The Polkadot team devoted five years developing the parachains, which were allotted to teams through auctions.
Polkadot, an open-source blockchain platform, has declared the release of its first parachains (or parallelized chains), which intends to enhance connectivity between multiple blockchains.
The Polkadot team invested five years developing the parachains, which were auctioned off to teams like Acala, Moonbeam, Parallel Finance, Astar, and Clover, according to the announcement.
The auction winners will be able to rent slots on Polkadot's Relay Chain for up to 96 weeks at a time, with individual blockchains operating in parallel within the Polkadot ecosystem. The Relay Chain, created by Polkadot Founder and Ethereum co-founder Gavin Wood, supports the coordination of agreement and interaction between parachains:
“And as the ecosystem grows, especially with the nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”
Polkadot (DOT), which has been in its presence for just over 5 years, is one of the top ten cryptocurrencies in terms of market capitalization. The ecosystem plans to expand its existing slot allocation of five to 100 parachain slots, which is the maximum capacity for Relay Chain.
According to the announcement, “not all of these slots will be allocated via parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads.” Wood claims that:
“The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this”
Iota recently declared the release of Assembly, a decentralised layer-one smart contract network, to expedite smart contract initiatives across decentralised finance (DeFi) and nonfungible tokens (NFTs).
As previously stated, Assembly utilises Iota's current architecture to function as a symbiotic, self-sovereign bridge. Dominik Schiener, co-founder and chairman of the Iota Foundation, went into detail:
“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”
