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AFTER 5 YEARS: PARACHAINS ARE NOW LIVE ON POLKADOT!



The first parachains to rent a place on the main Polkadot network are Moonbeam, Parallel Finance, Astar and Clover. Polkadot has announced the launch of the first Parachains, a series of individual blockchains that will run in parallel within its ecosystem.

Polkadot's first batch of Parachains

According to the official announcement , the slots for the first parachains will be allocated to different blockchain projects built on the Polkadot network and focused on different niches. These include decentralized finance (DeFi), cryptocurrency investments and lending, and smart contracting.

The first parachains to rent a place on Polkadot's Relay Chain for up to 96 weeks are Acala, Moonbeam, Parallel Finance, Astar and Clover.

Polkadot believes that as the ecosystem grows and interest in the metaverse increases, more protocols will become apparent, leading to a shift from a single blockchain to interconnected chains.

The development comes five years after the vision of a heterogeneous multichain framework was published in the Polkadot whitepaper.

https://twitter.com/Polkadot/status/1472141169966686217

Polkadot's parachain is a key achievement in realizing the vision of Ethereum co-founder Dr. Gavin Wood from a networked blockchain framework.

The founder Dr. Wood on this:

No single blockchain design works optimally for every use case. Every chain involves tradeoffs that make it suitable for some uses and not for others. The Parachain Model was developed with the belief that the future of the Web 3 will include many different types of blockchains working together. 

He added that blockchains have to adopt the internet concept to meet different needs by offering a variety of services and he believes that parachains are capable of providing such a solution.

Polkadot will be allocating 100 parachain slots

In the coming months, Polkadot will be awarding 100 parachain slots in batches to various blockchain projects that are being set up in its network.

While the first batch of Parachain slots was awarded through an auction process, Polkadot said it won't provide all slots through a similar process.

However, Polkadot has started preparations for the second lot of the Parachain auction, which will start on December 23, 2021 and will comprise a total of six auctions.

According to Polkadot, the six winning projects will join the company's main network on March 11, 2022.

Parachains already on Polkadot's Kusama

It is worth noting that the Parachains are already running successfully on Polkadot's Canary Network Kusama, where 13 slots have been allocated so far.

KILT Protocol won the sixth Parachain slot, while Composable Finance was declared the winner of the twelfth Parachain auction on Kusama.

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