Polkadot to debut parachain auctions after governance vote

Polkadot to debut parachain auctions after governance vote


Polkadot has laid out a schedule to debut parachain auctions on Nov. 11 following unanimous approval from the blockchain’s on-chain governance council members. The news marks a landmark achievement as it fulfils the final core technical element of the whitepaper published five years ago. 

Parachains are uniquely distinctive layer-1 blockchain platforms that operate in laterally alongside the main Polkadot network, in addition to being tethered to the Polkadot Relay Chain. Their purposeful function can be witnessed across a multitude of areas from decentralized finance to smart contracts. 

Speaking at the Sub0 conference as representatives of Parity Technologies, Polkadot founders Gavin Wood and Robert Habermeier, confirmed that Polkadot now holds the technical capabilities to implement parachains, auctions, and crowdloans for the first time.

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