What Are Parachain Auctions? — All You Need to Know
Learn about one of crypto’s most anticipated events of 2021
Imagine a future where there are over a thousand blockchains, each dedicated to a specific use case. For example, a blockchain optimized for decentralized finance, another for decentralized identity issuance and verification, another for decentralized data storage, another for decentralized cloud computing, and yet another for decentralized privacy-enablement.
Now imagine that all these blockchains are interoperable, meaning that they can talk to each other — send tokens, call functions, initiate smart contracts, etc. Such a setup would obliterate the need for powerful, centralized middlemen across various industries.
For blockchain technology to revolutionize the world in the same way Bitcoin and Ethereum have revolutionized finance and digital ownership, then an Internet of Blockchains is the necessary next step.
Thus far, the blockchain industry’s best solution to this problem has been via the use of bridges. Bridges are wonderful — they are networks/blockchains that help connect other blockchains. That said, because this connection isn’t native, composability is affected. Composability is the ability for protocols (blockchains or decentralized applications) to interact with one…
