Polkadot community approves Parachain auctions

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Key points to remember The first Polkadot parachain auctions will begin in November. This decision is considered a major step towards the implementation of multi-chain interoperability. The DOT token responds to the news. Share this article

A proposal for Polkadot’s first parachain auction was approved by his community today. These parachains would be the “last core functionality element” needed by Polkadot to achieve its goal of multi-chain interoperability.

Polkadot community approves Parachain auction proposal

Polkadot, a Layer 1 project promising to make blockchain networks interoperable with each other, took a major step towards that goal today by voting to approve a proposal to launch its first parachain auctions.

The proposal was presented on Polkadot’s community governance discussion platform, polkassembly.io, by Web3 Foundation member Joe Petrowski. He explained that, given the success of Kusama’s parachains, as well as Parity’s public assessment that “the code for parachains, auctions and crowdloans is ready for a first production version,” Polkadot should be ready. for this critical movement.

Parachain auctions decide which blockchain projects will be selected to receive one of Polkadot’s parachain ‘slots’, of which there are only a limited number that can only be changed by a governance vote. The winners of these slots earn the right to develop a parachain integrated into the main Polkdot blockchain.

Auction winners are not determined by the highest bidder at the time the auction ends, but rather by who was the highest bidder at a random time during the auction period which cannot be known until the auction ends. The auction is not over.

There will be 11 parachain auctions divided into two lots. The first batch will start on November 11, with one auction per week, and the second batch will start on December 23, with an auction every two weeks. In both cases, the duration of the auction will be seven days.

Asked last month about the timing of the Parachain auction launches, Polkadot co-founder Gavin Wood said: “It really depends on the governance of Polkadot… I can’t flip the switch myself. In a nod to the agility of Polkadot’s governance community, Wood tweeted yesterday:

“While other channels take months or even years to roll out an upgrade, @Polkadot and @KusamaNetwork created, voted and rolled out new logic on [sic] the chain within 8 hours. All of this goes through a decentralized process that is secure and governed by the stakeholders.

Polkadot’s native DOT token responded, up over 17.5% at the time of writing. The volume of transactions has increased by more than 100% in the last 24 hours.

Towards multi-chain interoperability

Polkadot is a protocol that allows different blockchain networks to work together. Parachains are individual Layer 1 blockchains running parallel to the Polkadot Relay Chain, where their transactions are finalized. Parachains make interoperability between blockchains possible by connecting their architecture. Currently, there are approximately 100 parachain locations available on Polkadot.

Kusama is an experimental blockchain that was used to prepare Polkadot for parachain auction launches.

(Disclaimer: At the time of writing, the author of this feature owned DOT, BTC, ETH, and several other cryptocurrencies.)

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