{"id":12215,"date":"2021-10-13T22:59:21","date_gmt":"2021-10-13T21:59:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12215"},"modified":"2021-10-13T22:59:41","modified_gmt":"2021-10-13T21:59:41","slug":"polkadot-sets-to-launch-its-parachain-auctions","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polkadot-sets-to-launch-its-parachain-auctions\/","title":{"rendered":"Polkadot sets to launch its parachain auctions"},"content":{"rendered":"\n
Polkadot (DOT) has set a date for the launch of its parachain auctions <\/a>after a unanimous vote from the governance council, the auction will run from Nov 11 and run until Dec. 9.<\/h5>\n\n\n\n
\"Polkadot<\/figure><\/div>\n\n\n\n

The announcement is significant because it completes the whitepaper's fin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>al key technical part, which was published five years ago.<\/p>\n\n\n\n

Parachains are layer-1 blockchain systems that, in addition to being linked to the Polkadot Relay Chain, operate laterally alongside the main Polkadot network. Their usefulness may be shown in a variety of settings, from decentralized banking to smart contracts.<\/p>\n\n\n\n

Polkadot founders Gavin Wood and Robert Habermeier stated that Polkadot now has the technological capacity to construct parachains, auctions, and crowdloans for the first time at the Sub0 Conference as representatives of Parity Technologies<\/a>.<\/p>\n\n\n\n

Joe Petrowski, a member of the governance committee, moved Proposal #118, which included details and recommendations for the deployment.<\/p>\n\n\n\n

The first Polkadot parachain auction of the first batch will begin on Nov. 11 and will run for five weeks at a rate of one per week until the final auction on Dec. 9.<\/p>\n\n\n\n

The first two days of bidding will be followed by a five-day closing period. The concept of this auction schedule has two distinctive features: unlike Kusama's project <\/a>onboarding following auctions, Polkadot auctions will be held in transit for a month.<\/p>\n\n\n\n

In addition, there will be a 75 percent reduction in project capacity compared to Kusuma, in an effort to prioritize quality above quantity.<\/p>\n\n\n\n

Canary network Kusama was acknowledged in the proposal, and subsequently in this piece, as having a favorable impact on the advancement of this notion in both abstract and practical terms.<\/p>\n\n\n\n

Kusama, a sandbox platform for developers to test blockchain apps before they're released on the Polkadot blockchain, recently announced the success of 11 parachain slot auctions.<\/p>\n\n\n\n

In addition to praising the Kusama auctions' near-flawless process, the official report mentioned that 49,000 unique active addresses donated 2.4 million KSM throughout the auctions.<\/p>\n\n\n\n

Cointelegraph spoke with Peter Mauric, Head of Public Affairs at Parity Technologies, for an exclusive perspective on the proposal's motivation as well as the possible influence on the Polkadot ecosystem <\/a>if it is implemented:<\/p>\n\n\n\n

“Kusama was launched in order to give the teams building the core Polkadot protocol, parachains and their constituent communities an opportunity to battle-test their tech and teams. While there were a few bits of expected chaos along the way, the experience over the past few months deploying parachains on Kusama have given us confidence that they are ready for prime time on Polkadot.”<\/p><\/blockquote>\n\n\n\n

He went on to claim that the implementation will have a good influence on the Polkadot ecosystem, saying:<\/p>\n\n\n\n

“This is the moment everyone has been waiting for since the Polkadot paper was introduced over five years ago. The promise of parachains has always been core to what Polkadot aims to achieve: scalable, customizable and truly decentralized infrastructure<\/a> for the next generation of layer-1 protocols, in the form of these parachain networks.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Polkadot (DOT) has set a date for the launch of its parachain auctions after a unanimous vote from the governance council, the auction will run from Nov 11 and run until Dec. 9. The announcement is significant because it completes the whitepaper’s fin al key technical part, which was published five years ago. Parachains are […]<\/p>\n","protected":false},"author":12,"featured_media":11259,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[77],"tags":[2027,5112,487],"class_list":["post-12215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-polkadot","tag-dot","tag-parachain-auctions","tag-polkadot"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Talisman-Polkadot-Web3-wallet-concludes-a-2.35M-seed-funding-round.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12215"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/11259"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}