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Polkadot launches Parachains

Creating new opportunities through interconnected blockchains and ushering in the next phase of the decentralized Internet, Web3

Madrid, December 18, 2021. As blockchains have become more widely adopted in recent years, the lack of interoperability between different networks has remained a major obstacle. Today, after five years of technical development, Polkadot is proud to launch the first parachains on its network, individual blockchains that work in parallel within the Polkadot ecosystem. This milestone marks a breakthrough for interconnected blockchain technology. The parachains will be able to interact seamlessly within the Polkadot ecosystem. 

Spaces on Polkadot’s main blockchain, its relay chain, are allocated through auctions. The first auction winners include parachain teams focused on a variety of projects ranging from decentralized finance to investing and lending, as well as smart contracting. They are Acala Network, Moonbeam, Parallel Finance, Astar, and Clover. They will be able to rent this space at Polkadot for up to 96 weeks at a time.

“After betting on Polkadot and Substrate when we started building this more than two years ago, we couldn’t be more excited to launch the Acala parachain with the aim of providing a DeFi platform and a native and decentralized stablecoin (aUSD) to the Polkadot ecosystem. and beyond, ”says Bette Chen, co-founder of Acala.

Polkadot was launched in May 2020 with the aim of advocating for a ‘fragmented’ multi-chain future to facilitate the interoperability of blockchain networks. To make this interoperability a reality, Dr. Gavin Wood, founder of Polkadot and co-founder of Ethereum, created a layer zero known as the Relay Chain, which supports 100 parachains, sovereign blockchains that work in parallel with a high level of security.

Blockchain developers know that operating on a distributed network can be challenging, but the technical tools are getting better and better. “No one blockchain design works optimally for all use cases. Each chain has advantages and disadvantages that make it good for some applications and not others. 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 must be able to provide a variety of services. Parachains solve this, ” explains Dr. Gavin Wood.

At the moment, Polkadot will offer 100 parachain slots. More spaces will be allocated in batches in the coming months. Not all of these slots will be allocated through auctions, as some will be used for governance-enabled common good parachains and parathreads. As more teams of parachains connect a growing range of solutions to Polkadot, the vision of a more diverse, decentralized, and interoperable Internet – Web3 – will become a reality.

The next batch of Polkadot auctions will begin around December 23, 2021. The second lot will have six auctions in total, and the six winning parachains will be integrated into the network around March 11, 2022. 

More information:  

About Polkadot

Polkadot is the first project of the Web3 Foundation, a Swiss foundation created to facilitate a fully functional and easy-to-use decentralized website. Polkadot is built to connect consortium and private chains, public and permissionless networks, oracles, and future technologies that have yet to be created. The project facilitates an internet where independent blockchains can reliably exchange information and transactions through the Polkadot relay chain.

Polkadot provides the technical advancements necessary to make blockchain technology practical, accessible, scalable, interoperable, and future-proof, removing limitations and barriers to entry, thereby driving innovation and growth in the decentralized technology space. , bringing the Web3 vision to life.

Press contact

Gabriela Rodriguez I Rubén San Isidoro
grodriguez@atrevia.com  | rsanisidoro@atrevia.com

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