Polkadot’s Parachain imaginative and prescient comes true after a profitable public sale in Kusama – Know-how Bitcoin Information – Bitcoin Information

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After months of hype about the start, the first Kusama Parachain auction went smoothly. The now active Parachain has already started successfully processing transactions and paved the way for future slot auctions.

Kusama’s first functional parachain goes live

The anticipation of polkadot parachains in the last few months has finally come true after the first successful parachain auction on the Kusama Canarian network. This development is the first time that a 100% decentralized, heterogeneously hardware blockchain has come onto the market.

The Parachain awarded to “Shell” has since been upgraded to “Statemine”, a common good Parachain with several different utilities and functions. Other parachains will take advantage of Statemine thanks to the XCM protocol, which also allows KSM tokens to move seamlessly between Kusama and the parachain.

When this proof of concept is available and operational, “Parachain Slot Auctions” can begin, but require the contribution of the KSM community. Choosing the parachains for the Kusama relay chain revolves around staking the largest possible amount of KSM tokens for as long as possible. Once the council of Kusama and the KSM owners have determined the auction period, the next auction round can begin.

Accordingly, the Polkadot team has recommended the following auction schedule for approval to the council and KSM stakeholders:

  • June 15, 2021 – 12:00 CEST (Central European Summer Time): Opening of the tender for the first Kusama Parachain slot auction.
  • June 17, 2021 – 09:00 CEST: The final phase of the first Kusama Parachain slot auction begins. All bids that are submitted before this date will be considered in the final result, with all bids submitted after this date and at this point in time being faced with a lower probability of being taken into account in the final results on a linearly reducing basis.
  • June 22, 2021 – 09:00 CEST: Bidding officially ends for the first Kusama Parachain slot auction. After this point in time, no bids will be accepted for this auction.
  • June 22, 2021 – 11:00 CEST: The winner of the first Parachain slot auction will be announced based on the highest bidder over the past five days.
  • June 22, 2021 – 12:00 CEST: The second Parachain slot auction begins.
  • June 29, 2021 – 12:00 CEST: The third Parachain slot auction begins.
  • July 6, 2021 – 12:00 CEST: The fourth Parachain slot auction begins.
  • July 13, 2021 – 12:00 CEST: The fifth Parachain slot auction begins.

What do you think of the first parachain auction in Kusama? Let us know what you think in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons, Polkadot

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