With many parachain deployments, Polkadot anticipates disrupting Web 3.0.

Parachains have been among the greatest achievements of Polkadot and it took Polkadot five years to build them which were auctioned off to teams.

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Blockchain platform Polkadot has officially launched its first parachains with the goal of boosting blockchain interoperability.

Development of the parachains took 5 years according to the announcement and these parachains were given to Acala, Parallel Finance teams, Moonbeam, and, Astar and Clover.

Polkadot's Relay Chain will allow the auction winners to lease slots for up to 96 weeks at a time, due to the fact that different blockchains will be operating in parallel inside the Polkadot ecosystem at the same time. Initiated by Gavin Wood, inventor of Polkadot and co-founder of Ethereum, the Relay Chain assists in the coordination of consensus and communication amongst parachains, which include:

“And as the ecosystem grows, especially with the nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”

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Source: Polkadot Twitter

Polkadot (DOT), which has been in existence for a little more than five years, is now ranked among the top ten digital currencies in the market cap. According to the ecosystem, it plans to increase its current slot allotment from five to one hundred parachain slots, which will correspond to the maximum capacity of the Relay Chain.

Having said that, the announcement also reads;

“not all of these slots will be allocated via parachain slot auctions, as some will be used for governance-enabled common-good parachains and parathreads,”

Wood also says:

“The parachain model was created with the belief that the future of Web 3.0 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this.”

Iota has announced the launching of a decentralized layer-one smart contract network dubbed Assembly in an effort to advance smart contract developments in DeFi and NFTs.

Using the existing Iota architecture, Assembly acts as a self-sustaining, symbiotic bridge. Dominik Schiener, a co-founder and chairman of the Iota Foundation, explained the details in a statement:

“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability, and token infrastructure provided by the Assembly network.”

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WEB 3.0

Polkadot

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WEB 3.0

Polkadot