Polkadot is about to explode, you have to know the slot auction
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Several concepts of Polkadot slot auction.
Many people know that there is a parachain slot auction, but they don’t understand the concepts of system parachain, nested relay chain, transfer bridge, and candle auction. Although we don't need to be scientists in the currency circle, as Polkadot is a hot spot this year, we still need to understand these concepts in the currency circle.Today I will try to explain these concepts to you in simple words.Polkadot is essentially a scalable heterogeneous multi-chain blockchain, which consists of a relay chain and some shard chains running in parallel with it.The purpose of the relay chain is to protect the smooth operation of the parachain, and then share security with the parachain, which is other chains that want to access Polkadot.Then a slot is needed between the parachain and the relay chain for connection. In theory, the relay chain can be infinitely expanded, but currently there are only about 100 slots that can be used, and not all of these 100 slots are used for auction.At present, parachains are specifically divided into public interest chain slots, parachain slots for auctions, and parathreads.From the picture above, we can see that there are less than 100 slots actually used for auction, so the slot auction will become highly competitive.And we should pay attention to one thing, the slot winners of the parachain do not have ownership, some only have the right to use, and the cycle is 6 months, and the longest is two years. This is also to ensure the vitality of the entire ecology, which means being eliminated at the bottom. You will be given a maximum of two years. If you fail to do well in two years, you will have to replace someone.There are three types of parachains, one is public welfare parachains, these are permanent, and their main function is to serve the entire Polkadot ecosystem, just like the government will allocate part of the funds and resources for infrastructure construction, public welfare parachains are for Used for Polkadot ecological infrastructure.For example, when it comes to transfer bridges, if they are all parallel chains generated based on the Substrate framework, since their consensus mechanisms are the same, they can easily achieve cross-chain interaction. This is also called isomorphic cross-chain, but some of them are already very Mature projects; such as Ethereum, because the consensus mechanism is different, this requires a transfer bridge as an intermediate translator to interact with Polkadot, and the transfer bridge is a public welfare parallel chain.Nested relay chain, which is a parachain slot mainly used for auctions. In fact, it is a bit like a socket. For example, the relay chain is a socket with a limited number of sockets. Now there are almost 100 sockets. Obviously, this is not enough for ecological use.So the nested relay chain is equivalent to you bringing another socket, which means that you have 100 sockets available again. The nested relay chain is equivalent to the relay chain in the relay chain, so that wave Cards can be expanded indefinitely.Parallel thread is also the meaning of parallel chain, but the objects used are different.The parachain slot obtained from the auction is that this project can be used indefinitely, and the parathread is for those who have not successfully bid but need the cross-chain function very much, then you can use the parathread, which is charged by block, and the cost is lower than that of the parachain Slots are more expensive.It is as if the project that successfully bid for the slot has a card with unlimited data, which can be used at will during the lease period, while the project that does not succeed in the auction can only buy data to use.Then let’s talk about the way of bidding. Slot bidding uses candle auction, which originated in England in the 17th century, that is, a candle is lit during the auction. When the candle goes out, the auction ends, because you don’t know the candle. When will it go off.This method is used in online auctions, and the system needs to select a random number to determine the end time, but the slot auction has been improved. You know when the auction starts and when the auction ends, but you don’t know the outcome of the auction. Which time to choose.What it intercepts is not the time when the auction ends, but retroactively determines that it ended at some point in the past, which means that at the end of the day, a random past block is randomly calculated, and this past block is the real auction The cut-off time, but this is calculated after the complete process is completed, so no one will know in advance when the auction will actually be cut off.Because online auctions are vulnerable to hackers if they know when the auction starts and ends, this improved candle auction model avoids that.The auction of slots is a big event for the entire currency circle, and some auction-based projects are also conducting Crowdloan (PLO), which means crowd lending.Auctions require a lot of KSM and DOT, and some project parties do not have so many tokens, so they will initiate PLO, that is, let retail investors contribute their tokens to support the project's auction, and what retail investors can get is the project The tokens issued by the project party are equivalent to locking the warehouse to obtain the coins issued by the project party.It is precisely this that promotes the demand for KSM and DOT on the market, causing these two coins to rise several times in a few months, and there will still be an independent market in the next month.A practical financial writer who went from having nothing to a real "get" will accompany you on the road to wealth and freedom
A practical financial writer who went from having nothing to a real "get" will accompany you on the road to wealth and freedom
