Everything you need to know about Parachain Auctions

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Parachain airdrops is a way to give everyone the chance to get some free XMR cryptocurrency by joining an airdrop campaign. Only people who are interested in the cryptocurrency can complete the required steps, in order to receive the airdrop, and those who don’t want the cryptocurrency won’t be able to get anything. For more information, check the official Parachain website at https://parachain.io/

Parachain, also known as Parachain Anonymous, is an anonymous cryptocurrency that allows its users to anonymously send and receive funds.

In the technical description of the Polkadot network, parasites are presented as the final piece of core functionality that must be added to the platform in order to achieve the promised scalable multi-chain architecture. As Polkadot founder Gavin Wood recently announced on his blog, parasha auctions will now take place on Kusama, Polkadot’s canary network. Projects wishing to join Polkadot’s evolving network of interconnected parasites can bid for a building lease on Kusama for now. You may be wondering how these parashah auctions will work, or even what parashahs are and why they are needed. In this post we will try to answer all these pressing questions. So if you want to know more about Polkadot and Kusama’s Parachain auctions, read on.

First: What is the Kusama Network?

Kusama was also founded in 2019 by Dr. Gavin Wood and is built on the same codebase as the Polkadot blockchain. Both platforms are virtually identical, with the same basic architecture and management structure. In Kusama’s case, however, it was an earlier, untested version. For now, this is a test bed for any new features or updates that will be integrated into the real Polkadot network. If these additions on Kusama go as planned, they will then be dropped off at Polkadot.

Parahans on Kusama:

After the trials in Kusama, the Paraseins will be ready for action in Polkadot. As a network with real economic incentives, Kusama should be an additional testing ground for these parasites, allowing the community to observe the various network effects and conduct further tests if necessary. Once all of Kusama’s parachutes are working properly and audits are complete, the Polkadot community will activate the parachute feature on Polkadot and begin auctioning parachute slots through channel management.

More recently, the Kusama network became the first fully decentralized and secure heterogeneous blockchain with sharding; Kusama used this technology, originally developed for Polkadot, primarily for testing purposes. Shell was the first Parahayn to be launched and everything went well. Shell was soon upgraded to Statemine, which is basically Kusama’s version of the Polkadot ecosystem, a Statemint Commonwealth paraship. Statemine’s many features include the ability to store and transfer KSM (Kusama’s native coin) at low cost, to transfer authorized tradable assets such as non-algorithmic stablecoins, and to develop, issue, and transfer unauthorized tradable and non-tradable assets (NFT). Now that Statemine has proven its effectiveness and viability, the community is moving on to the next step: introducing para-random auctions.

Why do you organize auctions in Parachine?

Statemine as a single blockchain certainly has significant utility, but there is no doubt that its utility will increase when it becomes part of and a resource for an entire blockchain community. That’s why Kusama launched the Parashain closing auctions to create a community of channels. Parachute auctions are a great way to decide which parachutes will be added to the Kusama relay chain, so their functionality becomes part of the Kusama ecosystem. However, it should be noted that the Kusama Board of Directors and KSM stakeholders make the final decision on any event on the Kusama network, and this includes the timing of these Parashain slot auctions. Now, if a project wants to be added to Polkadot, it must occupy one of the Parasein slots open during the auction. It is important to remember that a parasite slot is a scarce resource and only a fixed number of these slots are available for parasite auctions. For now, the Polkadot team plans to have about 100 Parashine slots on Polkadot, which will be unlocked gradually. Polkadot’s team also said that possible future optimizations, such as. B. entangled relay chains, could allow them to further increase the number of parachute slots available for auction. That said, it will take some time for Polkadot’s main network to fully support the planned 100 Parashine slots, so these will be added to the Polkadot ecosystem slowly and over a longer period of time. Moreover, not all parashain lots are distributed through parashain auctions. A distinction must also be made between management-based omnichannel paradigms and blockchain and systems paradigms.

How do I buy a parachute?

The above parachute sites are auctioned on unlicensed candles and have been slightly modified for safety reasons. After the Kusama Network’s first auction, a new auction is expected to take place approximately every two weeks. After each of these auctions, the winning parachute will be added to the network at the beginning of its set rental period. Periodic auctions of parachute sites will be held as new parachute sites are opened and previous leases expire. The duration of the parachute is limited to 2 years and is divided into periods of 3 months. Parasites can rent one of these slots for any combination of periods during the duration of the slot. Pests can also rent more than one pest site, meaning they can extend their polkadot rent beyond the actual duration of the site by renting an adjacent site.

Parachute locks in Genesis :

-3 months. v v Location A: 1: 2: 3: 4: 5: 6: 7: 8: 9:… Location B: 1: 2: 3: 4: 5: 6: 7: 8: 9:… Lock C |__________| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |… Slot D |__________| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |… Lock E |__________|___________| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | … ^                                                                                             ^ —————max аренда————– (Source: https://wiki.polkadot.network/docs/en/learn-auction) Each period between 1 and 4 is equal to 3 months, for a total of 2 years.

What is a candle auction? How does it work?

