Gavin Wood: Canary Network Card Slot Auction Rules Officially Released

Start unbundling KSM Auction will start soon

Gavin Wood: Canary Network Card Slot Auction Rules Officially Released

Statemine, the first real-world functional parallel chain, began processing transactions that do not require a license after an on-chain upgrade last week. After a smooth run over the weekend, it’s time to move on to the next phase: the card slot auction. Here are our suggestions on how to launch parallel chain auctions in the coming weeks:

Just a week ago, the Kusama network made history by becoming the first fully decentralized, secure heterogeneous fractional blockchain using technology developed for Polkadot. While SR Labs (Parity’s chosen external auditor) has been conducting an external audit of the logic, Kusama has gone “where there was no canary before” and deployed the code to minimize the chance of waiting for any nasty surprises from Polkadot. opportunity to deploy.

The first live parallel chain shell went live two weeks ago and is running very smoothly. However, as its name implies, Shell is just a hollow container waiting to be upgraded to something rich and useful. Like a butterfly emerging from its cocoon, this Shell parallel chain was upgraded last week to Statemine, Kusama’s equivalent of Polkadot’s Statemint common interest parallel chain.Statemine supports several features, including

As a venue for holding and transferring KSM low-cost transactions (minimum balances and transaction fees significantly lower than relay chains)

Transfer of licensed fungible assets (e.g., non-algorithmic stablecoins)

License-free creation, issuance and transfer of fungible assets and NFTs (non-fungible assets)

KSM can move freely between Kusama and Statemine using the XCM protocol, and the same protocol allows other parallel chains to interact with Statemine and use it as a reserve to hold KSM and other assets without trust in a sovereign account.

It can be lonely out there

But while Statemine’s utility as a standalone chain is tremendous, it grows exponentially as a member and resource of a multi-chain community.

To create that community, Kusama came up with the concept of Parallel Chain Slot Auctions – a market efficient way to choose which parallel chains to add to the Kusama Relay Chain and make them function as part of the Kusama network. Teams with the confidence and support of the KSM-holding community will be prioritized, with the side effect of ensuring the most KSMs are locked in for as long as possible. (The same functionality exists in Polkadot, making Kusama a useful canary for several new features).

The Kusama committee and assembled KSM stakeholders make the final decision on anything that happens on the Kusama network, including the timing of parallel chain slot auctions. However, as the technical team behind the initial runtime design and implementation, we believe there are no longer any known technical blocking points preventing auctions or parallel chain functionality. Kusama exists as the Polkadot Canary Network and therefore helps protect Polkadot from serious problems by allowing the functionality to “exist” for as long as possible. Since the amount of protection it provides is somewhat proportional to the amount of time it was active before Polkadot, there is a clear reason to deploy this logic as soon as possible for the benefit of Polkadot.

Therefore, we recommend to the Board that the parallel chain auctions start according to the following schedule.

The first parallel chain slot auction begins at noon GMT on Tuesday for seven days to allow members of the Kusama pledge community sufficient time to unpledge KSM for their auction bids.

The auctions begin with an initial two-day bidding period and a five-day closing period.

The five auctions are conducted over a five-week period, with a pause to evaluate overall network performance until the second set of five auctions begins on a similar schedule.

The following scenarios assume that no significant and unexpected problems are identified with the relay chain logic. (In this case, all options should remain on the network governance table, including suspending or postponing any scheduled or ongoing auctions.)

If these recommendations are adopted, the schedule will be as follows

2021/06/15, 12:00 GMT: The first Kusama Parallel Chain Slot auction begins. Bids may be placed.

2021/06/17, 09:00 GMT: The end period of the first Kusama Parallel Chain Slot auction begins. Only bids placed before this time are considered in the final results. The likelihood of bids placed after this point being considered decreases linearly.

2021/06/22, 09:00 GMT: Bidding for the first Kusama Parallel Chain Slot auction ends. After this time, no bids may be placed for this auction.

2021/06/22, 11:00 GMT: The first Kusama Parallel Chain Slot auction winner is selected. The auction winner is determined to be the highest bidder at a randomly selected point in time within the last five days.

2021/06/22, 12:00 GMT: The second Kusama Parallel Chain Slot auction begins.

2021/06/29, 12:00 GMT: The third Kusama Parallel Chain Slot auction begins.

2021/07/06, 12:00 GMT: Fourth Kusama Parallel Chain Slot auction begins.

2021/07/13, 12:00 GMT: The fifth Kusama Parallel Chain Slot auction begins.

These are now handled by the Kusama Council.

About the Kusama Canary Network

The Kusama Network is an adventurous, fast-growing “mining canary” network for its cousin, Polkadot. It is a living platform built for change agents to take back control, inspire innovation, and disrupt the status quo.

What is the Kusama Network?

Kusama is a scalable, dedicated blockchain network, architected using Substrate, with a code base almost identical to Polkadot. The network is an experimental development environment for teams that want to move and innovate quickly on Kusama, or are ready to deploy on Polkadot.

Kusama was founded in 2019 by Gavin Wood, founder of Polkadot and co-founder and former CTO of Ether.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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