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Polkadot’s Parachain Vision Realized After Kusama’s Successful Auction – Technology Bitcoin News

After months of hype surrounding the launch, the first Kusama Parachain auction went off without a hitch. The now active Parachain has started processing transactions successfully, paving the way for future slot auctions.

Kusama’s First Functional Parachain Goes Live

anticipation around polka dot Parachain is finally realized after the first successful Parachain auction in the last few months Kusma Canary Network. This development marks the first time a 100% decentralized, heterogeneous-led blockchain has been launched.

Parachains awarded “Shell” have since been upgraded to “Shell”.statamine, “A common-good parachain with many different utilities and functionalities. Other parachains will leverage Statemine’s utility for the XCM protocol, which allows KSM tokens to be transferred seamlessly between Kusama and Parachain.

With this proof of concept in place and operational, “parachain slot auctions” can begin, but they will require input from the KSM community. The selection of Parachain for the Kusama Relay-Chain revolved around staking the largest amount of KSM tokens for as long as possible. Once the Kusma Council and KSM holders decide on the auction deadline, the next round of auctions can begin.

Accordingly, the Polkadot team has recommended the following auction timeline for the approval of the Council and KSM stakeholders:

  • June 15, 2021 – 12:00 CEST (Central European Summer Time): Bid opening for the first Kusama Parachain slot auction.
  • June 17th, 2021 – 09:00 CEST: The closing period of the first Kusama Parachain slot auction begins. Any bids made before this date will be counted in the final results, any bids made after this date and time will face a lower chance of consideration in the final results on a linear-subtraction basis.
  • June 22, 2021 – 09:00 CEST: Bidding officially ends for the first Kusama Parachain slot auction. No bids will be accepted for this auction beyond this point.
  • June 22, 2021 – 11:00 CEST: The winner of the first Parachain slot auction will be announced based on the highest bidder in the last five days.
  • June 22, 2021 – 12:00 CEST: The second Parachain slot auction will begin.
  • June 29, 2021 – 12:00 CEST: The third Parachain slot auction will begin.
  • July 6, 2021 – 12:00 CEST: The fourth Parachain slot auction will begin.
  • July 13, 2021 – 12:00 CEST: The fifth Parachain slot auction will begin.

What do you think of the first Kusama Parachain auction? Tell us what you think in the comment section below.

image credit: Shutterstock, Pixabay, WikiCommons, Polkadot

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