Polkadot CEO Gavin Wood announced the launch date on Tuesday, citing an improvement to Kusama’s Statemine parachain.
The Polkadot ecosystem’s dynamic network of linked blockchains, built by Ethereum co-founder Gavin Wood, begins.
Wood outlined a timeframe and some suggestions for Parachain Slot Auctions, the process for obtaining a lease to build on Kusama. Similarly, Polkadot’s pre-production environment, Kusama. There will be more parachain auctions soon.
Ethereum has become increasingly overcrowded and expensive due to the explosion of decentralized finance (DeFi) and non-fungible tokens (NFTs). Its plausible alternatives such as Polkadot, Cosmos, Solana, NEAR, and others are making inroads into the foundation layer discussion.
Winning a parachain position on Kusama or Polkadot is a pricey endeavor. One million Polkadot (DOT, -6.22 percent) tokens (about $20 million at current values) must be disclosed for each auction. Even while Polkadot and Kusama share code and functionality, they are independent networks, allowing for more experimentation and faster upgrades.
Polkadot’s Blockchain Web
Polkadot’s interconnected web of blockchains will need a new application programming model, says Web3 Foundation technical lead Joe Petrowski. Decentralization is all about trade-offs. To handle more transactions than Ethereum, Polkadot was designed.
However, just expanding out, as Polkadot’s architecture of linked parachains does, poses its own set of difficulties. That’s what Web3 Foundation technology lead Joe Petrowski said on Monday at CoinDesk’s Consensus 2021 conference.
People are clamoring for quicker, cheaper options to Ethereum due to the development in fields such as decentralized finance (DeFi). A system where apps are available across chains and transaction processing is parallel is a step into the unknown for Petrowski.
A lot of companies use Kusama’s built-in “crowd loan” feature to crowdfund tokens required to earn a seat. Wood claims that the upgrade of a “Shell” parachain to Statemine, which can house KSM, stablecoins, and NFTs, signaled the start of the parachain auctions.
According to Wood, the first Kusama Parachain Slot schedule will be on June 15 at 8 a.m. ET (and subject to final approval by the Kusama council). They will announce the winners on June 22 at 7 a.m. ET.