Source: Vladimir Kazakov - Adobe Stock
- The Polkadot community has declared that they have overcome all technical barriers for the launch of Parachain.
- The Parachain auctio ns will begin next month and will take place in two distinct phases.
Discussions on the crypto city are currently in Polkadot as the community is finally ready for the launch of the long-awaited parachaines. On Wednesday, October 13, the Polkadot community announced that it is now officially ready for launch.
In addition, Polkadot founders Gavin Wood and Robert Habermeier also stated that the Polkadot blockchain is now technically capable of taking charge of its first parachaines. . Polkadot parachains were first offered in the Polkadot white paper published five years ago.
Parachaines are nothing but Persian and specialty blockchains connecting to the chain polkadot relay. thus, they respond to the "multi-chain" aspect of the network architecture constitute the last piece of the technological puzzle.e base polkadot.
The announcement of the co-founder of Polkadot came during a speech at the Sub0 conference. Explaining their preparations for the launch of parachain, the founders said :
The Polkadot Parachain Auctions
The Polkadot Parachain Auctions will begin next month from November 11, 2021. Polkadot determines the bidder based on who is the highest bidder at a random time. In total, there will be 11 parachain auctions in two lots.
The first lot will start on November 11 with a parachain auction each week. The second batch will start on December 23 with an auction every two weeks.
Polkadot has already tested success by successfully running parachains on his Kusama “canary network”. So far, 11 auctions of parachains have beenhave been successfully run on Kusama since June 2021. In the past four months, there have been no significant issues with the exploitation of these parachains.
Parachain teams have also been conducting several "forkless ". 'network upgrades while performing multi-million transactions. Earlier this week, Gavin Wood praised the Polkadot governance community for their work. It has tweeted :
The price of Polkadot (DOT) skyrockets
Following the announcement of the launch of the parachain, the price of DOT has increased by more than 20%. percent. At the time of going to press, Polkadot (DOT) was trading up 20.83% at a price of $ 41.27 with a market cap of $ 40.76 billion.
Polkadot (DOT) ) is currently the eighth largest cryptocurrency by capitalization bteddy bear. The cryptocurrency has delivered a strong performance so far in 2021 with 5x returns or 400% gains. DOT also makes part of recently hedge fund portfolios. The launch of the parachain may eventually add more fuel to the DOT price hike.