Maximise your Metaverse potential, giving you daily rewards and a passive income of 0.5% daily I'm going in!

Polkadot envisages Web3 disruption through various parachain launches

3 min reading

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.”

Currency Exchange rate Buy cryptocurrency

Maximise your Metaverse potential,
giving you daily rewards and a passive income of 0.5% daily

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Ommyo.Net ( Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Ommyo.Net c/o Fintech Labs Global Solutions, Unit 303, Ile Du Port, Mahe, Seychelles

The full document to read the ommyo privacy policy is available in this document.

Advanced settings can be changed in your browser.