Polkadot, the open-source blockchain platform, has announced the launch of its first parachains (or parallelized chain), aimed at improving the interoperability between multiple blockchains.
It has been reported that 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.
However, 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.
Gavin Wood, the founder of Polkadot and co-founder of Ethereum, said:
“And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”
The report said that with 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.
The announcement read:
“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.”
“The parachain model was created with the belief that the future of Web 3.0 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.”
Likewise, in an attempt to accelerate smart contracts initiatives across decentralized finance (DeFi) and nonfungible tokens (NFTs), Iota recently announced the release of a decentralized layer-one smart contract network called Assembly.
As reported, Assembly uses Iota’s existing architecture to parallelly operate as a symbiotic, self-sovereign bridge.
Thus, Dominik Schiener, the co-founder and chairman of the Iota Foundation, said:
“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”