What is Polkadot Parachain Auction and how it will reveal the hidden power of the Polkadot ecosystem.

Polkadot / Kusama Parachain Auction | Parachain Slots Auction | Initial Parachain Offering |
A lot of people have the idea to plug the project to polkadot / timing 0:51–1:26
This is Polkadot and its ecosystem, lets see the elements of it. Let’s see our multi-chain future.
Relay chain — it is Polkadot itself or Kusama , this is the main chain that guarantees security and transmit the messages between the parachains.
Parachains are part of Polkadot’s infrastructure next to the Relay Chain and Bridges to other blockchains.
Parachains are part of Polkadot’s infrastructure next to the Relay Chain and Bridges to other blockchains.
The one blockchain cant do all the things good / timing — 2:25–2:58
  • Customizable governance, block production, and tokenomics
  • They share the security from Polkadot’s Relay Chain
  • Ability to exchange messages and assets between other Parachains
  • Typically built with Substrate
Every team can get the piece of relay chain / timing — 27:55–28:30
Source: BBC
Candle auction / timing 9:35–14:35
  1. Convert their Substrate-based chain to a parathread. Though this will not give them the same guarantees of throughput as a parachain, they can still utilize Polkadot’s shared security and interoperability, but in a pay-as-you-go model.
  2. Deploy the parachain to Kusama. This will require some planning since there will need to be a parachain slot available on Kusama as well. However, parachain bond requirements are likely to be lower on Kusama than they are on Polkadot.
  3. Deploy their application or service on an existing parachain via smart contracts in Solidity or Ink!. This has a higher development cost but is an option for projects who want to utilize the parachains that support these methods.
  4. Run their Substrate-based chain as a solo-chain and connect to Polkadot via a bridge. This requires gathering security resources as validators on the bridge and chain itself.

This article based on this video, you can use it when you need to explain what is Polkadot / Kusama and what is Polkadot Parachain Auction:

Sources

  • https://medium.com/@longhashSG/preparing-for-your-first-parachain-auction-d965bfe2ac6e Preparing for Your First Parachain Auction by LongHash Ventures https://wiki.polkadot.network/docs/en/learn-auction
  • Polkadot Wiki https://polkadot.network/obtaining-a-parachain-slot-on-polkadot/ Obtaining a Parachain Slot on Polkadot

What is Polkadot Ecosystem PromoTeam

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Alex PromoTeam

Polkadot Ecosystem PromoTeam Leader | Crypto and Blockchain enthusiast, entrepreneur | Disclaimer: all articles is my own opinion and not financial advice |