Polkadot is a blockchain that has a very clear and innovative goal: to function as an interconnection hub for the various existing blockchains.
To this end, Polakadot has two main functions.
The first is to function as a data transmission and processing blockchain. This would allow Polkadot to be an extra layer of scalability for other blockchains.
And the second is independent operation through its own blockchains. Which gives Polkadot the ability to run its own Smart Contracts and host Decentralized Applications (DApps).
Polkadot uses Parachains technology, which allows it to create sub-chains with independent operation from the main chain, known as Relay Chain.
Polkadot Network is steadily moving towards launching the much-awaited parachain functionality as the first round of parachain slot auction for its sister network Kusama has ended.
Phala’s canary network Khala Network, a Substrate-based interoperable cross-chain confidential smart contract platform, has won the fourth Kusama parachain slot auction and is now the fifth parachain on the sister network of Polkadot along with Statemine (test parachain), Karura Network, Moonriver Network, Shiden Network.
Enjin announced a new investment with a focus on bringing UND stablecoin to Efinity and Polkadot. Unbound Finance is the latest recipient of Enjin investment. The
Acala’s sister Network Karura has won the first parachain slot in the first Kusama parachain slot auction and is now officially producing blocks on the Kusama Relay Chain.
Polkadot canary network Kusama’s parachain slot auction will begin on June 15th as the Shell parachain has been upgraded to real-world Statemine parachain.
Ads
Follow us on Social Networks
Crypto Tutorials
Crypto Reviews
© Crypto Economy
