Open-source blockchain platform Polkadot announced the launch of its first parachains (or parallelized chain), aimed at improving the interoperability between multiple blockchains. According to the announcement, the Polkadot team invested five years into the development of the parachains, which were allocated to teams via auctions; namely, Acala, Moonbeam, Parallel Finance, Astar and Clover. With individual blockchains running in parallel within the Polkadot ecosystem, the auction winners will be able to lease slots on Polkadot’s Relay Chain for up to 96 weeks at a time. Developed by Polkadot founder and Ethereum co-founder Gavin Wood, the Relay Chain helps in coordinating the consensus and communication between parachains:Today, Dec 18th, join the epic party to celebrate the official launch of the network! Tune into the #PolkadotParachainParty to hear from Polkadot founders @gavofyork and @rphmeier, as well as from the first parachain auction winners.
We start at 6pm CEThttps://t.co/R7Ygc4gbUhWith just over five years in existence, Polkadot (DOT) stands among the top 10 cryptocurrencies in terms of market capitalization. The ecosystem intends to grow its current slot allocation of five to 100 parachain slots, the maximum capacity for Relay Chain. However, “not all of these slots will be allocated via parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads,” reads the announcement. According to Wood:Related: Iota set to launch decentralized smart contract platform to expand Web 3.0 ecosystemIn an attempt to accelerate smart contracts initiatives across decentralized finance (DeFi) and nonfungible tokens (NFTs), Iota recently announced the release of decentralized layer-one smart contract network called Assembly. As Cointelegraph reported, Assembly uses Iota’s existing architecture to parallelly operate as a symbiotic, self-sovereign bridge. Explaining the details, Dominik Schiener, co-founder and chairman of the Iota Foundation said: