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 -8.58% Kusama / USD KSMUSD $ 335.78
-$28.81-8.58% Volume 238.32 m Change -$28.81 Open $335.78 Circulating 8.47 m Market Cap 2.84 b 2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 6 d Karura Network Raises $100M in Push for A Slot in Kusama Parachain Auction 1 w Polkadot Ecosystem Hits a Milestone as Kusama’s First Functional Parachain Goes Live
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
ETH -3.09% Ethereum / USD ETHUSD $ 2,346.94
-$72.52-3.09% Volume 21.79 b Change -$72.52 Open $2,346.94 Circulating 116.34 m Market Cap 273.03 b 10 h 2.3 Million UK Adults Now Hold Crypto Assets, 10.5% More than Last Year: FCA Report 10 h Kyber Network To Launch On Polygon With $30 Million Liquidity Mining Program 12 h SEC Delays VanEck Bitcoin ETF Decision Again, Another 45 Day Wait Period ADA -3.00% Cardano / USD ADAUSD $ 1.47
-$0.04-3.00% Volume 1.75 b Change -$0.04 Open $1.47 Circulating 31.95 b Market Cap 47.1 b 2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow 6 d Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation 1 w Early Turn in Sentiment Seen as Crypto Asset Investment Products Record Inflows SOL -3.66% Solana / USD SOLUSD $ 38.88
-$1.42-3.66% Volume 400.16 m Change -$1.42 Open $38.88 Circulating 272.64 m Market Cap 10.6 b 10 h Solana Leads $3M Funding Round in Blockchain Data Platform PARSIQ 1 d Reddit Co-founder Holds 'Quite A Bit' of Ethereum, But Also Invested in Solana, Polygon, & Optimism 2 d Polkadot's DOT To Debut On Coinbase Pro Trading Platform Tomorrow NEO -5.09% Neo / USD NEOUSD $ 47.60
-$2.42-5.09% Volume 331.84 m Change -$2.42 Open $47.60 Circulating 70.54 m Market Cap 3.36 b 4 w Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 w IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano 1 mon Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE EOS -3.77% EOS / USD EOSUSD $ 4.81
-$0.18-3.77% Volume 896.47 m Change -$0.18 Open $4.81 Circulating 954.34 m Market Cap 4.59 b 5 d Block.one Settles its Class Action Lawsuit for $27.5 Million 4 w Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch 4 w IOHK Unveils ERC-20 Converter Tool for Testnet, Allowing Ethereum Tokens to Migrate to Cardano
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.