"The Launch of Parachains" has been published by Gavin Wood (@gavofyork) explaining timeline and next steps as we approach the first parachain auction on Kusama. Some new info!
If you don't have time to read or aren't technical, I simplified the key points in 14 tweets below ↘️
With the launch of parachain functionality, Kusama and Polkadot's multi-chain functionality is about to become a reality.
The latest upgrade on Kusama includes the ability to deploy parachains (layer 1 blockchains like Ethereum) to the network. It also includes logic for running parachain slot auctions and crowdloans which can be used to crowdfund a team's auction bid.
Kusama is now finally ready to host parachains.
Timetable:
Polkadot parachain launches are expected to begin once 1) an external audit and 2) after Kusama executes at least one successful parachain auction/crowdloan and hosts one functional parachain
(Wow, this means DOT could launch auctions after just 1 auction on KSM)
The road getting everything started on @kusamanetwork is 3 steps:
Step 1) a "Shell" parachain will deploy (approved today) - this is an empty parachain that can be upgraded
The road getting everything started on @kusamanetwork is 3 steps:
Step 2) Upgrade the "Shell" chain to "Statemine" (Kusama's version of Polkadot's Statemint). This will allow fungible (like USDT) and non-fungible assets.
This upgrade will happen after ~24 of no Shell issues.
The road getting everything started on @kusamanetwork is 3 steps:
Step 3) Announce the start of the first parachain slot auction. This will happen once Kusama shows parachains with txs and consensus work properly. Kusama has committed to 5 auctions, each 7 days apart (WOW).
After the first Kusama auctions complete (I'm guessing he meant the first 5 over 5 weeks), Polkadot auctions will start.
There are currently artificial limits on Kusama transaction throughput to minimize risk. This limit will be lifted and transaction volume will increase to theoretical limits.
In the near future, "parathreads" will go live. Parathreads are pay-as-you-go parachains, not required to win a parachain slot auction (or be accepted as a common-good parachain), but the parachain code can just pay directly for each individual block it wishes to author.
My takeaway is that things are moving even faster than I expected. Kusama auctions will only be one week apart, holy shit ("expect chaos"). And Polkadot could start auctions much sooner than I expected. LETS GO
Follow our work at @KaruraNetwork as we aim to win the first parachain auction on Kusama, and @AcalaNetwork as we aim to win the first parachain auction on Polkadot. We are bringing DeFi to the Kusama & Polkadot ecosystem.
It's important to understand what Polkadot and Kusama are enabling with this new approach to a multi-chain network. Polkadot is a 3-layered platform, unlike legacy networks like Ethereum who are just one isolated chain with apps. Here is a simple diagram to explain:
Last year I lost a mentor who was a world-class entrepreneur, a brilliant financial mind, and a family man, who was close to his life goal of buying the Cleveland Browns. Here are some things he taught me about business and life.
My favorite: “Have ridiculous expectations.”
↘
On Business and Investing:
"You have to think unreasonably. You have to have unreasonable goals, otherwise you will react emotionally. In a simple framework you might double or triple your money and tell your friends about it while you sell out making $50k... (cont.)
..."Yet, the nearly insane person who has an audacious goal of holding $50-100M will ride through the noise until he gets closer to his/her goal and be unfazed by near-term moves.
Think long term, position yourself asymmetrically and have ridiculous expectations."
Polkadot is complicated as hell! This 24-tweet thread is a beginner's guide to @Polkadot $DOT and @KusamaNetwork $KSM in simple English.
What is Polkadot? Kusama? Parachains? Crowdloan and Parachain slot auction?
Comment with other questions and share if you learn something ⤵️
What is Polkadot?
@Polkadot is a platform on which blockchain networks are built and connected into one unified network. These connected chains, called parachains, form a living organism of networks all in sync and secure. This forms the foundation on which Web3 will be built.
Dr. Gavin Wood, @gavofyork, founded @Polkadot after inventing the Ethereum Virtual Machine and the Solidity programming language for #Ethereum as the co-founder and CTO. Ethereum wasn't going to scale, and thus, Polkadot was born in 2017. polkadot.network/gavin-wood/