TL; DR
- Polkadot is issuing the last step in its roadmap, ensuring full blockchain interoperability.
- This step might be a significant boost to DOT’s prices.
Recently, Polkadot initiated its parachain auctions, allowing it to step into a new age on the blockchain. The blockchain has dedicated itself to realizing true blockchain interoperability, a significant step in blockchain scalability. The parachains are hosting an auction event that has been running since September 1. The event is still ongoing and is supposed to round up by October 13.
According to the blockchain, this is the last step to realizing its objectives from its roadmap. Currently, this is a step towards realizing proper implementations of the project in normal blockchain activity.
A progressing blockchain
Polkadot has been on the news for a while considering the myriad of upgrades it has initiated on its blockchain. Currently, DOT is among the top cryptocurrencies in the market today, offering users beneficial real-world solutions. It is clear that the Polkadot parachain auctions are a boost to DOT’s prices in the current market.
Furthermore, the parachains act as a layer 2 scalability option, similar to Ethereum. Considering that Polkadot integrates a proof of stake consensus algorithm, its scalability issues are better solved than the Ethereum congestion.
Additionally, the blockchain is a huge contributor to governance rights on its platform, giving users a significant chance to choose whatever projects they want on the parachains. It is a vital institute to employ what the community works and believes in. The ongoing auctions are an indicator of how far the blockchain can transcend
What next?
It is a revolution in web 3.0, introducing a new future to the internet community today. However, the process requires taking baby steps into realizing the vision of the greater future. As much as the parachains are independent on the main blockchain, they deal with their own economics and governance.
That being said, every parachain maintains its credibility on the Polkadot blockchain while ensuring that they follow the rules required. Furthermore, the decentralized finance space is a growing sector with more potential of blossoming if the crypto industry propels it.
In that sense, there is a lot that Polkadot parachains are offering. Moreover, the security on parachain is vamped up, ensuring an extra layer of encryption on user data. Smart contracts are a genius addition to the Polkadot mix, considering they make work easier for the real-world use cases that the project is working on.
In the coming days, we are yet to see the full potential of what the blockchain has to offer. In the end, it is a necessary move towards ensuring a good dealership between society and technology.
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