Cryptocurrency News

Polkadot creator Gavin Wood proposes June 15 for first Kusama Parachain auction

Polkadot (DOT) and Kusama (KSM) creator Gavin Wood has published a tentative schedule for the much-awaited Kusama Parachain slot auction.

according to a blog post Posted on Tuesday, the first Parachain auction slot will open at noon on 15 June Central European Summer Time.

Subject to the approval of the Kusama Council and other KSM stakeholders, the tentative program will conclude the first Parachain auction by 17 June and the bidding period will continue until 22 June.

If the Kusama Council approves the program, the first-time Parachain slot auction winner could emerge as early as 11am on June 22. The second Parachain slot auction will begin an hour later, with subsequent slot auctions every one week at intervals according to the wooden post.

After the first five weekly auctions, Wood recommended a pause to evaluate the network’s performance before launching another batch of five Parachain slot auctions based on the aforementioned schedule.

Back in May, Cointelegraph reported that Kusama was finally ready to host the Parachines. According to Wood, Kusama Developers is confident that there are no technical barriers to auctioning slots or deploying Parachains.

These auctions will determine which parachains will be added to the Kusama relay-chain – a canary network for Polkadot. Detailing the need to get the Kusama Parachains up and running, Wood said, “Kusama Polkadot exists as a canary network and is therefore designed to help protect Polkadot from a serious issue ‘in the wild for as long as possible. allows to exist,” adding:

“Since the amount of protection it provides is in some way proportional to the amount of time Polkadot is activated before, there is a clear reason to apply this logic as soon as possible for the good of Polkadot.”

The one-week headsup given for the start of the process reportedly allows the community enough time to sell their KSMs to fund auction bids.