Polkadot is one of the newer members of the blockchain and DeFi world that focuses on interoperability and scalability. These have been their selling points till now and after the Parachain rollout that is ongoing right now, they will be far ahead of everyone.
They have a multichain sharded architecture that has been in the testing phase for some time now. They have been carrying out testing its optimization and auditing it along the way too. Gavin Wood only hinted about these chains in September and later was confirmed by the lost auction in October.
The auctions were split into big batches and were carried out in a weekly fashion. They started on 11th November and were held weekly thereon. The projects with the winning bids will be onboarded on the 17th of December and will have a lease period till 20th October 2023.
Parachains are usually custom blockchains that have been anchored to the Polkadot Relay Chain. They can be connected for up to 96 weeks at a time and can be renewed. In this Parachain, teams can make their own auction bids while taking help from the community itself.
The initial success and buzz around the Parachain action indicate that Polkadot has a healthy and growing community. If you have been planning on getting into the crypto game, right now is the best time to do so. With new technologies coming up on a daily basis, it is best to get into these new-age Defi tech and be an early adopter.
