Pokadot Parachains - Coming To A Blockchain Near You

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A few months back I wrote about Polkadot when it's value was well under $20 each. It's currently trading at $28.23 as of writing this and had a all time high during the last rally of $48.68

One of the core features people were waiting for from Polkadot was Parachains and while it feels like it took a little longer I'm happy to announce they are here!

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A little Polkadot history

Polkadot is to be launched in 5 phases of which we are touching on phase 5 right now. Phase 4 was to get Polkadot to be a complete decentralized and permissionless blockchain which it completed in July of 2020.

It offers a unique staking system where even having just 1 Polkadot coin allows you to stake and actually earn rewards (even though small) often times PoS requirest a huge amount of tokens to be locked up in order to be lucky enough to hit a block to be mined yourself. By offering it to everyone it's now possible for everyone to stake and earn which should reduce the amount of pools which is a common issue with many PoS blockchains today.

In general Polkadot is a heterogeneous scalable multichain. It means that side chains can be sprung into action when needed allowing for a growing and shrinking network depending on demand.

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What are Parachains on Polkadot?

Parachains while technically launched will still have a small delay. Two things need to happen first. A external audit of the new logic to be implemented with the 0.9 release currently on Kusama network and for that Kusama network to be tested and beat down to try and break it before it goes live on the main chain. Two things that can take a while, we often see this stage take upwards of 2-3 months before rollout.

The first phase of this will be what is called Shell parachains. These Shell parachains won't have anything in them but still act and function like a blockchain. This is for the initial testing to make sure funcationality is working.

From there the governance will vote on upgrading the Shell parachains to Statemine parachains.
A statemine parachain is a copy from the Kusama chain that is tested and functional it would allow for fungible and non-fungible tokens and a low cost chain for KSM/DOT.

What's Next For Polkadot and Parachains

As stated above these tests normally last a good 2-3 months before being released and that's if everything goes decently smoothly. But from being in SAAS companies that never seems to be the case and you're looking more at 3-5 months for complete roll out (in my personal opinion)

Once release the Parachains will be pay-as-you-go networks. They are individual layer-1 blockchains that will run in parallel within the polkadot ecosystem. Each is connected via a central relay chain.
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Posted Using LeoFinance Beta



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3 comments
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Some time back I read a few articles about polkadot, I can still say that the aspect of being a heterogeneous multichain stuck to my brain.

It's nice to hear the process on the parachain test nets, this should really have a unique influence on the token price actions.


Posted via proofofbrain.io

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It should seriously do wonders once released and implemented into the right areas in terms of avoiding congestion and fees. Might see a sell off till that point so rally again maybe September pushing hard into the new year.

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Thanks for the breakdown on dot. It is one project that I have been meaning to study up on and haven't yet.

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