Polkadot launched the first 5 parachains: all the details

Briefly:

  • The Polkadot network has connected its first 5 parachains
  • These blockchain projects cover different niches
  • Parachains are an important step towards the development of Web3
  • In the plans – more 116 new parachains

Polkadot announced the launch of the first parachains, a set of separate blockchains that will run in parallel across its ecosystem. This includes blockchain projects Acala, Moonbeam, Parallel Finance, Astar and Clover. They cover different areas of application: Decentralized Finance (DeFi), Investments, Crypto Loans and Smart Contracts.

In honor of the event, the company threw a “parachain party” where executives answered various questions and shared the news.

What is parachain and why is it so important?

Parachain is an application-specific data structure that is globally consistent and is verified by Relay Chain validators. Most often, parachain takes the form of blockchain, but not necessarily. The name itself emphasizes that these are parallel chains. Due to this nature, they provide simultaneous transaction processing and scalability of the Polkadot system.

Parachain technology plays an important role in building Web 3. Here’s how the co-founder of Ethereum explains it Dr. Gavin Wood:

“No blockchain project can be universal for all use cases. Each has trade-offs that are useful for some purposes but not useful for others. The parachain model was created with the belief that in the future Web 3 will include many different blockchains working together. ”

Gavin Wood believes that in the future, Web3 will require collaboration between different types of blockchains, similar to the way different options and services are being integrated on the Internet today. Parachains will help you do this integration.

By the way, in this video we briefly talked about what Polkadot is and how it works:

In the plans – 103 parachains

In the coming months Polkadot will allocate 120 slots for various projects. The first batch was selected through an auction, but the developers said that the remaining seats would not necessarily be distributed according to the same principle.

While they are preparing the second batch of parachain auctions, it starts 28 and covers 6 auctions. These 6 winning projects will launch on the Polkadot mainnet 15 March 2131 of the year.

author

Vlad is a project manager with a five-year background. So he is the first who learns from them the latest information: sales, partnerships, releases, drops, etc.

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