Polkadot Ready to Rollout Parachains on the Kusama Network

After the effective launch of the first four phases of Polkadot, the final phase is now ongoing and Polkadot announced that Kusama (canary network of Polkadot) is ready to host the Parachain auction. Parachains are the building blocks or individual layers of the Polkadot network that will allow a scalable multi-chain feature.

Since the news about Kusama’s hosting was spread all over the internet, the inventor of Polkadot and Kusama, Gavin Wood, said that there will be a new version of Polkadot and Kusama after having a successful hosting of parachain auction. The proposed project for the development of Kusama was already authorized by the council.

Dr. Gavin James Wood is the former co-founder of the Ethereum Project. But since he wanted to develop Parity Technology to innovate the current decentralized infrastructure, he left the Ethereum Foundation in 2016 after helping with its advancement.

This upcoming auction in Kusama will be a “most significant milestone” for the project, but still, there is no particular date when the auction will take place and who will participate in it. Parachain auctions will allow developers to bid for an opportunity to set up and run a parachain on the Kusama network. Auctions may increase in frequency once further slots become vacant while prior slots expire.

The crypto coin DOT took a fall after the publication of the present news about Polkadot, dropping by more than 2.2% in a day with a current price of $40.64.

On the other side, Kusama’s price increased 55% after announcing the upcoming parachain auction. The development will potentially influence the KSM price further.