IOSG: Explaining Kusama Parallel Chain Slot Bidding and Hot Projects

Polkadot is more suitable for corporate networks or networks that require higher security, while projects built on Kusama are more “cyberpunk”.

IOSG: Explaining Kusama Parallel Chain Slot Bidding and Hot Projects

Written by IOSG Ventures

Kusama Parallel Chain Slot Bidding and Crowd Lending
Kusama is Polkadot’s experimental network and is also a multi-chain architecture with multiple parallel chains connected to each other. Each eco-team needs to compete to become a parallel chain in the upcoming Kusama Parallel Chain Slot Auction, which will take the form of a candle auction (participants do not know the exact deadline of the auction).

Parallel chains have a time limit. Parallel Chain slots are valid for 48 weeks and are divided into 8 smaller segments, each of which is 6 weeks long. Therefore, there are up to 8 winners in an auction, and each winner receives 6 weeks of duration. After obtaining a parallel chain slot, you are eligible to become one of the parallel chains in the Kusama multi-chain network. There are many benefits to becoming a parallel chain, such as plug-and-play technology, interaction with other blockchains, collaborative client upgrades, ease of management, scale and lower fees, etc.

Crowd lending is a more suitable investment method for ordinary investors to participate in slot auctions because of its low threshold of participation, and each project team can participate in slot auctions through crowdfunding KSM. Each crowdfunding KSM campaign has an index to which participants can transfer a single KSM to support the project once the campaign begins. If the project owner is successful in bidding for a slot, the investor’s KSM will be frozen until the length of the parallel chain slot expires. If the project’s bid is unsuccessful, the investor’s KSM will be returned immediately after the campaign ends.

IOSG will grow together with future eco-unicorn projects
As one of the most important public chain projects in IOSG’s portfolio of past investments, Polkadot and Kusama will undoubtedly become the industry standard and infrastructure for cross-chain communication of blockchains in Web3.0, connecting the multi-chain ecosystem efficiently.

Why do we think Kusama auction will be crucial for Web3.0?

Polkadot already stands at the tipping point of bringing cross-chain infrastructure and scalability to the blockchain industry. Kusama has essentially the same technical infrastructure as Polkadot, which will give many crypto enthusiasts the first visualization of a multi-chain ecosystem in action.

Kusama is uniquely important as an experimental network for Polkadot. Many projects bidding for Kusama’s parallel chain slot are also planned or have already started on Polkadot. Projects have to use Kusama to experiment with their product designs and find the right fit with the market. So getting a seat on Kusama to test the product in a real environment is crucial for a team to succeed on Polkadot.

Kusama is not just a test network for Polkadot, Kusama is planning to develop its own ecosystem. Polkadot is more suited to corporate networks or networks that require a high level of security, while projects built on Kusama are more “cyberpunk” and embrace a community that supports token distribution.

The launch and refinement of any public chain network is a massive system project, and we expect the Kusama auction itself to be an important milestone in further honing and refining the functionality of the Kusama and Polkadot networks. This is of course natural for new blockchain launches, especially for innovative projects like Kusama and Polkadot, which are unprecedented. But given the strong technical teams behind Polkadot and Kusama and all the dynamic and innovative projects built on these ecosystems, we hope and believe that these issues will be resolved quickly and smoothly.

Here is our summary of the first popular Kusama auction projects.

Phala and Khala
Phala Network is a Web 3.0 shared cloud platform designed to solve the trust problem in the compute cloud. Based on distributed computing on TEE-trusted hardware, Phala Cloud enables large-scale cloud computing processing with trusted computing systems without sacrificing data confidentiality. Phala ensures highly scalable processing capabilities by separating the consensus mechanism from the computation. Unlike traditional cloud service platforms, Phala’s compute nodes can provide secure, confidential, edge-to-edge cloud services even when they are not in the data center, making Phala create the infrastructure for a shared economy model for a robustly secure and scalable trustless compute cloud.

Phala will launch a pre-host network, Khala Network, on Kusama to serve Kusama’s parallel chains and applications. phala Network leverages Polkadot’s cross-chain capabilities and has tested a number of data confidentiality use cases, such as a DeFi transaction confidentiality environment, DID privacy data Phala’s high-performance contracts make it possible to build privacy computing clouds that provide trustless Serverless computing services for highly concurrent, big data analytics. The project has been awarded three Web3 Foundation grants, including a cross-chain bridge based on TEE technology, a decentralized Google Analytics replacement, Web3 Analytics, and Open Node, an open source architecture for cloud services.

