Polkadot News: The team behind blockchain protocol Polkadot says the platform is ready to auction parachain slots.
Polkadot creator Gavin Wood wrote in a blog post that auctioning off these slots will allow more blockchains to be placed on the Polkadot network and interact with other blockchains.
The team behind decentralized finance (DeFi) platform Polkadot said it is ready to begin its parachain slot auction starting June 15, according to the announcement on Tuesday.
Polkadot is a Blockchain protocol designed to combine multiple blockchains to work seamlessly. It is meant to allow sending and receiving of any type of data between any type of Blockchain. Polkadot calls these parallel blockchains “parachains,” and they can be connected to the network via a limited number of “parachain slots” (think of the wires of a wheel).
Auctioning more parachain slots will allow more blockchains to be placed on the Polkadot network and interact with other blockchains already integrated.
Kusama is an experiment net for teams preparing to deploy in Polkadot. Both Polkadot and Kusama will auction their parachain slots to more efficiently choose which parachains to add to the core portion of the Blockchain network.
Priority will be given to projects that receive trust from members of the Kusama community.
According to a blog post by Ethereum co-founder and Polkadot creator Gavin Wood, priority will be given to projects that receive trust from members of the Kusama community.
“We believe there are no longer any technical blocking points stopping auctions or parachain functionality,” Wood said.
“Since the amount of protection Kusama provides is somehow proportional to the amount of time he was active before Polkadot, there’s a clear reason to put this logic into action as soon as possible for Polkadot’s sake.”
In his blog post, Wood recommends that the first parachain slots auction start on June 15 to allow members of the Kusama betting community enough time to redeem the tokens for auction bids and redeem KSM. After that, auctions will run with a two-day bidding period in a row, followed by a five-day expiration period. In total, five auctions will take place over five weeks.
The Kusama council and a number of stakeholders will make the final call regarding the parachain slots selection process.