Parachain Auctions Approved for Polkadot

Polkadot has had approval from blockchain's on-chain governance to debut parachain auctions from the 11th of November, that will run until the 9th of December.

This will enable the fast deployment of parachain operators, which are key to Polkadot's scaling capacity.

What are Parachains?

Parachains are intended as a solution to one of blockchain technology's biggest problems; scalability. Most blockchains either limit the number of transactions they can process (Bitcoin) or charge increasingly high fees (Ethereum).

The Polkadot parachain auctions will run for five consecutive weeks, and the initial bidding period will be two days long, followed by a five-day ending period. This intentionally limits the amount of time available to make bids, which is intended to counteract any large bidders camping out on the auction and forcing smaller participants to pay inflated prices.

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