Polkadot blockchain is officially launched along with the first batch of parachains

The five projects that won the parachain auctions participated in the launch

20.12.2021 - 07:15

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What’s new? The Polkadot smart contract blockchain launched the first batch of parachains on December 18. Currently, all the winning parachains, Acala, Moonbeam, Parallel Finance, Astar, and Clover, are already producing blocks on the network.

After 5 years of research and development, and a multi-stage launch that began in May of 2020, Polkadot launch is now complete, with all auction-winning parachains currently producing blocks on the network.https://t.co/V40mY3WEwZ— Polkadot (@Polkadot) December 18, 2021

What is known about the launch? Polkadot started holding its parachain slot auctions on November 11. The five winners were selected during the auctions, and each of the projects now has a parachain on lease until October 20, 2023. The platforms focus on decentralized financing, interconnection, and other use cases.

Polkadot will host up to 100 parachains in total. The next stage of parachain auctions is scheduled for December 23.

What is Polkadot? The blockchain was founded by former Ethereum CTO Gavin Wood. Polkadot technology aims to allow parachains for certain applications to interact with each other. The activity of parachains on the network is similar to that of the miners in blockchains with the Proof-of-Work and Proof-of-Stake algorithms. The Polkadot cryptocurrency ranks 11th in CoinMarketCap.

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