Polkadot foresees an interruption of Web3 with several parachain starts

The open source blockchain platform Polkadot announced the launch of its first parachains (or parallelized chain), which aim to improve interoperability between multiple blockchains.

Accordig to advertisement, The Polkadot team invested five years developing the parachains that were allocated to the teams through auctions, namely Acala, Moonbeam, Parallel Finance, Astar and Clover.

Since individual blockchains run in parallel within the Polkadot ecosystem, auction winners can rent places in the Polkadot relay chain for up to 96 weeks at a time.. Relay Chain was developed by Polkadot founder and Ethereum co-founder Gavin Wood and helps coordinate consensus and communication between the parachains:

And as the ecosystem grows, especially with the onset of metaverses, dozens of logs become increasingly visible. In this scenario, there won’t be a single block chain, but rather several interconnected chains.

Polkadot foresees an interruption of Web3 with several parachain starts
Polkadot foresees an interruption of Web3 with several parachain starts

With a little over 5 years of existence, Polkadot (DOT) is among the top 10 cryptocurrencies in terms of market capitalization. The ecosystem intends to increase its current slot allocation from five to 100 parachain slots, the maximum capacity for relay chain.

“Not all of these slots are awarded through parachain slot auctions, however, as some are used for governance-enabled parachains and commons parathreads,” the announcement said. According to wood:

The Parachain model was developed with the belief that many different types of blockchains will work together in the future of Web3. Just as the current version of the Internet meets different needs, blockchains must be able to provide a variety of services. Parachains solve that. “

In an attempt to accelerate smart contract initiatives in decentralized finance (DeFi) and non-fungible tokens (NFT), Iota recently announced the launch of a decentralized network of layer-one smart contracts called Assembly.

As Cointelegraph reported, Assembly uses the existing Iota architecture to work in parallel as a symbiotic and autonomous bridge. Dominik Schiener, co-founder and president of the Iota Foundation, explained the details:

The assembly is fully configurable and you can go through any smart chain of contracts that can accommodate any style and taste of your builder. Any network built using the protocol will benefit from the shared security, interoperability, and token infrastructure that the assembly network offers.

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