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Polkadot and the sharding



At Polkadot, everything revolves around the Parachain Auctions right now. Projects like Moonbeam, Bifrost, Astar Network and Litentry are taking the lead. Is the interoperability offered by Polkadot the foundation for the future of blockchain projects?


Polkadot is an open source sharding multichain protocol that enables the cross-chain transmission of any data or assets over a large number of blockchains. On the official website we read:


“Polkadot enables cross-blockchain transfers of any type of data or asset, not just tokens. The connection to Polkadot gives you the opportunity to interact with a variety of blockchains in the Polkadot network. "


And Polkadot is already connecting public and private blockchains accordingly. The parachains that enable communication between the various blockchain projects are particularly important.


Parachain Auctions: The Future of Project Development?

The Parachain Auctions at Polkadot are not yet over. But what exactly is Parachain Auctions about? On the official  Polkadot website  we read:


“Parachains are the final piece of core functionality provided as described in the Polkadot whitepaper and will enable Polkadot to implement its scalable, multi-chain architecture. After a phase of testing, optimizing and auditing, Parachains are ready for launch on Polkadot and can be activated via on-chain governance. Once Parachains are live, the community will determine what additional features and network upgrades should be added over time. "


Let's take a look at Litentry, an identity aggregation protocol. Litentry is already docked with the Polkadot ecosystem and will connect its own Parachain to the Polkadot relay chain. The aim is to offer the users of Litentry more security, but also more interoperability. As we read on the Litentry website , it is now about the further development of the Litentry verse:


“Our Parachain Crowdloan on Polkadot is now live! Use your DOT to help build a Web3 Identity Hub by participating in our crowdloan, unlocking the LIT bonus and earning rewards. "


The vision behind it is that users can exert far more influence on the development of the projects.


Litentry course and Polkadot course - bullish news, but little price movement

If we look at the Litentry (LIT) price over the past 12 months, we see an all-time high in February 2021 at over $ 14. At the moment the LIT price ranks around the USD 4 mark - relatively unaffected by the Parachain Auctions.


The situation is different with the Polkadot course. Not only the generally bullish market sentiment of the last few weeks, but also the Parachain Auctions could have contributed to the current price development. The DOT price has been moving upwards since August and is currently around the USD 39 mark. In early November 2021, the Polkadot rate hit an all-time high of over US $ 53.


But how are these two coins related to the cooperation between Litentry and Polkadot?


The participants of the Crowdloan program of Litentry have to invest 5 DOT in the auction at least, any initial investment will in turn be rewarded with 2.5 LIT. Later, the final rewards will be estimated based on each user's percentage contribution to the crowdloan pool once the litentry parachain goes live on the Polkadot relay chain. From then on, the investors will receive their LIT rewards per block over the duration of the slot leasing period (96 weeks).

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