Notable Projects Built On Polkadot - Part I

Polkadot is celebrating an exciting and historic day today. Polkadot’s launch is finally complete, after 5 years of research and development and a multi-stage launch that began in May of 2020. All auction-winning parachains are now creating blocks on the network.

Since November 11, Polkadot has hosted parachain slot auctions. In fact, projects competing for a spot used crowd loans to raise DOT and staked the tokens they got to bid for parachain slots. The first five auction winners were:

  • Acala
  • Moonbeam
  • Parallel Finance
  • Astar
  • Clover

All projects are concentrating on:

  • decentralized finance
  • cross-chain interoperability
  • other use cases

Now, each project currently has a parachain lease that expires on October 20, 2023.
The launch of parachains on Polkadot is the completion of the initial goal from the Polkadot Whitepaper (aka the Polkadot Paper) in 2016. As explained in the paper, parachains are the final piece of basic functionality. Polkadot’s future evolution is up to its community of DOT holders. And now holders will vote on any future modifications through the network’s on-chain governance system.

Bette Chain is the Acala co-founder. He said after the launch: “We are delighted to be launching Acala’s parachain. It will give a DeFi platform and native, decentralized stablecoin to the Polkadot ecosystem and beyond.”

Dr. Gavin Wood, founder of Polkadot and co-founder of Ethereum stated: “There is no single blockchain design that is appropriate for every use case. Each chain has trade-offs that make it suitable for some purposes but not others. The parachain paradigm was developed with the idea that the future of Web 3 will include many different types of blockchains cooperating. Blockchains must be able to deliver a range of services, just as the present version of the internet does. Parachains solves this.”

About Polkadot

Polkadot is a smart contract blockchain that can include up to 100 parachains. Former Ethereum CTO Gavin Wood is founder of Polkadot. The aim was to allow application-specific parachains to communicate with one another. Polkadot’s main central chain, known as the Relay Chain, secures parachains.

In fact, despite the fast expansion of public blockchains, interoperability across chains has yet to develop. Because the blockchain ecosystem is fragmented, sending coins and data between chains presents challenges. Meanwhile, there have been several interoperable bridges developed. But people consider them risky. It is due to their dependence on centralized operations such as token wrapping.

Polkadot enforces cross-chain communication at the protocol level. Also, it natively secures Layer 1 parachains using a technique known as shared security to address the interoperability issue.

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