Crypto

With Many Parachain Launches, Polkadot Predicts Web3 Disruption

Insurance, Cryptocurrency, Finance, Tech and Real Estate News

The Polkadot team spent 5 years developing the parachains, which were then distributed to teams through auctions.

Polkadot, an open-source blockchain technology, has launched its first parachains (or parallelized chains), which aim to improve interoperability between numerous blockchains.

According to the announcement, the Polkadot team spent 5 years developing the parachains Acala, Moonbeam, Parallel Finance, Astar, and Clover, which were distributed to teams via auctions.

The auction winners will be chanced to lease spots on Polkadot’s Relay Chain for up to 96 weeks at a time, thanks to individual blockchains running in parallel within the Polkadot ecosystem. The Relay Chain, created by Gavin Wood, founder of Polkadot and co-founder of Ethereum, aids in the coordination of consensus and communication amongst parachains:

“And as the ecosystem grows, especially with the nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”

Polkadot (DOT) is one of the top 10 cryptos in terms of market valuation, having been around for just more than 5 years. The ecosystem plans to increase its current slot allocation of five to 100 parachain slots, which is Relay Chain’s maximum capacity.

Related:  MicroStrategy Bought $82 Million in Bitcoin and Now Owns 122,478 Coins

“Not the whole of these slots will be assigned via parachain slot auctions,” the statement states, “since some will be used for governance-enabled common-good parachains and parathreads.” Wood claims that:

“The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this”

Iota has announced the introduction of Assembly, a decentralized layer-one smart contract network, in a bid to speed smart contract activities across decentralized finance (DeFi) and non-fungible tokens (NFTs).

Assembly exploits Iota’s current infrastructure to act as a symbiotic, self-sovereign bridge. Dominik Schiener, co-founder and chairman of the Iota Foundation, explained the details:

“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability, and token infrastructure provided by the Assembly network.”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.