Ethereum, with its high gas fees, may have failed to adapt to the changes the industry went through. However, it seems like Polkadot can pave the way to a decentralized Web3.
that it would “allow people to interact in mutually beneficial ways without anyone needing to trust each other.” In theory, such a platform would pave the way for Web3, characterized by decentralized or distributed network architectures, that would lay the groundwork for a truly open internet where we would not have to blindly entrust our data to monopolistic corporations or get permission from them in order to participate.
With its series of parachain auctions beginning to turn heads, the blockchain of blockchains is rounding up a very exciting year,, its canary network. Kusama’s motto is “expect chaos.” And, looking back, it’s clear that the network’s expected chaos during its parachain auctions laid the framework for a sturdy Polkadot foundation and an eventual decentralized Web3 in the coming years.The capacity to communicate is part of what sets Polkadot apart from Ethereum and other blockchains.
It’s worth noting that parachains are not bound to any rules apart from the requirement that they are trustlessly validated. Polkadot limits the number of parachains to 100 — a hard limit creating competition among projects hoping to connect to Polkadot. To connect, potential parachains must win a parachain slot auction by outbidding other projects. Once a parachain wins a slot, it bonds Polkadot tokens to pay for its slot lease .
For Kusama, auctions have proved key to its scalable multichain architecture where parachains connect to the network by leasing a slot on the Relay Chain via a permissionless auction. When Polkadot initially reported on the launch of its parachain auctions, ithow Kusama had successfully completed 11 parachain auctions since beginning in June. Since then, over 2.
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