A candlestick auction is a kind of open auction in which bidders place increasingly higher bids. Ultimately, the highest bidder will be declared the winner at the end of the auction. The origins of candle auctions date back to the 16th century, when they were used for ship sales. The name candlestick auctions comes from the inch candle that represents the open period of the auction. In the past, the auction was over as soon as the candle flame went out and the candle was extinguished, and the winner was the one who had bid at that point. In today’s online candlestick auctions, a random number determines when the candlestick auction ends. The difference between parachain bidding and regular candlestick bidding is that no random number is required to determine the length of the opening phase. Instead, it has a known open phase and would be retroactively determined to have been completed at some point in the past during the completion phase. Thus, in the opening phase, all bids will always be accepted, but the later the bid is received, the more likely it is to be lost, since the retroactive closing time may be the time before the bid was submitted. There is also the problem of auction sniping, which will get worse with blockchain-based auctions. However, Polkadot also has a way of countering this phenomenon. Sniping, in case you don’t know, is what happens when the end of an auction is known and bidders miss the opportunity to bid early for the chance to pay less than the actual value of the item. Why is this problem worse with blockchain? In blockchain, this potentially gives the block maker the ability to derail the auction on the last, crucial block by adding it to the chain themselves or even ignoring the bids of other bidders. However, in candlestick auctions, all bidders can see the status of the bid during the auction, but not when the auction is considered closed. Bidders will therefore be willing to offer their real prices at the start of the auction for fear of losing out. Moreover, randomness is very problematic for the blockchain system. Obtaining an untrusted generated random number on an open and transparent network where other participants can verify it, creates the possibility for different actors to try to manipulate the randomness of the generated number. VRFs or verifiable random functions are a solution that has been proposed to solve this particular problem, and this is what Polkadot uses as the basis for its randomness. In fact, the VRF-based random tag that Polkadot uses for auctions is also used in other public services on the blockchain platform. The VRF, which is behind the randomness of Parashain’s closing auctions, retroactively determines the auction’s closing time.

How do candlestick auctions work?

Parasein or Parasein teams can participate in a Parasein slot auction by first specifying the series of slots they wish to rent and the total number of tokens the team is willing to reserve. Bidders can either use regular accounts or use the crowdfunding feature to get the tokens they need from the Polkadot community. All bidders must submit a draft bid indicating how many tokens they are willing to commit to and for how long. The lock range can be any number of periods (1 – n), where n is the number of periods available to the lock perashine. For the blockchain platforms Polkadot and Kusama, n is the number 8. Although bidders may submit different configurations for different bond amounts, it is important to remember that only one of these bids will be selected as the winner, regardless of the other bids. The winner selection algorithm used for parachute lot auctions selects non-overlapping bids to maximize the total number of tokens held during the parachute lot auction period. This means that the highest bidder for a given rental period does not always win. Thus, the random number generated by the VRF used by the Polkadot network is involved in the auction process: A random number is determined for each block. In addition, each parashine auction must have a threshold value that starts at 0 and increases to 1. A random number received from the VRF is carefully checked against this threshold to decide whether a particular block is the end of an auction during the end period. In addition, the VRF also selects a block from the last epoch to query the state of the applications, to reduce the chance of attacks by malicious validators.

Can I buy a Parachute site without participating in a candle auction?

Yes, there is another way to get a parachain site if you want to avoid parachain auctions. You can buy them on the secondary market, where whoever wins one of these slots is willing to sell it to another buyer with the corresponding chip deposit. In this way, the seller can receive liquid chips in exchange for the corresponding parachain slot. And that’s all you needed to know about the Kusama and Polkado parachute auctions. To learn more about the projects, check out Polkadot’s Twitter, Reddit, Github, YouTube, and Discord, as well as Kusama’s homepage for more information on Parachute Auctions. Everything you need to know about Parachain Auctions . He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology. Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.

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Frequently Asked Questions

How do Parachain auctions work?

Parachain is a new and innovative way of buying and selling cryptocurrency. However, unlike most other cryptocurrency exchanges, Parachain does not have any centralized location, which means that buyers and sellers have to interact directly with each other. Parachain Auctions are a simple and effective way for Monero (XMR) enthusiasts to buy and sell without the need for a hardware wallet. Parachains work like regular auctions; the price of the item being auctioned will increase after the auction has begun, and the final price of the item will be decided by the highest bidder.

What are Parachain auctions?

Parachain auctions are a type of cryptocurrency transaction that allow an external party to provide their own currency in return for XMR. The XMR can then be sent to a separate address as part of the auction transaction. When this happens the XMR gets locked in a multi-signature wallet and cannot be sent out until the auction winner provides a transaction with their private key that matches the public address of the XMR. The benefit of using this type of transaction is that it allows a greater level of flexibility, as the funds can be sent to any address in the sender’s wallet. We’ve all heard of the Parachain auction, an interesting concept that was first introduced in the cryptocurrency monero. The concept is simple: it takes a chunk of a certain cryptocurrency and sells it off in blocks of 10,000,000 units. This supposedly allows those who cannot afford a chunk of cryptocurrency to get a piece of it. However, due to the nature of the system, this actually enriches the seller, who gains the potential to sell off their 10,000,000 unit block.

How many Parachain slots are there?

Due to mining algorithms, each block has a fixed number of Parachain slots (see the Parachain Auctions for details). This limit means the maximum amount of Parachains you can own can only be a small fraction of the number of Parachain slots currently in circulation. The Parachain is a cryptocurrency-based auction that serves as a kind of decentralized Escrow service, in which the winning bidder is obligated to pay the seller their winning bid price. The Parachain may be used to buy goods and services, or for a variety of other activities. The Parachain is a trustless crowdfunding service that can be used to buy items, hire services, or other goods and services.

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Emilia James
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