In an announcement on October 13th, Polkadot ($DOT) specified that it was prepared for parachains – sidechains operating alongside the primary relay chain. Up until this point, parachains have been publicly sold on Kusama, Polkadot’s “canary network” for examining and development.
The group announced it has taken five years to reach the point where the network is technically able to sustain its very first parachains. Parachains make up the multi-chain facet of Polkadot’s design and are the last stage in the initiative’s long launch roadmap,
“They represent the final piece of core technology outlined in the Polkadot Whitepaper, and their launch marks the last stage of Polkadot’s multi-phase launch process.”
The ‘Go Ahead’ For Polkadot
Polkadot owners Robert Habermeier and Gavin Wood claimed that the final phase before parachains could have been launched was the realization of Polkadot’s complete code audit, which is currently done.
Since early June, 11 parachain public slot auctions have taken place on Kusama. There are currently 12 real-time parachains on the development network.
“The fact that such activity has been taking place on Kusama for over four months without significant issues is an important factor in considering parachains ready for launch on Polkadot.”
Projects wishing to build on Polkadot require a crowdfund where native tokens, DOT and KSM in this instance, are pledged in the auction. The job might airdrop its very own tokens as motivation to raise money for the auction. Parachain auctions utilize a candle auction mechanism to randomize the moment the champion of an auction is selected.
Eleven Polkadot parachain auctions will be separated into two batches, the initial five starting on November 11th with one auction each week. The 2nd batch of six will undoubtedly begin on December 23rd, with one auction every two weeks. Those intending to take part in the auctions must stake Polkadot’s native token, DOT.
DOT Price Jump
DOT prices have risen in reaction to the parachain announcement, surging 17% on the day to reach $41.39 at the time of writing, according to CoinGecko.
DOT has performed exceptionally well over the past two weeks, rising 50%. It is presently less than 16% away from its May 15th all-time high of $49.39.
KSM has likewise executed well, increasing 13% in the past 24 hours.
Nathan recently got into crypto by investing in stablecoins/altcoins using an algorithmic trading strategy. Shortly thereafter, he began writing about blockchain technology and all things crypto. He has become involved in a number of crypto-related projects and continues to be passionate about all things crypto.