Polkadot’s Parachain Vision Materializes Following Successful Kusama Auction – Technology Bitcoin News

Parachain is an online market platform created by Polkadot Foundation. This new platform will provide a new way of buying and selling digital assets, which will be based on Ethereum blockchain. It will allow users to easily and securely trade digital assets without fees.

Polkadot, a blockchain project built as a decentralized and autonomous network, last week announced a successful fundraiser for its flagship Parachain demo network.

Polka Dot’s Parachain Vision Materializes Following Successful Kusama Auction – Technology Bitcoin News with a link to the article

After months of hype surrounding the launch, Kusama’s first Parashain auction went off without a hitch. The current para has already successfully started processing transactions, paving the way for future closing auctions.

Kusama’s first functional parahayn begins

The expectation attached to the Polkadot parachutes in recent months has finally been fulfilled after the first successful auction of parachutes on the Kusama Canary Network. This development marks the first time a 100% decentralized blockchain with heterogeneous sharding has been introduced. Parashine, called Shell, has since been extended to Statemine, a regular Parashine with various utilities and features. Other parachains will be able to benefit from Statemine thanks to the XCM protocol, which also allows for the transparent transfer of KSM tokens between Kusama and the parachain. Once the concept is proven, auctions of parachainelots can begin, but this will require the participation of the KSM community. The choice of parasites for the Kusama relay circuit amounts to searching for as many KSM chips as possible for as long as possible. Once the Kusama Council and KCM holders have decided on the timing of the auction, the next round of auctions can begin. Accordingly, the Polkadot team recommended that the KCM Board of Directors and stakeholders approve the following auction plan:

  • 15. June 2021 – 12:00 CEST (Central European Summer Time): Opening auction of the first Kusama Parachain auction.
  • 17. June 2021 – 09:00 CEST : The final phase of the first Kusama Parachain auction begins. Applications submitted before this date will be included in the final results, while applications submitted after this date and time are less likely to be included in the final results based on a linear cut.
  • 22. June 2021 – 09:00 CEST : The auction of the first Kusama Parachain slot machine is officially over. After that no more bids will be accepted in the auction.
  • 22. June 2021 – 11:00 CEST: The winner of the first parachute auction will be announced based on the highest bid over the previous five days.
  • 22. June 2021 – 12:00 CEST: The second auction of parachain slot machines is about to begin.
  • 29. June 2021 – 12:00 CEST: The third auction of the Parashine slot machine is about to begin.
  • 6. July 2021 – 12:00 CEST: The fourth Parashine slot machine auction is about to start.
  • 13. July 2021 – 12:00 CEST: The auction for the fifth Parachute site is about to begin.

What did you think of the first auction of Kusama’s Parashain? Tell us what you think in the comments below. Photo credit: Shutterstock, Pixabay, Wiki Commons, Polkadot Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Following an auction held by the Kusama Contemporary Art Museum in Japan, the Parachain blockchain software that will underly the Polkadot project will be released in the coming weeks.. Read more about what is polkadot crypto and let us know what you think.

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