If Kusama Blockchain functions well now, it’s time to initiate Polkadot Blockchain to life soon
Eyes are on Polkadot, on whether it will be that promising functional Blockchain we crypto enthusiasts expect it to be. The answers to this is now getting revealed with Polkadot’s test-network that’s Polkadot’s Canary Network, Kusuma, as it gets tested with the parachain stage initiated in the Polkadot's canary Blockchain.
This parachain phase is the final stage for bringing both blockchains Polkadot and Kusuma to life. Exciting is it not?. Everyone’s been seeing how the parachain stage is shaping up in the Kusuma Blockchain, so that one can foresee how that will shape up in the Polkadot Blockchain. If the parachains function well in Kusuma, then the parachain initiation phase will begin in Polkadot too.
Kusama’s first parachain Statemine successfully functioning in the Network
Up till now, the parachain phase has progressed very well in Kusama. The first parachain was initiated by deploying Shell in the Kusama Blockchain. After Shell remained stable in the Blockchain it got upgraded to Statemine parachain which made it a feature rich parachain. Statemine became Kusama’s first parachain, and it can store and transfer KSM tokens and interact with Kusama’s relay chain.
Then it was time for other parachains to be deployed in the Blockchain as Statemine functioned smoothly in Kusama for the required period of time.
Parachain Slot Auctions to select other parachains going to come live on the Kusama Blockchain
The other parachains in the Polkadot network would be selected by conducting Parachain Slot Auctions. Here, teams who are applying for a parachain slot would have to bid for it and the highest bidder for the parachain slot would be the winner.
Teams can get crowdfunded loans from the KSM token holding community, who would lock in their KSM tokens with the concerned team/entity competing in the Parachain Slot Auctions, contributing to the team’s token bidding reserves. In return for the contributed locked tokens, communities get the team’s tokens as bonus. Token contributors can claim back their tokens along with the rewards they earned after the lock-in period.
Second Parachain of Kusama has come live and it is of Karura!!
Well, Kusama Blockchain had conducted its first round of Parachain Slot auctions and the winning entity tthat won a parachain slot here was Karura, which is s DEFI project twin of Acala that’s going to be in Polkadot.
From Acala's website
Karura is twin of Acala with the former in Kusama network and latter in the Polkadot Network
My article here talks about this big news of Karura winning the first parachain slot auctions in Kusama. Karura then began producing blocks and is functioning well in the Kusama Network.
Final stage of launching Polkadot can begin soon with Kusama stable with parachain deployments
Now, Kusama Blockchain has successfully had Statemine, Kusama’s first parachain function smoothly plus Kusama has conducted one parachain slot auction process successfully with crowdfunding of loans taken place correctly. Therefore, it looks like it’s safe to start off the Parachain initiation phase in Polkadot soon].
We can already guess at least one likely winner of the parachain auctions that would hopefully happen in Polkadot. Yes, that should be Acala, the twin of Karura that won the first parachain slot in Kusama.
DOT crypto may take off if Polkadot’s parachain stage gets on smoothly
Well, then, it looks like a good time to buy up some DOT crypto now because one can expect the price to go up with Polkadot going to have functional Dapps building in it when parachains come to life there!! After this, DOT will have more use cases like being used to stake in DEFI projects like Acala.
Thank you for reading my post. Wish you all a great weekend ahead and don’t forget to upvote my post.
