In an announcement at Polkadot.network published on Jun8th, Gavin Wood, creator of Polkadot and Kusama notified a schedule for the upcoming Parachain Slot Auction. Keep reading to explore what Parachain is and its impact on the Kusama network with Tokenize Xchange.
According to Gavin Wood, after Parachain testing has run smoothly, it’s time to move to the next step: Slot auction. The Parachain auction will be launched in the coming weeks with the first Kusama Parachain Slot auction commences on Jun 15th, 2021. Meanwhile, a Parachain auction on Polkadot, a cousin of Kusama, is still in discussion.
Kusama, founded in 2019, is a network of a specialized blockchain built on Substrate and has the same codebase as Polkadot. Both blockchain networks share the same key innovations like hot-swappable runtimes for forkless, on-chain governance, and on-chain upgrades.
What is parachain?
Parachains are the individual layer-1 blockchains running on both Polkadot and Kusama networks and connected to the central Relay Chain for upgraded security, scalability, and interoperability.
Polkadot’s cross-chain composability allows all types of data to be transported among parachains. Moreover, Parachains are able to connect to external networks like Bitcoin and Ethereum.
>>>Read more: Ethereum 2.0: What do we expect from EIP 1559<<<
Polkadot was created based on the idea that many different types of blockchain will be working together in the future. Hence, the parachain is designed with the ability to securely communicate with the validators who ensure that every block follows the agreed protocol. This allows every parachain to be distinguished from each other and blockchains will be able to provide a variety of services to suit their own needs which can be DeFi (Decentralized finance), gaming, smart contracts, or identity verification. Parachain can be built public or private and designed with its own rules, features, and tokens.
How it works
The parachain takes its name from the concept of chains running parallel to the Relay Chain. They are able to perform parallel transactions and achieve scalability of the Kusama system.
Parachains are maintained by a group of collators who are known as network maintainers. Collators own the responsibility to maintain a full-node of the parachain, sustain all important information of the parachain, and create new blocks for validators to pass to the relay chain.
>>>Read more: Beginner’s guide: Blockchain Consensus mechanism<<<
By sustaining the network, collator nodes will get implementation details of the parachain as the incentivization. They will not be required to stake DOT tokens to get incentives except for being stipulated by the parachain implementation.
Kusama network’s announcement on upgrading Shell to Statemine
The KSM parachain auction was indicated by last week’s upgrade of the “Shell” parachain, the first common good parachain. Shell parachain was created to test the Kusama parachain system. With the upgrade to Statemine, however, this parachain will be used to support new functions including minting fungible and non-fungible tokens on Kusama Network.
According to Kusama Network’s tweet on Jun8th “After some smooth running over the weekend, the time has come to move to the next stage: slot auctions”
The first Kusama Parachain Slot Auction will take place at 8 a.m. ET on June 15th, 2021, and the winners will be announced on June 22nd. Winners will be determined on June 22 at 7 a.m. ET. Keep following Tokenize Blog for more updates on Kusama Parachain Auction and other market news!
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