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Polkadot plans disruption of Web3 with several parachain launches

The open source blockchain platform Polkadot has announced the launch of its first parachains (or parallelized chain) aimed at improving interoperability between multiple blockchains.

According to the announcement, the Polkadot team invested five years in the development of the parachains, which were awarded to the teams through auctions, namely Acala, Moonbeam, Parallel Finance, Astar and Clover.

With individual blockchains operating in parallel within the Polkadot ecosystem, auction winners will be able to lease slots on Polkadot’s relay chain for up to 96 weeks at a time. Developed by Gavin Wood, Founder of Polkadot and Co-Founder of Ethereum, the Relay Chain helps coordinate consensus and communication between parchains:

“And as the ecosystem grows, especially with the burgeoning emergence of metaverse, dozens of protocols will become increasingly visible. In this scenario, there will not be a single blockchain, but we will have multiple interconnected chains. “

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 the relay chain.

However, “not all of these slots will be allocated through parachain slot auctions, as some will be used for governance-enabled parachains and common good parathreads,” the announcement said. According to Wood:

“The parachain model was created with the belief that the future of Web3 will involve many types of blockchains working together. Just as the current version of the Internet serves different needs, blockchains must be able to provide a variety of services. Parachaines solve this problem ”

Related: Iota to Launch Decentralized Smart Contract Platform to Extend Web3 Ecosystem

In an effort to accelerate smart contract initiatives in the area of ​​decentralized finance (DeFi) and non-fungible tokens (NFTs), Iota recently announced the release of a decentralized layer one smart contract network called Assembly.

As TBEN reported, Assembly uses Iota’s existing architecture to function in parallel as a symbiotic and self-sovereign bridge. Explaining the details, Dominik Schiener, co-founder and chairman of the Iota Foundation said:

“Assembly is fully configurable and can tie together any chain of smart contracts performing the type and flavor its builder wants. Each network built using the protocol will benefit from the shared security, interoperability, and token infrastructure provided by the Assembly network. “

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