Polkadot (DOT) has set a timetable for the debut of the parachute auction on November 11, following unanimous approval from blockchain board members in the chain.
Polkadot (DOT) has set a timetable for the debut of the parachute auction on November 11, following unanimous approval from blockchain board members in the chain. The news is a remarkable achievement as it fulfills the last major technical element of the white paper published five years ago. Parachains are a unique characteristic of Layer 1 block circuits that work alongside the Polkadot core network and are also connected to the Polkadot relay circuit. Their target functionality is evident in many areas - from decentralized financing to smart contracts.
As representatives of Parity Technologies at the Sub0 conference, Polkadot founders Gavin Wood and Robert Habermeier confirmed that Polkadot now has the technical skills to implement Parachain, tenders, and loans for the first time. In an immediate response, proposal No. 118 submitted by Board Member Joe Petrovski, which contains details and recommendations for the placement. Polkadot's first paracain auction for the first batch is scheduled for November 11 and will take place once a week for five consecutive weeks until the final auction on December 9. The first offer period is two days, followed by a five-day period. Two unique features of this tender proposal are the Polkadot tender, in contrast to the fast Kusama project, which took a month after the tender.
In addition, 75% of projects compared to those in Kusuma will be fully utilized to prioritize quality over quantity. As part of the proposal and later in this article, the Kusama Canarian Network is mentioned as a positive influence on the development of this concept both abstractly and practically. Kusama, the sandbox platform used by developers to experiment with blockchain applications prior to the official launch of the Polkadot blockchain, recently realized the success of 11 auctions for Paracahain slots.
In addition to praising the near-perfect auction process in Kusama, the official report notes that 2.4 million KSM were imported from 49,000 addresses that were clearly active during the auction. When asked Peter Mauric, Head of Public Affairs at Parity Technologies, for excellent comments on the inspiration behind the proposal as well as the potential impact of its implementation on the Polkadot ecosystem: “Kusama was created to allow the teams that build the core protocol of Polkadot, Parachain, and their community to test their battles and teams. While there are some expected bits of mayhem along the way, past experience of being parachute at Kusama gives us confidence that they're ready for Polkadot prime time. He went on to discuss the positive impact of its implementation on the Polkadot ecosystem, saying: “This is the moment that everyone has been waiting for since the Polkadot Document was presented more than five years ago. 1 protocol in the form of this parachute network.
Talisman, Polkadot Web3's portfolio platform, raised $2.35 million from early backers including Hypersphere Ventures, Koji Capital, and Advanced Blockchain AG, as well as several anonymous Flex Dapps investors. With the funding round ending, Talisman aims to expand its portfolio by November 22, according to a statement released on Wednesday. Talisman is billed as a Polkadot (DOT) and Kusama (KSM) wallet portfolio by DotSama and reportedly allows cross-compatibility across Polkadot and Kusama "Paraverse".
Jack Platts, partner at Hypersphere Ventures, commented on the decision to support the project: "Talisman wants to be a paraverse portal for everyday cryptocurrency users." Talisman is reportedly building DotSama's first asset dashboard with features such as betting on KSM and other Parachain assets, integrating Karura for decentralized sharing, and assisting Polkadot Crowdloan.
Other key features in Talisman's planned roadmap include NFT support, Shiden Dapp betting, and third-party fiat roads. The announcement also states that the team is looking at ways to expand the funds allocated to seeds while adding other key features to help consumers interact with the DotSama parastatal ecosystem. Talisman's launch comes as the DotSama ecosystem takes shape with the current Kusama parachute auction.
As previously reported, the first round of the parachute auction closed in June, and the second round is currently underway. The Kusama DeFi Altair platform became the ninth overall and fourth parachuting winner in the second round on Wednesday. The other slot auctions will take place over the next seven days before a temporary pause that precedes the third-round process. The winner of this parachute auction will contact the Polkadot relay chain which will eventually trigger an increase in liquidity in the Kusama and Polkadot ecosystems.