Golden Observation | A total of 5 Polkadot parachain slot auctions every 7 days.

On May 18, Polkadot Kusama officially issued a document stating that the first Parachain Shell has been successfully deployed. The parachain slot auction begins after Shell is voted to upgrade to Statemine 24 hours after Shell is deployed.

According to the launch list of the Kusama parachain released by Gavin Wood earlier, there are still two phases of tasks that need to be completed to activate the auction:

Upgrade to Statemint

1. Complete the Statemint Parachain

Token Module

XCM Logic

Genesis (no token)

2. Integrated as a runtime option in Cumulus

Golden Noon News | A list of important developments at noon on May 3: 7:00-12:00 Keywords: Ethereum block, USDT issuance, blockchain application

1. Ethereum developers: Ethereum will reach a block height of 10,000,000 tomorrow.

2. Forbes analyst: Bitcoin’s recent rise may be related to Tether’s additional issuance of USDT.

3. In Q1 of 2020, the bitcoin computing power fluctuated significantly and the old mining machines were phased out.

4. Hainan "Free Port" has separate legislation or improved blockchain and financial technology investment opportunities.

5. Shanxi further promotes the application of cross-border financial blockchain service platforms.

6. Judge dismisses charges of making false and misleading statements against Riot Blockchain.

7. CME Bitcoin Futures Weekly Report: Broker account short positions hit a new low in half a year.

8. Ethereum Foundation Community Manager: Compared with BTC, it is easier to propose improvements to ETH.

9. Bitcoin continued to rise, the highest within the day was $9,192, and the lowest was $8,812. [2020/5/3]

3. Deploy and test on Rococo

Quotes | Golden disk: XRP short-term rapid rise: Gold disk analysts said: XRP short-term rapid rise, the upper pressure level is 0.440, and the lower support level is 0.425. Pay attention to risks in the short-term. [2018/8/3]

Transfer ROC tokens from Relay

Send ROC tokens to  doppelganger or from doppelganger

Transfer other tokens from doppelganger as reserve account

4. Upgrade from Shell

Start Auction

determine final parameters

Determine the schedule for the auction

Publishing Schedule

Quotes| Analysts on the golden disk: the market trend has weakened and trading has weakened: analysts on the golden disk said that in the past 24 hours, the market trend has weakened and trading has weakened, and the platform currency has not been spared. The kk coin even fell by more than 40%. [2018/8/2]

Integrate logic into Kusama Relay

Deploy logic in Kusama Relay

After the successful deployment of the first Parachain Shell, Gavin Wood sent another personal letter, saying: "Most KSM are locked in Kusama's Staking system and cannot be transferred without 7 days' notice. Therefore, the Kusama website will The start date of the first auction will be announced this week, along with the expected timetable for further auctions. Currently, the Kusama network expects to conduct five auctions with 7-day intervals between each auction. Further auctions may follow thereafter if no major issues are identified Auction. Following the successful completion of Kusama’s first auction, we expect Polkadot’s auction to take place in the near future. It will be published along with the auction schedule once the final parameters of the auction are determined.”

Jinse Finance Live Report丨Sun Pishu, Chairman of Inspur Group: Blockchain technology can solve the problem of product traceability: Jinse Finance reporter reported on the spot. Today, at the Boao Forum for Asia "Re-discussing the Blockchain Field", Sun Pishu, Chairman of Inspur Group, said : There are many people who can afford Moutai, but not many people drink it. how to solve this problem? In order to prevent counterfeiting, we have spent a lot of effort. Later, through gradual practice, we found that blockchain technology can be used to solve the problem of product traceability. [2018/4/10]

The parachain slot auction has not yet started, and some representative projects are ready to go, publicly declaring that they will participate in the parachain slot auction, such as Acala, Phala, ChainX, Darwinia, Bifrost, Stafi, Litentry, Mathchain, etc.

What is a parachain slot auction?

Parachain Slots are the interface between the relay chain and the parachain. In order to share the security of the Polkadot network and conduct business interaction with other parallel chains, it must be realized through slots. The slots are divided into community beta slots and commercial slots. 20% of the slots are reserved for deployment and support by the Web3 Foundation, as a community beta parachain to promote the entire Polkadot ecosystem The remaining 80% of the slots will be used as commercial slots and will be opened through auctions.

Since the operation of parallel chains needs to consume certain network computing resources, in order to ensure network efficiency and security, the number of parallel chains in the initial stage is limited. Polkadot founder Gavin Wood said at the Polkadot China Tour event in July 2020 that the upper limit of the number of parachains will be about 100, which means that the upper limit of the number of slots running at the same time is also about 100.

In order to ensure fair distribution, Polkadot has designed an auction method that allows project parties to obtain the right to use slots through bidding. The right to use means that the slot is only rented and not sold, and the project party needs to bid for the right to use by locking a certain amount of time and a certain amount of DOT. After the lease period ends, the locked DOT can be unlocked and returned. (Note: DOT that has participated in pledge mining cannot be used to participate in auction lock at the same time)

How does the slot auction work and how to participate?

In order to reduce auction sniping, Polkadot parachain slots will use "candle auctions", and some improvements have been made on traditional candle auctions, and a retroactive closing mechanism has been used.

The way the candle auction works means that everyone knows the status of the auction, but not when the auction will end, which helps ensure that bidders are more willing to bid early. There are two stages in the Polkadot parachain slot auction process: security period and random period. DOT can be freely pledged in both stages, and the auction will stop suddenly at an unpredictable time point in the random period, and the bids before this time point will be won by the highest bidder. Therefore, bidders need to bid early and stake as much chips as possible before the second stage.

The auction of parachain slots takes place every six months, and only one slot is released each time. The lease period of the slot is based on 6 months, divided into 6 months, 12 months, 18 months, and 24 months. Only the items participating in the auction can bid freely, bidding for a single or adjacent multiple lease periods , the highest price wins. The successful bidder needs to lock (stake) its DOT within the corresponding period, and the deposit will be refunded at the end of the parachain lease period.

If the project party has insufficient funds, it can also become a parachain through PLO (Parachain Lease Offerings, Gavin called it crowdloan, crowd loan) and apply for funding from the Web3 Foundation. For example, through a series of incentives to attract investors to lock DOT to themselves, in turn, investors can also lock their own DOT in the auction module to support their favorite projects. If it fails to be auctioned to become a parachain, it can also be connected to the relay chain through a parallel thread.

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