"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 ↘️
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)
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
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.
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).
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
Gavin's article if you want to go deeper: medium.com/polkadot-netwo…
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.
Karura's crowdlown website is: acala.network/karura/join-ka…
Karura's crowdlown website is: acala.network/karura/join-ka…
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