Home CryptoCurrency News Phala’s Canary Network Khala Wins the Fourth Kusama Parachain Slot Auction

Phala’s Canary Network Khala Wins the Fourth Kusama Parachain Slot Auction

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 and Shiden Network.

The official Twitter handle of Kusama Network made the announcement on Tuesday, July 13th. The announcement reads:

According to the official announcement by Phala Network, 132,280 KSM were contributed by 2,759 network stakeholders. Khala Crowdloan Dapp was officially launched on June 11 and 33 days later, Khala Network was able to secure the fourth parachain slot in the first batch of 5 parachains on Kusama Network.

According to the data provided by Phala, there are more than 17,000 KSM from MEXC, Kraken, OKEx, KuCoin, Nutbox, and Gate. All the contributor will receive rewards in K-PHA, the native token of Khala Network.

Khala Network is now connected and producing blocks on Kusama chain. As Crypto Economy reported, Acala canary network Karura, Moonbeam’s Moonriver Network, Shiden Network are already on Kusama as they have won the fist three slot auction respectively.

A total of 976k KSM ($193M USD) are now locked for these four parachains. All of this KSM will be locked for 48 weeks, then these teams will need to renew their lease in another auction in order to remain a live parachain.

khala-network

What is Phala Network?

Khala is the canary network of Phala Network that will be a Polkadot parachain. Phala Network is a privacy-preserving cloud computing service, which offers computing power comparable to existing cloud services and protects the privacy of managed programs.

Phala combines a Trust Execution Environment (TEE), a special hardware component isolated from the operating system, virtual machine monitor (VMM), BIOS and other core components of a computer, with blockchain to offer a secure and efficient distributed computing cloud. Separate TEE has limited functionalities but combination of TEE and blockchain brings new norms to cloud computing.

What is Next?

With the conclusion of fourth parachain slot auction, the fifth and the last slot auction for the first batch of five parachain has also started on Tuesday. The fifth parachain slot auction will conclude on July 20th and the first batch of five will be completed.

After that, there will be a pause for evaluation of overall network performance. If all goes well, auction for the next batch will start. There will be 100 parachains on both Kusama and Polkadot. Auctions for the main Polkadot chain are also expected at the end of 2021.


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Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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