Blockchain News

Parachains Goes Live On Polkadot, First Blocks Now In Production Already

Already, slots for the first parachains are now on different blockchain projects on the Polkadot network. Also, it has various niches including decentralized finance (DeFi), cryptocurrency investments and loans, and smart contracting.

Furthermore, Acala, Moonbeam, Parallel Finance, Astar, and Clover are the first parachains. Of course, that will lease a slot on Polkadot’s Relay Chain for up to 96 weeks.

More so, Polkadot thinks more protocols will come to light as its ecosystem continues to grow. That’s, as a result of the rising interest in the metaverse, resulting in interconnecting chains.

More so, The development is just five years of publications of the vision of a heterogeneous multichain framework in the Polkadot whitepaper.

Of course, Polkadot’s parachain is a necessary step towards achieving Ethereum co-founder Dr. Gavin Wood’s vision.

“No single blockchain design works optimally for every use case…”
“Each chain comes with trade-offs, making it good for some applications and not others…”
“The parachain model was created with the belief that the future of Web 3…”
“will involve many different types of blockchains working together,”

Then, Dr. Wood says

Additionally, Polkadot plans to allocate 100 parachain slots in batches to different blockchain projects.

Also, preparations are already live for the second batch of the parachain auction process. Notably, the date is from December 23, 2021, featuring a total of six auctions.

Lastly, Polkadot reveals the six winning projects will launch on its main network on March 11, 2022.

Related Posts – Bank DBS’s Crypto Business Grows Massively Due To Growing Demand From Investors

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.