Polkadot Launched Parachains And Increased Scalability

Polkadot launched Parachains and now it has increased scalability as the first five parachains went live over the weekend so let’s read more cryptocurrency latest news.

This weekend, Polkadot launched parachains and achieved a new milestone from its roadmap to increase the scalability of the network. The first parachains run by Moonbeam, Parallel Finance, Acala NEtwork, Astar, and Clover went live on the Polkadot network over the weekend and the parachains represent a kind of individual running blockchain on top of Polkadot.

Polkadot aims for efficiency so that the transactions don’t compete against the other smart contracts in the same ecosystem. Parachains mitigate the needs for networks to rely on Layer2 scaling solutions and reduce the congestion. In simple words, it is the same as if your favorite decentralized application had a blockchain of its own. This is why Polkadot is defined as a Layer zero protocol because the parachains are the actual layer 1 blockchains. Initially, Polkadot will offer support for 100 parachains and the allocations will be made through auctions that guarantee a slot for 96 weeks. The next auction will be held on December 23 when the other six parachains will be allocated.

The official launch of the parachains is the culmination of the development effort that was followed by community support. Right after Polkadot developers announced the deployment of the first parachain on the Kusama testnet back in May, Polkadot embarked on a new streak that peaked with the DOT listing on Coinbase. The DOT price however didn’t react right away so for the time being, teh charts show a continuation of the downtrend that started in November after the all-time high of $55 following Bitcoin’s footsteps.

Polkadot was founded in 2020 by Dr. Gavin Wood who also is a co-founder of Ethereum. Wood said that there’s no need to stick to just one blockcahin and said in a statement:

“The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together, just as the current version of the Internet serves different needs, blockchains must be able to provide a variety of services. Parachains solve this.”