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The Polkadot parallel chain has attracted much attention, but the exact date has been a mystery



Original Title “Polkadot Parachains Are Full of Promise, but Release Date Raises Concern”

Polkadot’s parachain auction will mark the most important milestone on the roadmap since the mainnet launch in 2020. Currently on the Rococo Network’s testnet, the next phase of the launch will involve the launch of the parachain on the Kusama “canary network.” Kusama will then promote Polkadot parachains on the mainnet. the

What does it mean? The Polkadot mainnet has now been officially operational for almost a year. However, only the central relay chain is up and running, and the last 12 months of development have focused on implementing the platform's decentralized governance.

With the first release date rumored for the first quarter of 2021, nearly three months have passed since the development roadmap was announced, and there is no firm date yet for the final rollout. So, what can we expect from this launch, and which items will be included in the auction?

Parachains are actually shards on either the Kusama or Polkadot networks, and the purpose of the auction is to allocate parachain slots to projects wishing to run on either network. The overall goal is to have 100 parachains running simultaneously. However, these slots will be opened in batches, with the goal of running around 30 parachains within the first year.

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Projects wishing to acquire Kusama parachain slots can participate in the auction by bonding their KSM tokens in the decentralized candle auction.

Candle auctions are a variation of public auctions that do not give a fixed end time. Such auctions appeared in the 16th century. The idea is to encourage participants to place their highest bids early, since they don't know when the auction will end. Thus, it prevents "sniping", where bidders enter with the winning bid in the last few minutes.

Instead of candles, a random number generator will determine the end point of each auction after bidding ends. Therefore, future bids will be disqualified if they enter after the retrospectively determined closing time.

It's worth noting that winning bidders don't "buy" their card slots, they just rent them, and the total value of bids is fixed for the duration of the auction. The lease term will be fixed (periods may vary between Polkadot and Kusama), and projects can bid for up to four consecutive periods. Therefore, the total duration of the bid will also be weighted to its value. AG is launching its wrapped NFT market NFTdeals based on Polygon: On November 14, the NFT project AG is launching its wrapped NFT market NFTdeals based on Polygon, which is a new sports/art market with wNFT functions. [2021/11/14 6:51:24]

At the end of the final lease period, the space will be auctioned again.

Competition is likely to be fierce, said Peter Mauric, head of public affairs at Parity Technologies, the company behind the development of the Polkadot ecosystem. Speaking to Cointelegraph, he said:

In theory, any project can participate in parachain slot auctions. However, they do need to own a code base and must hold or crowdsource enough KSM or DOT tokens to outperform their competitors.

Additionally, the Kusama Association has expressed its intention to reward infrastructure projects deemed to be of the “common good” of the ecosystem. These are PolkaBTC, which provides a bridge to the Bitcoin blockchain, and Snowfork, which bridges to the Ethereum blockchain. Similarly, Statemint, which is a general-purpose asset issuance platform, is also proposed as the first public welfare project of the Polkadot network.

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Several projects have already expressed interest in participating. Acala, which aims to be Polkadot's one-stop decentralized financial service provider, will bid for its implementation of Kusama called Karura. Moonbeam, an Ethereum-compatible smart contract platform, will find slots for its version of Kusama, called Moonriver. Kilt aims to provide decentralized credentials in the form of a universal login for Web 3.0 applications, and it will also seek to secure parachain slots. All three projects are very active-zce on the Rococ testnet with active-zce community participation.

Cointelegraph spoke with Acala VP Dan Reecer about how the dual Kusama-Polkadot implementation can be brought to life. He explained that both Acala and Karura want to be decentralized financial hubs for their respective platforms, and the project plans to run them simultaneously in perpetuity. But, as he says, everyone has a role to play:

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While the roadmap doesn't set any dates, it seems ready to move the project into production within weeks, if not days, of a location. Moonbeam Network founder Derek Yoo confirmed that Moonriver is almost ready to deploy. He told Cointelegraph: “Moonbase Alpha has been running continuously since September 2020, and since then we have released six environment upgrades, each with significant new features,” he added:

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Ingo Rübe, CEO of Kilt Protocol, told Cointelegraph: “After winning the Kusama parachain slot, Kilt will go live in days rather than weeks. Decentralized identifiers (DIDs) and verifiable credentials are functionally ready and implemented. Stable on our testnet.

If demand for slots is indeed high, many other projects may express interest in vying for slots on Kusama, especially considering that many have been patiently waiting for a parachain auction with no set date. occur. Plasm, Darwinia, Robonomics, and Crust are just a few of the other possible projects involved.

Assuming strong competition for the card slots, this is a reasonable enough predictor for KSM and DOT to take some bullish price action. On the surface, more competition means bidders are likely to be high from the get-go. Since the token is secured for the duration of the lease, it will remove a portion of the circulating supply of DOT and KSM from the market, thereby limiting the supply.

However, the Kusama parachain auction is the first of its kind, so there is a possibility that it will not go as planned. Although the barriers to entry for obtaining card slots are set quite high, there are opportunities for external players, some of whom seek to outperform competitors purely by selling at a higher price on the secondary market.

Indeed, this is a situation recognized in the Polkadot documentation. It's also possible that such an actor would try to "squat" on the sidechain slot, just to prevent other items from using it.

The situation doesn't look good for the Polkadot ecosystem, and it's going to be difficult for projects looking to secure parachain slots. Regarding the price of the token, it is difficult to say. On the one hand, bidding wars could have a positive effect on prices, but on the other hand, reputational damage could offset any bullish effect.

How leasing rules and the ongoing auction process will affect the overall stability of the Polkadot ecosystem is another unknown. Projects that are already running may lose their place offline. Likewise, bidding wars in auctions may bring good news for token prices, but they may deter smaller projects from participating.

However, Parity's Mauric doesn't think that will be a problem. He explained to Cointelegraph that early parachains are most likely to end up in the hands of “well-established projects that have built their Substrate-based chains for years,” elaborating further:

Ultimately, the launch of the highly anticipated parachain doesn’t just mean good news for the projects involved or those holding KSM and DOT tokens. For example, while BTC and altcoins in particular have experienced a boom in recent months, the price of DOT has been trading sideways since mid-February when it initially surged above $40. Further delays in the issuance could put more pressure on the price of the token.

Finally, beware of scammers when considering participating in the crowdfunding process. Kusama's auction page warns that there may be fake crowd lending operations running the rounds. Therefore, if you plan to stake your DOT or KSM in a parachain crowdfunding, please make sure you have done due diligence on the relevant project. the

None of this is to say that all of these possible worst-case scenarios will materialize and negatively impact milestones on Polkadot's journey. The project has a ready-made suite of projects ready to go, and in that light, this launch is likely to be much bigger than the many other mainnet launches that have had to be worked on later to attract development.


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