Parachain auctions begin on the Polkadot network

Polkadot (DOT) has set a schedule to launch parachain auctions on November 11 after receiving unanimous approval from members of the blockchain network’s chain governance council. The news marks a significant achievement as it brings to life the last critical element of the whitepaper published five years ago.

Parachutes are unique and distinctive layer one blockchain platforms that operate in parallel alongside the Polkadot mainnet, as well as being connected to the Polkadot relay chain. These purpose-built structures work in many areas, from decentralized finance to smart contracts.

Speaking on behalf of Parity Technologies representatives at the Sub0 Conference, Polkadot founders Gavin Wood and Robert Habermeier confirmed that Polkadot now has the technical competence to implement parachain, auctions and group loans for the first time.

In Proposition 118, the layout and proposals submitted by Managing Member Joe Petrowski were described.

Polkadot’s first parachute auction is scheduled to begin on November 11 and will run weekly for five consecutive weeks until the final auction on December 9.

The initial bidding period will last two days, followed by a five-day closing period. There are two unique features associated with the bidding of this auction plan: Instead of quickly incorporating the Kusama projects after the auctions, the Polkadot auctions will take place in transit over a period of one month.

In addition, there is an offer that emphasizes quality over quantity. Consequently, the projects witnessed at Kusuma will have a 75 percent capacity.

It was noted in the proposal and in fact that the Kusama Canarian network, cited later in this piece, has had a positive impact on the evolution of this concept, both abstractly and practically.

Kusama, the virtual platform designed for developers to test blockchain applications before the official Polkadot blockchain launch, recently held 11 parachain slot auctions.

The official report praised the near-perfect processes of the Kusama auctions, noting that during the auctions, 49,000 unique active addresses had processed 2.4 million KSM.

Cointelegraph reached out to Peter Mauric, Head of Public Affairs at Parity Technologies for an exclusive comment on the inspiration behind the proposal and the app’s potential impact on the Polkadot ecosystem:

“Kusama was launched to give the teams that built Polkadot’s core protocol, the parachutes, and the communities that created them the opportunity to test their technology and equipment. Although there has been some chaos along the way, parachuting in Kusama for some months of past experience tells us their Polkadot. It gave me confidence that they were ready to work on

Related: What is Parachain? What does Relay Chain do?

Continuing to explain the positive effects of the app on the Polkadot ecosystem, he said:

“Since the Polkadot whitepaper was published more than five years ago, the moment everyone has been waiting for has come. Parachutes are at the core of what Polkadot has always aimed to achieve. These parachute nets offer a scalable, customizable infrastructure and truly decentralized for next-generation layer one protocols. “

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