Crypto News – With intentions to sunset this approach going forward, Polkadot (DOT), the layer-1 proof-of-stake (PoS) protocol that has flourished on parachain auctions since its inception, has revealed.
Polkadot Parachain Auction will no Longer be used and a New Strategy will be Implemented
Pierre Aubert, the new VP of Engineering at Parity Technologies, the startup that created the Polkadot protocol, confirmed the plans to replace Parachain auctions with a new mechanism. According to the Google guru, he supports the protocol’s vision, which will be included in what might be Polkadot V2 packaging.
Polkadot will be able to truly bridge to Ethereum once Agile Coretime or Bulk Coretime replaces Parachain Auctions, as planned. Kusama, the protocol’s canary chain, will also establish a direct connection with it. In order to improve the user experience of the protocol as described in the Agile Coretime, Aubert stated that Polkadot has improvements planned for introduction in the upcoming six months.
Users to be Rewarded with Parachain’s Native Token
Said to be a novel method of operating sidechains, the Parachain auction mechanism is what has allowed companies such as Moonbeam Network and Astar Network to come online. Participation is rewarded with the native token of Parachain upon launch, with community members uniting around the protocols in a bid to be added to the platform. The specifics of the Agile Coretime and Bulk Coretime are currently being worked out, but when they are released, they will undoubtedly reflect Polkadot’s philosophy of easy evolution.
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