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Parachains Are Ready To Launch On Polkadot, Says Gavin Wood

Polkadot co-founder Gavin Wood recently stated in an interview that parachains are “technologically” ready to launch on his sharded blockchain technology Polkadot, and that it is now up to the platform’s governance process to put it into action.

 

Parachains are highly configurable layer-1 blockchains that run in parallel on Polkadot, coupled to the layer-0 central Relay Chain’s shared security, and can feature their own economies and local coins.

The long-awaited parachain release completes the project’s basic functionality, achieving the multi-chain architecture of both Polkadot and its sibling network Kusama.

 

Following a governance vote in June to begin the auction process of slot leases to add parachains to Kusama, Kusama paved the route for Polkadot’s parachains as the canary network and live proving ground for Polkadot’s technology and capabilities.

 

The first batch of five distinct Kusama parachain auctions was then scheduled for June and July, with each sale lasting seven days. For the length of the lease term, all slot auction bids were cast by crowd loans, implying that prospective parachain enterprises leveraged backing from the decentralised community of KSM token holders for their bids, incentivized by project tokens or other benefits. According to an anonymous poll, 80 percent of prospective Kusama parachain projects intend to debut on Polkadot as well.

Acala’s DeFi hub Karura won Kusama’s first parachain auction, with Moonriver’s decentralised smart contract platform and Shiden’s multi-chain dApp hub taking second and third place, respectively. Khala, a trustless computation platform, took fourth place, with DeFi staking service Bifrost getting the final spot in the first round of auctions.

 

Following the success of the previous round, the community approved a schedule for the second group of slots 6-10 to begin on September 1. KILT, a decentralised identification project, Calamari, a privacy preservation protocol, and Basilisk, a liquidity infrastructure platform, won slots 6-8, with auction 9 still ongoing at the time of writing.