Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch

Ethereum competitor Polkadot Network is well on its way to create a heterogeneous scalable multichain, according to founder Dr. Gavin Wood.

Parachain Reconnaissance On Kusama

In a Medium post, Wood said the final phase in the launch of the Polkadot Network has begun. According to the former co-founder of Ethereum, this is due to the recent release of Polkadot version 0.9 by Parity Technologies (the development team behind the Polkadot project).

The release, which is being run in sister chain network Kusama, allows the running of parachain slots and logic for crowdloans used to crowd-fund auction bids for the Polkadot network.

Speaking on when likely Polkadot would be available for parachain bids, Wood said a full external audit on all-new logic must first be completed. He also noted that the Kusama network must successfully demonstrate that the new logic works without constant supervision.

This will be determined if Kusama (KSM) can execute a successful auction involving crowdloans and hosts one functional parachain. Wood laid out a roadmap for the parachains deployment. KSM -6.19% Kusama / USD KSMUSD $ 328.71
Volume 246.55 m Change -$20.35 Open $328.71 Circulating 8.47 m Market Cap 2.78 b
3 w “Moon” Is Not the Limit for Bitcoin, says Chainalysis CEO But be Wary of Downside Risk & Level of Retail Mania 1 mon Bitcoin Surges Past $50k on Low Funding But Institutional Investors Are More Bullish on Ethereum 3 mon Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow

To kick off the project, a shell parachain would be deployed into the Kusama network. This shell or empty parachain would be tasked with producing blocks. However, it would not be used in storing user accounts, staking, governance, or balances. It would only be upgradable to any new logic the Relay Chain authorizes.

Following this, the Polkadot governance team would vote to upgrade the shell parachain to the Statemine parachain, Kusama’s replica of the Statemint parachain. This will see it host arbitrary assets like fungible and non-fungible tokens (NFTs) and serve as a storage and transfer module for the KSM/DOT native tokens.

The third and final stage will see the Polkadot Network begin the auctioning of its parachains to interested crypto projects.

Wood says that the first set of five auctions would be announced on the Kusama website a week before, and each would be seven days apart. He says that if the first set of auctions on the Kusama network do not run into any issues, auctioning on the Polkadot Network would commence afterward.

Polkadot The Ethereum Killer

Many crypto protocols have been dubbed the Ethereum killer alongside Polkadot (DOT), with Cardano (ADA), Solana (SOL), NEO, and EOS filling the ranks.

ETH -7.61% Ethereum / USD ETHUSD $ 2,893.89
Volume 25.37 b Change -$220.22 Open $2,893.89 Circulating 117.66 m Market Cap 340.48 b
1 h Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 2 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August 20 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees  
ADA -0.80% Cardano / USD ADAUSD $ 2.23
Volume 5.8 b Change -$0.02 Open $2.23 Circulating 32.04 b Market Cap 71.29 b
2 h IOHK to Launch a dApp Marketplace and Fractional NFTs on Cardano (ADA) Blockchain 4 d JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 6 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero
SOL -8.23% Solana / USD SOLUSD $ 138.32
Volume 4.03 b Change -$11.38 Open $138.32 Circulating 297.28 m Market Cap 41.12 b
1 d Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain 1 d Risk-on Assets Recover and Start Rallying After Fed Chair Pushes Back Decision on Tapering to November 2 d Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs
NEO -9.23% Neo / USD NEOUSD $ 39.71
Volume 362.28 m Change -$3.66 Open $39.71 Circulating 70.54 m Market Cap 2.8 b
1 mon Cross-chain Poly Network Gets Hacked for Over $600M, Exchanges & Stablecoin Issuers Act to Save the Lost Funds 4 mon Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 mon IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano
EOS -7.32% EOS / USD EOSUSD $ 4.00
Volume 1.6 b Change -$0.29 Open $4.00 Circulating 958.98 m Market Cap 3.84 b
1 mon Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud 2 mon ByBit Finally Launches Spot Trading with Four Trading Pairs Including BTC, ETH, XRP, & EOS 2 mon After EOS, Block.one Capitalizing on Bull Market Through “Bullish” Going Public in a SPAC Deal at a $9B Valuation

This has largely been due to the challenges the Ethereum network is facing. Ethereum, which has become the home of over 200 decentralized finance (DeFi) projects, has seen its success become its bane.

The boom in the broader crypto market, DeFi, and the sudden emergence of NFTs have seen Ethereum’s gas fees shoot up, and the network suffers congestion. This has forced many developers and companies to seek alternative projects as Ethereum works on migrating to a new consensus protocol.

Projects like Polkadot have been earmarked as a successor, and if it finally launches, it may take a large share of the booming DeFi market.

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