Polkadot to debut parachain auctions after governance vote

After unanimous approval by the members of the blockchain’s onchain governance council, Polkadot has created a schedule for parachain auctions to be launched on November 11. This news is a significant achievement, as it fulfills the last core technical element of the whitepaper that was published five years ago.

Parachains, which are unique layer-1 blockchain platforms, operate laterally alongside Polkadot’s main network and are also tethered with the Polkadot Relay Chain. You can see their purposeful function in a variety of areas, including smart contracts and decentralized finance.

As representatives of Parity Technology, Polkadot founders Gavin Wood, Robert Habermeier and Robert Habermeier spoke at the Sub0 Conference. They confirmed that Polkadot has the technical capability to implement crowdloans, parachains, and auctions for the first-time.

Joe Petrowski, governance member, motioned Proposal #118, which outlined details and made recommendations for deployment.

The Polkadot Parachain Auction of the Initial Batch will begin on Nov. 11, and will continue at the rate of one per Week for five weeks, until the final auction on December 9.

The bidding period for the initial auction will last two days. After that, there will be a five-day end period. The proposal for this auction schedule has two unique characteristics. Unlike the immediate Kusama project onboarding following auctions, Polkadot auctions are held in transit for one month.

This will allow for a 75% increase in the number of projects, similar to what was seen on Kusuma. It is a bid to prioritize quality over quantity.

The proposal and Kusama canary network were both mentioned in the article as having a positive effect on the development of the concept in abstract and concrete terms.

Kusama is a sandbox platform that allows developers to test blockchain applications before they are officially launched on the Polkadot Blockchain. Recently, Kusama has implemented 11 parachain slot auctions.

The official Kusama auctions report praised the flawless process. It also stated that 49,000 unique active addresses contributed 2.4 million KSM during the auctions.

Cointelegraph reached Peter Mauric, Head for Public Affairs at Parity Technologies to get an exclusive commentary about the inspiration behind the proposal and the possible impact that its implementation might have on the Polkadot ecosystem.

“Kusama was created to allow the Polkadot protocols, parachains, and their constituent communities to battle-test their tech. Although there was some chaos, we have confidence in their readiness for Polkadot’s prime time.

Related: Polkadot web3 wallet Talisman closes $2.35M round of seed funding

He continued to talk about the positive effects that implementation would have on the Polkadot eco-system, saying:

“This is the moment that everyone has been waiting since the Polkadot papers were introduced more than five years ago. Polkadot’s promise of parachains was always at the heart of what it aims to achieve. These parachain networks will provide scalable, customizable, and truly decentralized infrastructure to support the next generation layer-1 protocols.

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