Polkadot Parachains Are Now Live, First Blocks Are Produced

The Polkadot parachains are now live on the mainnet and the first that will lease a slot are Moonbeam, Parallel Finance, Clover, and Astar as we are reading more today in our latest altcoin news.

The Polkadot Parachains is now live and now a set of individual blockchains will run in parallel in its ecosystem as the project noted in a press release. According to the official announcement, the slots for the first parachains are allocated to different blockchain projects that are built on the network and are focused on various niches. These include decentralized finance, smart contracts, and crypto investments and loans.

Missed the #PolkadotParachainParty? Watch the recording to hear from Polkadot founders @gavofyork and @rphmeier, and the first parachain auction winners, as well as to see the premiere of the 3rd episode of 'Polkadot Behind the Code' 👇https://t.co/tTPDizanwg

— Polkadot (@Polkadot) December 19, 2021

The first parachains that will lease a slot on the Polkadot Relay Chain for 96 weeks are Acala, Clover, Astar, Parallel Finance, and Moonbeam. Polkadot believes that its ecosystem continues to grow following the rising interest in the metaverse with more protocols becoming visible which resulted in a shift from running on a single blockchain to interconnected chains. The development came five years after the vision of the heterogeneous multichain framework which was published in the whitepaper of Polkadot.
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The parachain now is an important element in realizing Ethereum co-founder Dr. Gavin Wood’s vision for the interconnected blockchain framework. He said:

“No single blockchain design works optimally for every use case. Each chain comes with trade-offs, making it good for some applications and not others. The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.”

He added that blockchains have to adopt the internet concept of catering to different needs by providing plenty of services and he thinks that parachains are still capable of providing different kinds of solutions. Polkadot will allocate 100 parachains slots in batches to different projects that are built on the network in the upcoming months. While the first batch of Parachain slots was allocated in an auction process, Polkadot said it will not provide all of the slots in a similar process.

Parallel's @yubo_ruan shared his thoughts on winning a $DOT slot at the #PolkadotParachainParty!

Join Polkadot projects today as we celebrate @ParallelFi and the other 4 winners' incredible milestone on @Polkadot!

To join the party🎉 https://t.co/8kLk5vBbSj pic.twitter.com/0Vx27EA1jt

— Parallel Finance (We are hiring) (@ParallelFi) December 18, 2021

However, it commenced preparations for the second batch of the parachain auction process that was supposed to start in a few days from now and will feature six auctions. According to Polkadot, the six winning projects will launch on the main network by March 11, 2022. it is worth noting that the parachains were running on the Polkadot canary network Kusama with 13 slots allocated.