Polkadot announced the introduction of its first parachains, which were created with the belief that the future of Web3 will involve many different types of blockchains working together.
Polkadot Introduces its first Parachains
Polkadot, an open-source blockchain platform, has announced the introduction of its first parachains (or parallelized chains), which aim to improve interoperability between numerous blockchains.
According to the release, the Polkadot team spent five years developing the parachains, which were then auctioned off to firms like Acala, Moonbeam, Parallel Finance, Astar, and Clover.
The auction winners will be able to lease spaces on Polkadot’s Relay Chain for up to 96 weeks at a time, with individual blockchains running in parallel within the Polkadot ecosystem.
The Relay Chain, created by Polkadot founder and Ethereum co-founder Gavin Wood, aids in the coordination of consensus and communication amongst parachains:
“And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”
Today, Dec 18th, join the epic party to celebrate the official launch of the network! Tune into the #PolkadotParachainParty to hear from Polkadot founders @gavofyork and @rphmeier, as well as from the first parachain auction winners.
We start at 6pm CEThttps://t.co/R7Ygc4gbUh— Polkadot (@Polkadot) December 18, 2021
Polkadot (DOT), which has been in existence for just over 5 years, is one of the top ten cryptocurrencies in terms of market valuation. The ecosystem plans to expand its current slot allocation of five to 100 parachain slots, which is the maximum capacity for Relay Chain.
According to the statement, “not all of these slots will be assigned via parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads.” Wood claims that:
Iota announces the introduction of Assembly
Iota has announced the introduction of Assembly, a decentralized layer-one smart contract network, in an effort to speed up smart contract activities across decentralized finance (DeFi) and nonfungible tokens (NFTs).
The Assembly exploits Iota’s existing design to operate as a symbiotic, self-sovereign bridge. Dominik Schiener, co-founder and chairman of the Iota Foundation, explained the details:
“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”