Acala and Karura
Acala is a one-stop DeFi hub on Polkadot with a range of out-of-the-box DeFi base products (stablecoin, DEX, pledge derivative LDOT), strong security and cross-chain interoperability, and a smart contract development environment compatible with Ether EVM and WASM for Acala is different from any other blockchain in that there are business connections between all the underlying modules, including LDOT, which unlocks DOT Staking liquidity, and the stable coin aUSD, which supports asset collateralization including LDOT and BTC and is designed to be stable and volatility-free. The Acala network will be owned by ACA holders and will be a decentralized network governed entirely by ACA holders.

Acala’s pioneer network Karura will provide the Kusama ecosystem with a pledge derivative Liquid KSM (LKSM) to bring liquidity to pledgees and kUSD stablecoin lending, where KSM and LKSM will be the primary collateral for kUSD upfront. In addition, Karura will launch with a series of liquidity incentives, including kUSD lending, liquidity for DEX, and KAR incentives for LKSM minting, etc. The DeFi infrastructure (kUSD, DEX, etc.), smart contract module, open prophecy machine module, and on-chain governance and fund management are some of Karura’s Karura currently has the advantage.

Acala and Karura will operate in parallel, serving both Polkadot and Kusama community users. In the future, once Kusama is connected to Polkadot, Karura and Acala will also be fully interoperable.

Centrifuge and Altair
In today’s financial system, only the largest companies have direct access to liquid capital markets. Most companies rely on bank lending to meet their capital needs. The lack of an open and transparent marketplace prevents these small businesses from accessing competitive lending rates.

Centrifuge connects real-world assets to DeFi to lower the cost of financing for SMEs and provide a stable source of income for DeFi investors. With its first user-facing product, Tinlake, Centrifuge allows anyone to start an on-chain credit fund to create a pool of mortgage loans.

Atlair is Centrifuge’s ‘home for financial assets’ built on Kusama. atlair has an industry-leading infrastructure for financing real-world assets (RWAs) on the Centrifuge Chain. Atlair is a great experimental network for users who want to test the boundaries of asset financing. From artistic NFTs to undiscovered assets, Atlair enables users to enable real assets to be chained and integrated with financial scenarios.

Moonbeam and Moonriver
Moonbeam is a developer-oriented blockchain middleware on Polkadot dedicated to providing development tools and networks compatible with existing ethereum. moonbeam provides a complete EVM-compatible environment with a Web3-compatible API to build a bridge to ethereum.

Convenience is a significant advantage of Moonbeam. Moonbeam allows developers to deploy existing Solidity smart contracts and DApp front ends to Moonbeam with minimal changes. Developers can write smart contracts using any Solidity bytecode compliant method without rewriting or reconfiguring. Also, developers can choose their preferred tools, such as MetaMask, Remix, and Truffle, to leverage the extensive development ecosystem of Etherium. In addition, Moonbeam offers pre-built integration and infrastructure services such as DOT and Chainlink.

Moonbeam’s pre-parallel chain on Kusama is called Moonriver, and detailed crowdfunding information is available on the Moonriver website.

Plasm and Shiden
Plasm’s test network, Shiden Network, is running a crowdfunding campaign on Kusama.

Plasm is a multi-VM scalable smart contract platform on Polkadot that supports cutting edge layer 2 like Rollups. The Polkadot Relaychain is not designed to support smart contracts, which is where Plasm comes in. Plasm also supports EVM, ECDSA and Solidity, and users can deploy Ether-compatible smart contracts with Metamask and Remix. In addition, Plasm provides a base income for developers who create DApps on the Plasm Network.

Plasm and Shiden play a critical role in enabling the migration of applications currently available on Ether to the Polkadot and Kusama ecosystems without significant development costs. Kusama and Shiden are working to become the cross-chain asset hub of the Polkadot/Kusama ecosystem.

Plasm’s sister network on Kusama, Shiden, is running a crowdfunding loan campaign on Kusama.

Crust and Crust Shadow
Crust is a decentralized storage network in Web 3.0. It aims to build a decentralized cloud ecosystem that values private ownership of data.

With its unique GPoS consensus mechanism, DSM and MPoW design, Crust greatly guarantees the interests of ecological participants and will have the potential to solve the problem of continuous loss of miner resources in previous blockchain storage type projects. Crust’s GPoS requires nodes to provide storage resources as a guarantee to receive staking quotas, thus providing users with an incentive to pledge their tokens to premium nodes to receive staking revenue. Crust has also implemented a more meaningful PoW to quantify the usage of storage resources and generate corresponding work reports in a reliable manner.

Crust will participate in the Polkadot parallel chain slot auction in the near future, and its parallel network Shadow will participate in the Kusama auction.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/iosg-explaining-kusama-parallel-chain-slot-bidding-and-hot-projects/
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