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Deep analysis of Polkadot's parallel chain slot auction

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Written by   14
2 years ago

Polkadot is a blockchain network that extends transactions across multiple parallel blockchain segments (called parallel chains). According to the official disclosure, Polkadot will officially launch the parallel chain slot auction as soon as possible in the next few months. This is a crucial milestone on the way to the development and landing of Polkadot project.

What exactly is this operation and what new breakthroughs will be brought to the blockchain ecology? Today, let's learn about the development of Polkadot, what is Polkadot parallel chain auction and what is parallel chain slot auction?

1. What is Polkadot?

Polkadot is a project started in 2016. When we talk about Polkadot, we have to first introduce its founder. Gavin wood is well-known in the industry. Gavin wood is a co-founder of Ethereum and a former chief technology officer of Ethereum. He is a top-level developer with the same reputation as V God.

2. What is Polkadot parallel chain auction?

Polkadot consists of relay chain, parallel chain and transfer bridge.

If the Polkadot main chain is regarded as a slot, then the different appliances on the slot are parallel chains, which can be refrigerators, televisions, etc.; and this slot is also called relay chain.

The main chain of Polkadot is a relay chain created based on substrate; the parallel chain of Polkadot can have many types, including bitcoin, Ethereum, wave field, etc.

Relay chain: responsible for the verification of information exchange and maintaining the security of the whole network. The relay chain is responsible for the security of all parallel chains. Once the socket is out of power, it will be all out of power. This is also a major feature of Polkadot: shared security. The main function of relay chain is to verify the blocks given by each parallel chain, and to prove the final certainty.

Parallel chains: due to the limited slots on the plug-in board, in order to obtain the charging license, the auction is required. Parallel chains are responsible for handling various "trivia". Independent blockchains run at the top of relay chains. Different parallel chains can focus on different businesses and serve different needs. It's like a refrigerator that cools and a TV plays.

Transfer bridge: Ethernet, bitcoin and Polkadot networks can be interconnected through the bridge.

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The parallel chain is linked to the Polkadot main chain through "slots". Because the number of slots is limited, it needs to pay a certain cost to obtain the slot usage right. According to official data, Polkadot supports cross link communication of up to 100 public links.

If the 100 slots are regarded as 100 pieces of land, the parallel chain is a real estate developer. The developers can obtain the land use right through auction, and the project side can obtain the slot use right through auction. The slot life cycle varies from 6 months to 24 months, which is the parallel chain slot auction.

3. Why auction parallel chain slots?

For Polkadot, the parallel chain slot auction is an important milestone in Polkadot's Roadmap, which means that Polkadot's cross chain vision really begins to land. It can enrich the use scenarios of dot. It will affect the dot lock structure and total lock rate of the whole network.

For the project side, the successful capture of the slot means that the project will be able to share the security of Polkadot network and realize cross chain interoperability with other projects. As the number of slots to be opened and release interval and other key information have not yet been determined, winning the first batch of slots will bring a certain first mover advantage to the project, which can promote the planned development work as soon as possible.

For some isomorphic projects that are ready but have not officially started the main network, Polkadot's verification mechanism can be directly used to start the main network synchronously when the slot is captured. This will reduce the development work of starting the main network before changing the code access. Therefore, the auction is also related to the main network online process of such projects. Capturing the early slot itself is a high-profile marketing campaign, which is conducive to the ecological construction in the later stage. Other access methods such as parallel thread are more suitable for lightweight projects, and the development still needs time. In the short term, projects that need access urgently can only choose to participate in the parallel chain auction.

For investors: the IPO design of slot auction (initial parallel chain crowdfunding, which will be explained in detail below) provides a new Polkadot ecological participation mode. Since the auction design does not restrict the project to take any incentive measures, the revenue from participating in the auction is more imaginative than that of NPOs pledge . For the investment institutions that have laid out Polkadot ecology, helping the invested projects get the slot as soon as possible can indirectly obtain greater benefits.

4. Summary

The possibility of combination and synergy between parallel chains has made a breakthrough in customization and expansion. Although the exact time for the auction of Polkadot slots has not been determined, Gavin wood has disclosed that Polkadot's main network plans to launch parallel chains at the end of the year or early next year, before which it will be tested on Kusama network.

As far as Polkadot is concerned, the landing of parallel chain is only one of the important passes on its long road. However, from this miniature, we can have full expectations for the future of this ecology. With the cooperation of project parties in the ecology and the layout and investment of capital institutions, the future of Polkadot will be prosperous.

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Comments

before some days I heard about it. Now hearing it again here

$ 0.00
2 years ago

sounds interesting

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2 years ago

At first I'm hearing about polkadot's blockchain. I don’t know how many blockchain is around us

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2 years ago