The cryptocurrency exchange Binance has expressed its continued support for developing the heterogeneous Polkadot network once again. In a formal statement, the exchange said that it would conduct an auction of blockchain parachains in November.
In the blockchain world, parachains are distinct Layer 1 blockchains that may run in parallel and communicate with each other. Their participation in Polkadot will bring a multi-chain architecture of different blockchain networks into the ecosystem, which will benefit everyone.
The protocol’s main goal is to enable many different Layer 1 networks, such as Bitcoin and Ethereum, to connect smoothly to its environment and exchange information. As a result, they will be able to work together as part of a bigger group.
Furthermore, Polkadot parachains may communicate with other blockchain networks invisibly. As a result, they open up many new possibilities in the bitcoin sector. Their integration will result in significantly increased interoperability across various DLT networks.
The Polkadot team has successfully performed tests with this technology over the last five years. Nonetheless, they were all carried out through the Kusama network.
An important element in this case is the success of the parachain that was deployed on Kussa. It demonstrates that Polkadot is prepared to make its formal debut on the mainnect platform. The parachain code is complete; auctions will begin on November 11, 2021, and will run until the end of the year.
Also Read: Russian President Vladimir Putin Praised Digital Currencies
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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