MEXCPolkadot Plots End to Parachain Auctions, Here’s The New Plan
Polkadot (DOT), the layer-1 Proof-of-Stake (PoS) protocol that has thrived on parachain auctions since its inception has now unveiled plans to sunset this scheme moving forward.
From Polkadot Parachain Auction to What?
The plans to replace Parachain auctions with a new system were confirmed by Pierre Aubert, the new VP of Engineering at Parity Technologies, the startup behind the Polkadot protocol. The Google veteran said he aligns with the protocol’s vision that will be packaged in what might be called Polkadot V2.
Per the plans, Parachain Auctions will be replaced with Agile Coretime or Bulk Coretime and set the stage where Polkadot can truly bridge to Ethereum. The protocol will also form a direct connection with its canary chain Kusama. Aubert said the roadmap for Polkadot in the next 6 months is to introduce features that can boost the user experience of the protocol as presented in the Agile Coretime.
The tech genius said the focus for Polkadot now is hinged on enhancing developer experience and one of the ways it plans to achieve this is via the proposed Polkadot API. This tool, he said, will make things easier for developers creating dashboards.
The Parachain auction model that has seen the likes of Moonbeam Network and Astar Network launch on the network is considered a revolutionary approach to running sidechains. The system involves members of the community rallying around the protocols vying to be added to Parachain and rewarding their participation with the parachain’s native token upon launch.
Notably, the exact modalities of the Agile Coretime and Bulk Coretime are still under design but upon launch, it is bound to depict the ease of evolution that characterizes Polkadot.
Protocol Evolution, the Pride of Blockchains
There is an underlying feature that characterizes blockchain protocols and that is the ability to easily evolve.
This feature was pronounced when Ethereum transformed from being a Proof-of-Work (PoW) blockchain to a Proof-of-Stake (PoS) through The Merge. This transition was historic as it greatly reduced the energy consumption of the blockchain and ultimately made it environmentally friendly.
Shiba Inu (SHIB), the dog-themed memecoin also changed its underlying vision when it launched Shibarium, its Layer-2 scaling solution. With Shibarium, it hoped to attract innovative decentralized applications that can transform the fortunes of Shiba Inu in the bid to reach the ultimate price of 1 cent.
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