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The Polkadot community today approved a Proposal for Polkadot’s first parachain auctions. The establishment of the parachains is being seen as a significant step towards multichain interoperability.
A Significant Step Towards Interoperability
Polkadot took a significant step towards its goal of creating interoperability between blockchain networks today, with its community approving a proposal to launch the project’s first parachain auctions.
Web3 Foundation member Joe Petrowski introduced the proposal on Polkadot’s community governance discussion platform. He stated that with the success of Kusama’s parachains and Parity’s assessment that “the code for parachains, auctions, and crowdloans is ready for an initial production release,” he believed that Polkadot should also be ready for parachain auctions.
A Little Detail About Parachain Auctions
Parachain auctions help decide which blockchain projects are selected to receive Polkadot’s parachain slots. Polkadot only has a limited number of parachain slots that can be changed only after a governance vote. Projects that receive a slot can then develop a parachain that is integrated with Polkadot’s main blockchain.
Auction winners are determined by examining who was the highest bidder at any random point of time during the auction and not by the highest bidder at the time of the auction’s end. The auction winner cannot be known until the auction is complete.
The Auction Schedule
A total of 11 parachain auctions will be held, which are further divided into two batches. The first batch would commence on 11th November and will see one auction held every week. The second batch will commence on 23rd December and will see an auction every two weeks. The duration of each auction will be seven days.
Gavin Wood, the co-founder of Polkadot, when asked about the timeline regarding the parachain auction, replied stating,
“It’s really just up to the governance of Polkadot… I can’t flick the switch myself.”
Wood further took to Twitter to acknowledge the Polkadot governance community, tweeting the following,
“Whereas other chains take months or even years to deploy an upgrade, @Polkadot and @KusamaNetwork created, voted, and deployed new logic on to [sic] the chain within 8 hours. All going through a secure, stakeholder-governed decentralized process.”
Enabling Different Blockchains To Work Together
Polkadot enables different blockchain networks to function together through parachains. Parachains are Layer-1 blockchains that function parallel to the Polkadot relay chains. Parachains facilitate interoperability between blockchains, with Polkadot currently having around 100 parachain slots available.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.