In the midst of the anticipation and the spotlight, the decentralized storage network Polkadot finally released its first Parachain today. The platform appears to be ready on 11/11. to begin the long-awaited Parachain Auctions, with hundreds of projects vying for the top spot on the blockchain.

The Polkadot team announced on Twitter that Referendum 41 (Referendum) has been approved by the DOT Hodler, who is registering a shell parachain on Polkadot that will “ensure block production, integration and finalization”.

“The Parachain shell has extremely limited functionality: It doesn’t even have a concept for an account. Shell only accepts messages from Relay Chain to update to something else. “

Polkadot’s first parachain has been added

Referendum 41 passed the registration of the Shell Parachain on Polkadot to ensure block production, inclusion and finalization. The shell parachain has extremely limited functionality: it doesn’t even have the concept of accounts.

Polkadot was designed to connect different blockchains in a “multi-chain network” so that they can communicate and secure the pool. This particular sub-chain is known as the parachain and connects to the underlying platform known as the relay chain. Unlike a Layer 1 chain, typically Ethereum, which allows users to build directly on top of the base layer, Polkadot’s Relay Chain is responsible for the security of its Parachain network.

Polkadot further announced that:

“Shell could eventually be upgraded to Statemint in another referendum after the controversial code goes into effect. After approval by the Council, the proposal will be submitted to a public referendum.

In one post In a blog published in early May, the Polkadot developers stated that the shell parachain is an “empty” parachain, the main function of which is to allow itself to be updated to relay chain commands.

After the first Parachain hits the market, the next step on the way to a true multi-chain is to upgrade the shell to Statemint. It will be released after parachain has been operational for 24 hours with no problems.

When Shell Parachain hits the market, Polkadot could move forward with highly anticipated Parachain auctions that will allow developers to register their projects with Parachain and get crowdfunding for them.

The network will hold an auction every week, with the first batch running for five weeks. Several projects are vying for a starting place on Polkadot, such as Ethereum, Moonbeam and Acala Network compatible smart contracts.

Since Polkadots DOT is widely used for voting, bidding and staking in these auctions, the token has been in price determination mode for some time. The start of the Parachain auctions yesterday coincided with the DOT, which hit a new ATH of $ 54.98 as excitement mounted on the network.

While it has fallen 4.7% since then, trading at 52.3 at press time, it can only be seen as the beginning of a price boom given the excitement that comes with it. The auctions will continue throughout the month.

Source: TradingView

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