- Layer 1 Proof-of-Stake (PoS) protocol Polkadot (DOT) has now revealed plans to terminate its Parachain Auctions moving forward.
- According to the plans, Parachain Auctions will be replaced with Agile Coretime or Bulk Coretime, forming a stage where Polkadot can truly bridge to Ethereum.
- The full details of Agile Coretime and Bulk Coretime are still in the design stage, but when launched, they are expected to reflect the evolutionary ease characterized by Polkadot.
Polkadot is ending the parachain auctions that have been successful since its founding: What will Polkadot’s new plans be?
Polkadot to End Parachain Auctions
Layer 1 Proof-of-Stake (PoS) protocol Polkadot (DOT), successful in Parachain auctions since its inception, has now disclosed plans to terminate this plan going forward. Plans to replace Parachain auctions with a new system have been confirmed by Pierre Aubert, the new Engineering VP of the startup Parity Technologies, which is behind the Polkadot protocol.
Aubert, with a background at Google, said that the vision packed in something that could be called Polkadot V2 aligns with the protocol. According to the plans, Parachain Auctions will be replaced with Agile Coretime or Bulk Coretime, forming a stage where Polkadot can truly bridge to Ethereum. The protocol will also establish a direct connection with the Canary chain Kusama. Aubert stated that the roadmap for Polkadot in the next 6 months is to introduce features that can enhance the user experience, as presented in Agile Coretime.
The technological genius mentioned that Polkadot is currently focused on improving the developer experience, and one of the ways planned to achieve this is through the proposed Polkadot API. He stated that this tool would facilitate developers in creating dashboards.
The Parachain auction model, witnessed the launch of projects on the network like Moonbeam Network and Astar Network, is considered a revolutionary approach to running sidechains. The system involves the community rallying around protocols competing to be added to Parachain and being rewarded with the native token of the layer chain once launched.
Significantly, the full details of Agile Coretime and Bulk Coretime are still in the design stage, but when launched, they are expected to reflect the evolutionary ease characterized by Polkadot.
Protocol Evolution, the Pride of Blockchains
Underlying protocols that characterize blockchain have a notable feature, which is the ability to evolve easily. This feature became prominent when Ethereum transitioned from a Proof-of-Work (PoW) blockchain to Proof-of-Stake (PoS) through The Merge. This transition date was a significant event as it greatly reduced the blockchain’s energy consumption, making it environmentally friendly.
This feature emerged when Shiba Inu (SHIB), a dog-themed memecoin, changed its vision and launched the Layer-2 scaling solution Shibarium. With Shibarium, Shiba Inu hopes to attract innovative decentralized applications that can transform its fate.
