Interested in making some major updates, Polkadot, a heterogeneous multichain interchange and translation network, has announced the addition of Parachain auctions and the crowd loans to the Kusama and Westend. Undeniably the two major features were much awaited by the investors of Polkadot.
On the side where blockchains like Ethereum and Solana are marching ahead, Polkadot assures to aid some major improvements to existing solutions’ scalability and connectivity.
Notably, Polkadot assists scalable node structures, cross-blockchain transfers, and the ability to upgrade the network without carrying out a hard fork.
While the network remains somewhat vague, it is slowly but surely coming to fruition. The major concern is whether or not it can catch up with other blockchains in terms of adoption and stored value.
Since the auctions and crowd loans went live on Kusama (Polkadot’s canary or ‘alpha tester’ chain), a lot of these promises made by Polkadot are truly on the test. Talking about the Parachains, they can be used for multiple purposes such as privacy chains, smart contract chains, or high-frequency trades.
Reflecting an important angle of Polkadot, the slot auction on Kusama follows a modified candle auction format - The precise endpoint of the auction remains hidden from bidders to prevent auction sniping - allowing more accurate price discovery.
As the Parachain slots become accessible to developers, they can finally expand their ideas on Kusama. It’s a make-or-break point that will drive home whether Polkadot is truly able to bring some fresh ideas to the crowded table that is the blockchain ecosystem.
Parachain certainly looks promising. The highly customizable chain feature that is also scalable and interoperable with multiple other blockchains, with a trusted value token too, hasn’t been around before.