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 -3.59% Kusama / USD KSMUSD $ 48.69
-$1.75-3.59% Volume 29.32 m Change -$1.75 Open $48.69 Circulating 8.47 m Market Cap 412.39 m 7 mon DeFi Hub Acala Network Secures First Spot In Polkadot’s Parachain Auction 7 mon Bitcoin’s Longest Slump Since May Severs its Pandemic-era Correlation With Tech Stocks 7 mon Big Week Ahead? Bitcoin Rallies Towards ATH, Ether Sets A New High, Crypto Marks Hits $3 Trillion

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 -4.32% Ethereum / USD ETHUSD $ 1,096.48
-$47.37-4.32% Volume 15.38 b Change -$47.37 Open $1,096.48 Circulating 121.35 m Market Cap 133.06 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 5 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 ADA -2.40% Cardano / USD ADAUSD $ 0.46
-$0.01-2.40% Volume 766.89 m Change -$0.01 Open $0.46 Circulating 33.93 b Market Cap 15.71 b 6 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report SOL -6.97% Solana / USD SOLUSD $ 33.38
-$2.33-6.97% Volume 1.37 b Change -$2.33 Open $33.38 Circulating 342.9 m Market Cap 11.44 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows NEO -5.04% Neo / USD NEOUSD $ 8.54
-$0.43-5.04% Volume 55.07 m Change -$0.43 Open $8.54 Circulating 70.54 m Market Cap 602.22 m 6 mon Crypto Market Tanks: Bitcoin Correlation with S&P 500 Reaches 2021 High & USD Longs at Highest Level since June 2019 10 mon Cross-chain Poly Network Gets Hacked for Over $600M, Exchanges & Stablecoin Issuers Act to Save the Lost Funds 1 y Polkadot to Roll Out Parachains on Kusama Canary Network, the Final Phase Before Full Launch EOS -1.95% EOS / USD EOSUSD $ 0.93
-$0.02-1.95% Volume 180.14 m Change -$0.02 Open $0.93 Circulating 993.17 m Market Cap 924.2 m 6 mon Keanu Reeves “HODL”, Swiss Federal Councilor’s Data Leaked in Ledger Hack, Crypto Protocols Continue Be Exploited 6 mon EOS Founder Calls for A Rebranding, Network Pivots to DAO And Moving Away From Block.one 6 mon Over 4.4 Billion Added in Total Stablecoin Supply in the First Week of December

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.