A canary network like Kusama is a top end testnet for Polkadot, which happens to be the sole parachain in the crypto space. Kusama is a great deal more than a testnet like each other budding blockchain job: it is a network described as being a living platform built for change agents to take back control, spark innovation and disrupt the status quo.
Gavin Wood, one of the main founders of ETH, has continued to trace much of the same ethos that ETH was built on, that people who interact with technologies are being systematically pushed into the corner by large establishments and will need to blaze a path that suits the larger good of society. Wood founded Polkadot with the concept of allowing custom or private sidechains to get in touch with people blockchains.
Polkadot (DOT) has had parabolic growth since the start of 2020, paving the way for PolkaFoundry, Alcala, ChainX and the remaining dApps or jobs that now consist of their PolkaProject Index.
The Origin of the Parachain Prepper
When a job hits Kusama, it’s a big potential being primed by a number of the brightest blockchain minds in the space at the Kusama council in addition to KSM stakeholders. Together with Kusama’s network built on Substrate and its codebase being nearly the same as Polkadot, the platform is perfect for teams that wish to build with speed and purpose. Being tested at the Polkadot ecosystem on Kusama signifies the parachain or dApp is highly touted and only one step away in the big leagues.
Kusama offers next-gen, sharded, multichain features which incorporate the newest improvements in the blockchain space. The open governance allows anyone to join the Kusama network which is operated by forward thinkers that have serious ambitions to grow a web3 ecosystem. Placing a parachain or dApp on Kusama grants it invaluable exposure through the Polkadot brand and also the developer community connected with that.
The difference between many jobs that are built on Kusama and what’s happening today with the Polkadot Parachain Auction is that most jobs are custom blockchains often having private business functions. The process of allowing private companies to thrive through bridging their private blockchain together with the public blockchain will be an essential and necessary element to the success of web3.
Parachain Slot Auctions Prepare to Move Live
Only last week, Statemine began processing permissionless transactions as a solitary chain on Kusama. What had begun because the very first live parachain project called Shell and deployed a week prior to that has evolved into Statemine following a prosperous week-long run with comparatively no pressure or functionality.
This evolution brings the following functionality to Statemine:
- Permissionless creating, issuing and transferal of all non-fungible tokens in addition to fungible assets.
- Being the lowest-cost destination for hold and transfer KSM.
As it stands, KSM can be transferred from Kusama and Statemine via the Polkadot Cross Consensus. However, without much community involvement, Statemine is rancid. This requires your Parachain Slot Auctions that will make it possible for the current market and Kusama network community to select which parachains should be added to the Kusama relay-chain.
Gavin Wood has acknowledged the Kusama council and KSM stakeholders create the final decision on all jobs in the Kusama ecosystem but considers the Parachain Slot Auctions should be fully operational and ready to go. Wood urges the following schedule for the rollout:
Bids may be placed. Only bids made prior to this stage will surely be considered in the final result. Bids made after this stage have a linearly decreasing chance of being considered. No bids might be made with this particular auction after this stage.
- 2021/06/22, 11:00 GMT: First Kusama Parachain Slot auction winner chosen. The auction winner is determined as the highest bidder at some randomly chosen point over the previous five days.
- 2021/06/29, 12:00 GMT: Third Kusama Parachain Slot auction starts.
- 2021/07/06, 12:00 GMT: Sec Kusama Parachain Slot auction starts.
The momentum of Polkadot’s success has enabled Gavin Wood to focus on solidifying a game-changing test network that is birthing parachains and dApps at a phenomenal speed. The Kusama Parachain Slot Auction is going to be something that blockchain researchers and investors will not want to miss.
It isn’t offered or intended to be used as legal, tax, investment, financial, or other information.