Parachains live at Polkadot: first blocks are being built

Parachains live at Polkadot: first blocks are being built
The first parachains to lease space on Polkadot’s main network are Moonbeam, Parallel Finance, Astar and Clover.

Polkadot has announced the launch of its first parachains, a set of individual blockchains that will run in parallel within its ecosystem.

According to the official announcement, slots for the first parachains are allocated to various blockchain projects built on Polkadot’s network and focused on different niches. These include decentralised finance (DeFi), cryptocurrency investment and lending, and smart contracts.

It is worth noting that Polkadot believes that as interest in Metaverse grows, its ecosystem will continue to evolve, more protocols will become visible, resulting in a shift from operating on a single blockchain to interconnected chains.

Multi-chain framework

The development comes 5 years after the vision of the multi-chain framework was published in Polkadot’s whitepaper.

Polkadot’s Parachain is an important feat in realising Ethereum co-founder Dr Gavin Wood‘s vision of an interconnected blockchain structure.

“No single blockchain design works optimally for every use case. Every chain involves trade-offs, making it good for some uses and not others.  The parachain model was created with the belief that the future of Web 3 will require many different types of blockchain to work together,” Dr Wood said.

He added that blockchains need to embrace the web concept of meeting different needs by providing a variety of services, and he believes that parachains are capable of providing that solution.

Polkadot to allocate 100 parachain slots

Polkadot will eventually allocate 100 parachain slots in batches to various blockchain projects built on its network in the coming months.

While the first batch of parachain slots was allocated through an auction process, Polkadot said it will not provide all the slots through a similar process.

According to Polkadot, the six winning projects will launch on the main network on 11 March 2022.

29/12/2021 – Mr.Advice NEWS

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