governance poll. These slots’ winners get the authority to construct parachain in integration with the main blockchain of Polkadot. The determination of winners would not be based on the highest bidders at the end of the auction. Rather the highest bidders during a randomly selected time across the auction will be the winners that will be unknown till the completion of the auction.

The number of total parachains will be 11, having two batches as a further distribution. The initial batch will begin on 11th November, in which there will be one auction every week. 23rd of December will be the start of the second batch in which every auction will be held after two weeks. In both scenarios, the duration of an auction will span over seven days. Gavin Wood, while being asked regarding the timeline of launches of parachain auctions, mentioned that he is not capable of flicking the switch himself.

A move in the direction of multichain interoperability

Polkadot is known to be a protocol to enable several blockchain networks to operate in association with each other. Parachains are the independent blockchains utilizing layer-1 to run simultaneously to the Polkadot-Relay-Chain where the transactions thereof are finalized. Parachains enable interoperability among blockchains by linking their architecture. Presently, there are nearly 100 slots of parachains available on the network of Polkadot.

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