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Polkadot Parachain Auctions - How the "Internet of Blockchains" is picking up speed



Polkadot and its related network Kusama host parachain auctions in November and December. The auctions are an extremely important event in order to realize Polkadot's vision of the "Internet of the Blockchain". 

What are the Polkadot (and Kusama) Parachain Auctions?

Parachain auctions are held on the Polkadot blockchain as well as the related Kusama blockchain. Polkadot and Kusama are blockchain networks that offer so-called parachains. These parachains can connect different blockchains of different networks with each other. The vision of the platforms mentioned is thus the creation of an "Internet of Blockchains".

Polkadot and Kusama offer certain parachain slots for the blockchains that are bidding, which the bidders can occupy. With the start of the auction, interested parties can submit bids in order to receive a slot on the Parachain. At the end of the auction, the highest bid wins.

How do the Polkadot Parachain auctions work?

The Polkadot and Kusama Parachains are auctioned in the form of so-called "Candle Auctions". This form of auction dates back to the 16th century when auctions were held until a candle was completely burned out. Using this method, the bidders could not precisely estimate the end of the auction. The bidders receive two pieces of information - the amount of the bid and the duration of the slot. To bid, use the DOT token (for Polkadot) and the KSM token (for Kusama). 

What is Parachain Crowdloan?

Crowdloan serves a team that wants to offer slots on Parachain to collect the possibility of DOT or KSM in the form of “crowdsourcing”. Owners of these tokens can provide their tokens for these teams via crowdloan. In return, the teams that collect the tokens can provide these people with individual rewards . 

How can one participate in Polkadot Parachain auctions through crowdloans?

In order to participate in the Polkadot and Kusama Parachain auctions through crowdloans, you must provide at least 5 DOT (for Polkadot) or 0.1 KSM (for Kusama). If the project wins a slot, you will get your tokens back within 96 weeks at Polkadot and 48 weeks at Kusama. 

When do the auctions take place? 

The auctions have been taking place recently and will continue into December in several stages. 

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