Polkadot announces the next 5 Parachain auctions on Kusama

    22 Aug 2021

    Following the debut success of Kusama Parachain auctions back in June of this year, the Kusama Council is set to approach a further five auctions.

    The good news is rolling in for the Polkadot team, who’ve been working hard on Parachain auctions on its testnet. In addition to being secured by the central Relay Chain, Polkadot’s Parachains will share and benefit from the scalability, governance, interoperability, and security of Polkadot.

    While Kusama has the first five Parachain auctions, Polkadot has published the schedule for the next five, according to materials shared by CryptoPotato. The Kusama community should expect the sixth Parachain slot auction to commence on September 1.

    Here’s what the 6-10 Auction schedule is shaping up to look like:

    • 2021/09/01, 12:00 GMT: Sixth Kusama Parachain Slot auction commences. Bids may be placed.
    • 2021/09/03, 09:00 GMT: Sixth Kusama Parachain Slot auction ending period begins. Only bids made before this point will certainly be considered in the final result. Bids made following this point have a linearly reducing chance of being considered.
    • 2021/09/08, 09:00 GMT: Sixth Kusama Parachain Slot auction bidding ends. No bids may be made on this auction following this point.
    • 2021/09/08, 11:00 GMT: Sixth Kusama Parachain Slot auction winner selected. The auction winner is determined as the highest bidder at some randomly selected point over the past five days.
    • 2021/09/08, 12:00 GMT: Seventh Kusama Parachain Slot auction commences.
    • 2021/09/15, 12:00 GMT: Eighth Kusama Parachain Slot auction commences.
    • 2021/09/22 12:00 GMT: Ninth Kusama Parachain Slot auction commences.
    • 2021/09/29, 12:00 GMT: Tenth Kusama Parachain Slot auction commences.

    The point of the schedule is to enough members of the Kusama community enough time to: first unstake KSM for their auction bids and then – participate in the crowd loans. The auctions will commence back-to-back with a two-day period of the initial bidding, which will be followed by a five-day ending period – this is how the first auctions were done.

    Kusama is a platform that acts as a test environment, or a so-called “canary network,” for developers to experiment and determine the efficiency of their blockchain code and applications prior to their official release on the Polkadot network.

    Due to the trial-and-error nature of Kusama, developers can benefit from a less stringent governance framework, as well as lower staking requirements than they would experience on Polkadot.

    Parachain auctions on Kusama adopt a rare historical method of auction analysis called the candle method, whereby users will bid during a fixed allocated auction time, staking their Kusama (KSM) tokens for their favored project. The winner of the auction is the project who receives the greatest funding total.

    In the modern era, retail consumers will be familiar with this hourglass approach through its application in the bidding process on the e-commerce platform eBay. As previously reported, the first five Kusama Parachain auctions went off without a hassle. The now active Parachain has already begun successfully processing transactions, paving the way for future slot auctions. The Kusama Parachain auctions had started in mid-June.

    Source: https://cryptopotato.com/polkadots-kusama-ksm-announces-the-next-5-parachain-auctions/

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