The layer-1 Proof-of-Stake (PoS) protocol Polkadot (DOT), which has flourished on parachain auctions since its founding, has now revealed intentions to sunset this program going forward.
What After the Polkadot Parachain Auction?
The new vice president of engineering at Parity Technologies, the startup that created the Polkadot protocol, Pierre Aubert, confirmed that the company had plans to replace Parachain auctions with a new system. The seasoned Google employee stated that he supports the protocol’s vision, which will be included in what is possibly Polkadot V2.
As planned, Agile Coretime or Bulk Coretime will take the place of Parachain Auctions, paving the way for Polkadot to establish a genuine bridge to Ethereum. Additionally, the protocol will establish a direct link with Kusama, its canary chain. According to Aubert, Polkadot’s six-month roadmap calls for the addition of features that will improve the protocol’s user experience as it is outlined in the Agile Coretime.
The tech whiz claimed that Polkadot’s current focus is on improving the developer experience, and that the Polkadot API is one of the ways it intends to do this. He claimed that this tool will simplify things for dashboard developers.
The Parachain auction model, which has been used by companies like Astar and Moonbeam Network launch is regarded as a groundbreaking method of operating sidechains on the network. In order to be added to Parachain, community members must rally around the protocols, and their participation will be rewarded with the native token of Parachain upon launch.
Notably, the precise workings of the Bulk Coretime and Agile Coretime are still being developed, but when they are released, they will undoubtedly demonstrate Polkadot’s signature ease of evolution.
Evolution of Protocols: The Crown of Blockchains
Blockchain protocols have one fundamental characteristic in common: they can change with ease.
This feature became more noticeable when Ethereum underwent The Merge, converting from a Proof-of-Work (PoW) blockchain to a Proof-of-Stake (PoS). This change was significant because it significantly decreased the blockchain’s energy usage and eventually made it more environmentally friendly.
When the dog-themed memecoin Shiba Inu (SHIB) introduced Shibarium, its Layer-2 scaling solution, it also altered its fundamental goals. It hoped that by offering Shibarium, it would draw creative decentralized applications that could revolutionize the Shiba Inu’s luck in trying to hit the final price of one cent.