BCGAME - Free 5BTC Daily Bonus!A hotly anticipated feature from rival Ethereum goes live next month after nearly five years of research and development.
Polkadot's long-awaited parachains are set to go live on the network later this year, its developers said in a blog post on Wednesday. The community can expect 'Auctions' from the proposed date of November 11th onwards.
In this article, we will discuss:
What are parachains in Polkadot?
Parachains are custom, project-specific blockchains integrated into the Polkadot (DOT) and Kusama (KSM) networks – think of them as highly specific blockchains operating on top of the blockchain Polkadot main. They can be customized for any number of use cases and fed into the main blockchain called the Relay Chain, considered the heart of the Polkadot and Kusama networks.
Speaking at the Sub0 conference today on behalf of Parity Technologies, the engineering team hired by the Web3 Foundation to build the initial implementation of Polkadot, Wood and Habermeier announced Parity's position that all technical barriers to launching parachain in Polkadot have been overcome .
They explained that the code for parachains, auctions and crowdloans is now ready for an initial production release on Polkadot.
In addition, parachains have been successfully running in Kusama, Polkadot's 'canary network', since the release of Statemine on June 3, 2021.
Since then, 11 parachain slot auctions have been successfully held in Kusama, for a total of 12 live parachains. These parachain teams conducted numerous 'fork-free' updates to the network and processed several million transactions.
In conjunction with Kusama's parachain auctions, more than 2,4 million KSM contributed to crowdloans from over 49 unique addresses, demonstrating the significant community participation in the parachain launch process.
Auction dates
If approved by the Polkadot Chain Governance, the initial auctions for Lot 1 will take place in Polkadot as follows: Auction 1 on November 11, 2021, Auction 2 on November 18, 2021, Auction 3 on November 25, 2021, Auction 4 on December 2, 2021 and Auction 5 on December 9, 2021.
'Lot 2' auctions will start in early 2022. They are expected to continue through 2023 and 2024, when 'winners' are announced and the new networks are integrated into Polkadot.
