Kraken one of the biggest Crypto Exchanges in the world is going to lend support for parachain auctions. This project which has been in the working for about 2 years is going to officially begin at 8 a.m. ET on the 15th of June.
What is Kusama?
Kusama is a leading project that takes the codebase and multichain infrastructure of Polkadot and adds an element of speed to it, in addition, to be a riskier alternative it strives to be a scalable network of specialized blockchains built using Substrate. As Kusama and Polkadot are founded by the same person, Gavin Wood some of their features are alike.
Offering the ability to launch projects at a quicker rate is great for new startups that are looking to test the waters, adapt and grow. It serves as a launchpad for your project that you can transfer to Polkadot.
Think of it as an experimental lab for you to try out new things and test them in the real world. Kusama has also adopted sharding that prevents latency by spreading the blockchain network and essentially mitigates pressure on a singular shard that is not yet initialized by behemoths like Ethereum. Kusama being decentralized by nature lends the power to vote and influence the network to its participants.
What is the Project Actually?
The big move by Kraken is done in order to support projects that will have a substantial impact in the future. Kraken has however not available in the U.S., Canada, Japan, or Australia. This will let people compete in order to secure slots on Kusama’s Relay Chain.
The voting process will take place via Kusama holders putting in their tokens on projects they like and the one with the most tokens invested lives on the slot for up to 48 weeks. The auction at the minimum will go for a week. The investors will also get rewarded at the end of the lease period. This makes the entire process worth everyone’s time and also ensure that everyone has an equal opportunity to flourish.
DWAYNE D’cunha, Writer on Medium.
Originally published at https://www.linkedin.com.