Polkadot, which is the famous open source platform has declared the introduction of its initial Polkadot Parachains launch. These Parachains aim to enhance interoperability among numerous blockchains.
What Are Polkadot Parachains Launch And How Does It Work?
Parachains that are individual blockchains operating in parallel within the Polkadot ecosystem on its platform have been developing for the past 5 years and it marks the breakthrough for interconnected blockchain technology. The Polkadot Parachains launch witnessed the release of its 5 parachains, the slot auction for which started on November 11. The winners from the initial parachain auction include the parachain team aiming at numerous topics from investments, to decentralized finance, and to loans along with smart contracting. The Polkadot launch date was on May 26th, 2020.
The first five Polkadot parachain auction winners are namely Acala, Parallel Finance, Moonbeam, Astar, and Clover. They now have the power to lease a slot on the main blockchain of Polkadot, the Relay Chain for up to 96 weeks at a time. As the ecosystem evolves, mainly with the nascent development of the metaverse, numerous protocols will become highly visible. In that case, there will not be any single blockchain, but the users will have many interconnected blockchains.
Ultimately the goal of Polkadot is to provide a total of 100 Parachains slots. More slots will be assigned in batches over the upcoming months, assures Polkadot that not all the slots will be assigned through Parachain slot auction, as some of them will be used governance-enabled common-good parachains and part threads. The Polkadot press release said,
“As more parachain teams connect a growing range of solutions to Polkadot, the network’s vision of a more diverse, decentralized, and interoperable internet — Web3 — will become reality.”
The next segment of Polkadot auctions started on December 23. The second batch will show six auctions in whole, with the 6 winning parachains to be onboarded on or near to March 11, 2022. The Polkadot team in a statement said,
“The launch of parachains on Polkadot represents the culmination of the original vision outlined in the Polkadot Whitepaper (aka the Polkadot Paper) in 2016.”
It further said,
“The Polkadot Paper outlined Polkadot’s core features and sketched out the network’s sharded multi chain design. Parachains are the final piece of core functionality, as outlined in the paper, to be fully launched. How Polkadot evolves from here is up to its community of DOT holders, who will approve any future upgrades via the network’s on-chain governance system.”
About Polkadot And How It Works
Polkadot is a network that is illustrated to join the dots with all the other networks. It is mainly referred to as a multi-chain network, as it has the ability to join networks together, unlike networks like Bitcoin which functions on their own.
Its primary aim is to act as a structure for all the blockchains that opt-in, a bit similar to how HTML enables sites, servers, and browsers to interact with each other. The concept is to take care of costly and messy digital currency mining processes to allow developers to aim at creating smart contracts and dapps functionality.
Now coming to the working of Polkadot. Blockchains cannot connect with Polkadot and operate in parallel as so-called “parachains” to access the proof-of-stake (PoS) of the network validation of security and transaction.
In the so-called “relay chain” of the network, the addresses of the transactions are checked and data is standardized so that each system can evaluate it. This is where all the chains pool security.
While the operation is taken care of, blockchains that are connected to Polkadot can employ their own PoS mechanism, plan when and how to update their code, and operate the dapps or tokens they select. It is basically a pick and select layer that enables networks to maintain their own security and incorporate the latest protocols.
As blockchain technology has become more broadly adopted in present years, the lack of compatibility among chains has stayed a major hindrance. Today, after 5 years of technical enhancement, there is a Polkadot Parachains launch, where individual blockchains operate in parallel within the Polkadot ecosystem, on its network. This milestone spots a big breakthrough for interconnected blockchain technology. Parachains will be able to communicate smoothly within the Polkadot ecosystem.
Frequently Asked Questions On Polkadot Parachains Launch
After 3 years of development, the launch of Polkadot kicked off on May 26th, 2020, and parachains received their foremost dedicated testnet with Rococo that August.
Five “parachains” of Polkadot went live on Saturday, Dec. 18, 2021, the first of 100 that will term the “blockchain of blockchains” home.
Parachains that are individual blockchains operating in parallel within the Polkadot ecosystem on its platform have been developing for the past 5 years and it marks the breakthrough for interconnected blockchain technology.