Polkadot announced the introduction of the first parachains, a collection of independent blockchains that will coexist in its ecosystem.
According to the official release, spots for the first parachains will be distributed to various blockchain projects based on the Polkadot network and concentrating on diverse sectors. Decentralized finance (DeFi), investments, crypto loans, and smart contracts are examples of these.
Acala, Moonbeam, Parallel Finance, Astar, and Clover are the first parachains to lease a space in the Polkadot relay chain for up to 96 weeks.
This project was started five years after the Polkadot white paper released its concept of a heterogeneous multi-chain topology.
Parachain is a significant step forward in achieving Ethereum co-founder Dr. Gavin Wood’s vision for linked blockchains. According to Dr. Wood:
Every use case requires a different blockchain project, and each chain has trade-offs that make it suitable for sure but not all applications. The parachain architecture was established on the assumption that the future of Web 3 would feature many distinct kinds of blockchains cooperating.
He went on to say that blockchains need to embrace the internet philosophy of satisfying a range of requirements by offering a variety of services. Parachains, he thinks, are capable of delivering such a solution.
Polkadot will assign 100 parachain slots
Polkadot will ultimately distribute 100 parachain spaces to different blockchain initiatives created on its network in the coming months.
While the initial batch of parachain spaces was distributed through auction, not all will be distributed similarly.
Despite this, the project is gearing up for the second round of parachains, which will go off on December 23, 2021, and include six auctions.
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.