The Polkadot ecosystem is seeing significant expansion, and after considerable anticipation, Polkadot has finally released its first parachain. Polkadot will now begin its parachain auctions, with hundreds of projects in the running for a spot on the blockchain.
Referendum 41 Passes
The Polkadot team took to Twitter to announce the parachain, stating that DOT token holders had passed Referendum 41. The Shell parachain on Polkadot will ensure block production, inclusion, and finalization. The statement further added,
“The Shell parachain has extremely limited functionality: it does not even have the notion of accounts. Shell only accepts messages from the Relay Chain to upgrade itself to something else.”
Explaining Shell
Polkadot connects different blockchains, creating a multi-chain network that enables the blockchains to communicate securely and pool security. These chains are known as parachains, which plug themselves into the base platform, also known as the relay chain. Polkadot is different from layer-1 blockchains such as Ethereum because while Ethereum enables users to build directly on the base layer, Polkadot’s relay chain provides security to its parachains.
Polkadot’s Twitter statement further added,
“Shell can eventually be upgraded to Statemint with another referendum after the disputes code is active. If passed by Council, the motion will go to a public referendum.”
According to the developers at Polkadot, Shell functions as an empty parachain that can be upgraded to the Relay Chain commands.
The Next Step
With the launch of the parachain successful, Polkadot will now undertake the next step in its journey to become multi-chain. Shell will be upgraded to “Statemint,” once the chain functions for a full 24 hours without any significant issues.
Polkadot will also move ahead with its parachain auctions and allow developers to register their projects on a parachain and draw funding. Polkadot will host one auction every week, with the first batch of auctions to continue for five weeks. The next batch would consist of six auctions. Several projects are vying to launch on Polkadot, such as the Acala Network and Moonbeam, that are looking to benefit from crowd loans through the auctions.
Parachain Auctions
Polkadot’s community has greenlit parachain auctions, completing a significant step towards interoperability between blockchain networks. Web3 Foundation member Joe Petrowski introduced the proposal. He further added that Kusama’s success, along with Parity’s assessment that “the code for parachains, auctions, and crowdloans is ready for an initial production release,” makes him believe that Polkadot should also be prepared for parachain auctions.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
