Polkadot official release: We are one step closer to the vision of interoperable multi-chains!

Kusama’s first parallel chain slot auction has ended and the first parallel chains have been successfully connected to the Kusama relay chain, enabling the last core feature outlined in the Polkadot whitepaper: purpose-built, interoperable parallel chains.

Polkadot official release: We are one step closer to the vision of interoperable multi-chains!

Kusama’s first parallel chain slot auction has ended and the first parallel chains have been successfully connected to the Kusama Relay Chain, enabling the last core feature outlined in the Polkadot whitepaper: purpose-built, interoperable parallel chains.

Parallel chains are dedicated blockchains connected to and protected by Polkadot or Kusama relay chains. They benefit from Polkadot’s security, scalability and, crucially, interoperability. With the parallel chain going live on Kusama, the promise of blockchain as the foundation for the future of the decentralized web (Web 3.0) is one step closer to reality.

Starting with the launch of Kusama Chain Candidate 1 in August 2019, Kusama kicked off a multi-phase go-live process until today when we finally launched the parallel chain auction on Kusama. In preparation for the first parallel chain slot auction on Kusama, several teams have deployed parallel chains on the Rococo and Westend test networks several times and performed testing and optimization.

This important phase brings us one step closer to actually deploying parallel chains on Polkadot, which will formally complete the launch of the network in line with the initial goals and vision outlined in the Polkadot whitepaper.

Kusama’s first parallel chain

The first parallel chain to operate in the real world is Statemine, Kusama’s version of Statemint. as a public good parallel chain, Statemine’s slots are earned through governance rather than an auction mechanism. statemine can be used to deploy universal assets, from fungible tokens to stablecoins, central bank digital currencies (CBDC) and non-replaceable tokens (NFT). While Statemine’s utility as a standalone chain is tremendous, its true value will only be realized if there is a community of interoperable parallel chains coming online. With the successful conclusion of the first parallel chain slot auction, we are one step closer to that vision.

The first auction ran for 7 days and the bidding ended on Tuesday, June 22nd at 17:28 BST. Under the optimized candle auction mechanism, the winner was determined by retroactively randomly ending blocks one hour after the end of the auction.

Polkadot official release: We are one step closer to the vision of interoperable multi-chains!

Kusama follows a modified candle auction mechanism that randomly traces the final ending block within a 5-day end period after the auction ends

The highest bidder in the first auction was Karura, the sister network of Acala, the DeFi hub of Kusama. Acala is the cross-chain decentralized financial DeFi hub of the Polkadot ecosystem, while Karura will serve the Kusama community.

While Karura and Acala are designed to run in parallel and share the same code, they differ in their financial derivatives and are expected to be interoperable once Polkadot and Kusama’s bridge chains are up and running. After a successful connection to the relay chain, Karura now has access to Kusama’s shared security and interoperability between parallel chains, such as Statemine and the project that has since successfully obtained a slot auction.

How a blockchain becomes a parallel chain

A core element of Polkadot’s vision is to create a secure environment for blockchain communications while also providing teams with the freedom and flexibility to implement the best design for their own specific use cases. Therefore, the only criteria for becoming a parallel chain is that the chain must be able to prove to the validators of the Polkadot network that each block generated follows an agreed upon protocol.

Projects are free to create custom chains with their own features and tokens, and to adopt any governance model they see fit. They can even accelerate development using Substrate, a modular framework for creating dedicated blockchains compatible with Polkadot and Kusama, for any scenario.

Just as services on the Internet cover a wide range of applications, parallel chains are being developed for a variety of purposes, including but not limited to: decentralized finance (DeFi), bots, games, smart contracts, and bridges to other blockchains.

Once the parallel chain is ready, all that remains is to win a parallel chain slot through an auction.

Parallel Chain Program on Polkadot

The launch of Parallel Chain is the final stage of a multi-stage go-live process. The final step of this phase will see the parallel chain launch on Polkadot. This step can be opened by governance once the parallel chain and auction on Kusama are stable and complete with all external audits. Only then will on-chain voting for enabling parallel chains on Polkadot take place. the start of parallel chains on Polkadot and slot auctions will mark the complete and final launch of the network.

The success of the first parallel chain slot auction on Kusama is a historic moment that brings us one step closer to the vision of interoperable multi-chains outlined in the Polkadot white paper. To keep up with the progress of the auction on Kusama, check out the auction schedule to learn how to participate in crowdloan, and also follow Kusama on Twitter.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/polkadot-official-release-we-are-one-step-closer-to-the-vision-of-interoperable-multi-chains/
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