Polkadot, an open-source platform for blockchain, recently announced the launch of its first parallelized chain- which aims at improving the operations between blockchains. According to this announcement, the team of this platform spent five years developing the parachains, which were then allocated to various teams through auctions, namely Moonbeam, Acala, Astar, Parallel Finance, and Clover.
Polkadot has introduced Parachains
With many individual blockchains going in sync with the ecosystem of Polkadot, the winners of the auction would be able to lease most of the slots of the Relay chain of this platform for close to 96 weeks at a single time. Developed by Gavin Wood, the co-founder of Ethereum, this Relay Chain does help in coordinating the communication as well as the consensus that is necessary between the different parachains.
With the growth of the ecosystem, especially with the emergence of metaverses, several protocols would definitely be more visible, in which case they would not have just a single blockchain- but a whole host of interconnected chains.
With 5 years of experience, Polkadot currently stands among the top 10 cryptocurrencies in terms of market cap. The ecosystem intends to get into its current slot group of five to 100 parachain slots- with the maximum capacity for a Relay Chain. However, as it has been established, not every slot will find itself allocated through parachain slot auctions, as some of them will be used for governance-enabled common-good parachains and parathreads.
Polkadot’s parachain model was created with the idea that the future of Web3 will simply bring into itself multiple types of blockchains that would be working together. Just like the current version of the web caters and ponders to multiple needs, blockchains would also be able to lend out a vast majority of services- and parachains solve this.
