Polkadot, a network designed to incorporate other blockchains within a single ecosystem, has recently launched its first set of parachains after months of development.
Polkadot (DOT) founder, Gavin Wood, has previously opined that the launch of parachains has the potential to free people from Ethereum’s economic slavery.
Ethereum, the largest smart contracts platform, has been facing a lot of issues related to high fees and slow transactions. Wood believes Polkadot comes with the idea of parachains to solve the major issue for users.
The new feature has been in development for relatively five years and launched after the first parachain auction was completed in November.
Reacting to the importance of candle auction for Polkadot, Gavin Wood said, “there’s real competition, and this is really what we want with the auction… It’s something that wouldn’t really have happened in a traditional auction, where they would have kept very low, all the way until the end, and then they would have put everything that they had in as late as possible.”
The five parachains launched are as follows: Acala, Moonbeam, Parallel Finance, Astar, and Clover. According to the report, all the chains have different use cases and will be running parallel to each other. Also, all the chains will occupy their parachain slots for 96 weeks.
Why Is Parachain Important
According to Wood, the inefficiency of blockchains for certain applications calls for the launch of the parachains:
“No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others. The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.”
A framework is already in place for Polkaldot to support about a hundred parachains. In the future, Polkadot intends to give out more slots via parachain auctions or governance-enabled common-good parachains.