Statemine Polkadot Kusama (KSM) Parachain Slot Auction Will Start Next Week and Prepare Yourself

Last week, Polkadot walnut network Kusama (KSM), performed an on-chain upgrade to its parachain after the vote was passed, making it the first and fully functional parachain of the Kusama network to process unauthorized transactions. This upgrade also makes the project the first fully decentralized and heterogeneous sharded blockchain.

Kusama is a permissionless network that allows developers to experiment and test dApps and blockchains before deploying them on Polkadot.



Kusama Statemine: Multi-Functional Parachain


Last month, Polkadot added parachain auctions and bulk lending to Kusama and Westend. After the addition, Kusama launched its first live parachain, Shell, about two weeks ago. While running smoothly, the Parachain Shell needs to be upgraded to “something rich and functional.” Last week, it was upgraded to Statemine, a milestone development for the project.

Parachains serve as a multi-functional aspect of the Polkadot ecosystem that is used for various purposes such as smart contract chains, privacy chains and high frequency trading.

While Kusama's Shell is designed to test the capabilities of the Kusama parachain system, Statemine's parachain is the equivalent of Polkadot's Statemint-common-good parachain. It supports many functions such as low-cost KSM transfers, printing, and exchangeable and non-exchangeable (NFT) token transfers.

Meanwhile, KSM holders can freely transfer their tokens between Kusama and Statemine using the XCM protocol while other parachains can also interact with Statemine with the same protocol.


Kusama Statemine Parachain Auction Starting June 15


According to the project, although the utility of Statemine as a solitary chain is quite large, there is a need to create a chain community to increase its utility, which will be done through the Kusama Parachain Slot Auction concept. It is a market efficient way that allows developers to realize their ideas on the Kusama network.

If the governance board approves and everything goes according to plan without any significant or unforeseen issues with the relay-chain logic, the first Kusama Parachain Slot auction will take place between 15, and 22 June and the highest bidder will be chosen as the winner on 22 June.

After that, the second, third, fourth and fifth Parachain Kusama Slot auctions will be held between June 22 and July 13.

 

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