Polkadot (DOT) set a schedule for the parachute auctions to begin on November 11 following unanimous approval from the blockchain board members. This news represents a unique achievement as it corresponds to the last important technical element of the Storting’s book, published five years ago.
Parachains is a unique Tier 1 blockchain platform that works side-by-side with the Polkadot mainnet and is also linked to the Polkadot backhaul chain. Its targeted function can be seen in many areas, from decentralized finance to smart contracts.
At the Sub0 conference as representatives of Parity Technologies, Polkadot founders Gavin Wood and Robert Habermeier confirmed that Polkadot now has the technical capabilities for parachute launching, auctions and crowdfunding.
In an immediate response, proposal 118 was proposed by board member Joe Petrovsky with details and guidelines for publication.
The first Polkadot parachute auction for the first lot is scheduled to begin on November 11 and will run one auction per week for five consecutive weeks until the last auction on December 9.
The first trading period lasts two days, followed by a five-day expiration period. Two unique advantages of this proposed auction plan are that, as opposed to direct post-auction preparation for the Kusama project, Polkadot transfer auctions will be held within one month.
In addition, 75% of projects will be based on those seen at Kusuma, in an attempt to achieve quality over quantity.
As part of a proposal that is actually cited later in this article, the Kusama Canary Network is cited as having a positive impact on the development of this concept in both abstract and practical terms.
Kusama, a sandbox platform aimed at developers who are experimenting with blockchain applications prior to the official launch of the Polkadot blockchain, recently held a successful auction for 11 parachute trucks.
In addition to praise for Kusama’s near-flawless auction process, the official report also noted that 2.4 million KSM were contributed during the auctions with 49,000 uniquely active items.
Cointelegraph contacted Peter Murrick, Head of Communications at Parity Technologies, to receive an exclusive comment on the inspiration behind the proposal, as well as the potential impact the implementation could have on the Polkadot ecosystem:
“Kusama was launched to give the teams that build the core Polkadot protocol, parachutes and their complex communities, the opportunity to test technology and teams. Although some chaos was expected along the way, the experience of the past few months we have deployed parachutes in Kusam has given us confidence. They are ready for prime-time use in Polkadot. ”
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He continued his discussion of the positive effects the adoption would have for the Polkadot ecosystem, saying:
“This is the moment everyone has been waiting for since the presentation of the Polkadot article more than five years ago. The parachute promise has always been the foundation of what Polkadot aims to achieve: a truly scalable, adaptable, decentralized infrastructure for the next Generation Layer-1 in the form of these parachute networks.