The parachain, or parachain, Shell is the first one you add to Polkadot; to ensure “block production, inclusion and completion”.
Good news for the community that follows Polkadot (DOT), which is a lot. The platform today reported on Twitter on launching their first parachain: Shell.
Polkadot’s first parachain has been added.
Referendum 41 has passed Shell parachain registration in Polkadot, to ensure block production, inclusion and completion. Shell’s parachain has extremely limited functionality: it doesn’t even have the notion of accounts.
Polkadot’s first parachain has been added ????
Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.
– Polkadot (@Polkadot) November 5, 2021
This is how the decentralized storage network Polkadot finally released his first parachain today. The platform now appears ready to begin its long-awaited auctions of parachain at the end of the month, with hundreds of projects vying for a top spot on the top blockchain.
As we wrote above, the team of Polkadot made the announcement in Twitter, stating that DOT token holders had approved Referendum 41, registering the parachain Shell on Polkadot, what “It will guarantee the production, inclusion and completion of the block.” He further explained that “Shell’s parachain has extremely limited functionality: it doesn’t even have the notion of accounts. Shell only accepts messages from Relay Chain to upgrade to something else. “
It is worth noting that Polkadot is designed to connect multiple blockchains into one “multi-chain network “, allowing them to communicate and bundle security. These subspecific application chains are known as parachains, which connect to the base platform, known as relay chain. Unlike the chain Layer-1 What Ethereum, which allows users to build directly on top of the base layer, the work of the relay chain of Polkadot is to provide security to your network parachains.
The Twitter announcement added:
“Eventually, Shell may update Statemint with another referendum after the dispute code is active. If the Council approves it, the motion will be submitted to a public referendum ”.
Earlier, in a blog post shared in early May, the developers of Polkadot had explained the functionality of Shell parachain like a parachain “empty”, whose main function is to allow it to be updated to the commands of Relay Chain.
Now that the first parachain, the next step in the network journey to becoming a true multistring is to upgrade Shell to Statemint. It will be issued once the parachain work for 24 hours without any problem.
With Shell parachain instead, Polkadot you can go ahead with your much anticipated auctions of parachain, which were voted on November 4. The auctions will allow developers register your projects in a parachain and obtain group loan funds for them.
The network will host an auction each week, and the first batch will be held for five weeks. This will be followed by another batch of 6 auctions. Several projects are competing for a place to launch in Polkadot, like the parachains smart contract compatible Ethereum Moonbeam and Acala Network, among several others that seek to benefit from the group loans that will be enabled by the auctions.
Since these auctions would include the extensive use of the native token DOT from Polkadot For voting, bidding, and betting, the cryptocurrency has been in price discovery mode for a while. The launch of the parachains auctions yesterday coincided with the DOT hitting a new all-time high of $ 54.98 as excitement grew online.
Now, when it is 10:00 am in New York, the price of DOT is USD $ 52.43, 4.21% less than yesterday at the same time, according to data from CryptoMarkets.
In October the currency rose 20% when announcing the schedule of parachains.
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