The schedule was revealed in a blog post.
Major Signals
- Gavin Wood has disclosed the schedule for auctioning Kusama parachains
- Each slot requires ownership of about 10 million Polkadots, valued at 20 million USD using today’s DOT price.
- Kusama is a canary system for Polkadot developed in 2019.
Back in May, Gavin Wood tweeted on the progress of voting on the Kusama Network.
According to a report from Cointelegraph, the first event would commence after approval by the council and stakeholders. One hour following the end of the first auction, the second would begin. The next auctions would then take place after a seven days interval. While the parachains auction is slated to end on June 17, bidding events will continue until June 22. Once approved, the first slot lease will be announced at 11 am on June 22. The auction would take a breather after the first five slot winners have been announced to allow the team to evaluate how well the projects are working.
The main idea of having a Kusama parachain auction is to lease these parachains on Kusama to investors to build their projects in the canary network. It all boils down to investors loaning their KSM tokens to projects who want to ‘win’ a space to build on one of Kusama’s limited parachains. Since Ethereum is increasingly becoming crowded and high, it makes sense to expand to other networks like Polkadot, Solana, Cosmos, etc.
That said, Polkadot’s network has some issues it aims to resolve through leasing Kusama. In fact, Kusama is seen as the more scalable environment that can allow for easy updates and expansion.
Kusama is Polkadot’s canary Network. A canary network, in this case, serves as a warning system, alerting the Polkadot network of any issues or threats to its security or stability. Because Kusama is built as a testnet for Polkadot, the technical functionality of both networks is the same. But while Kusama is wild and fast, Polkadot is more conservative, prioritizing stability and dependability. The Kusama network is intended to exist as long as the community maintains it, making it one of the best spaces for new projects and high-risk investments.
Like Polkadot, Kusama aims to be a completely decentralized project, so once the parachains are launched, the future of both networks will depend entirely on the on-chain governance of their respective communities.
How successful do you think Kusama would be? Answer on a scale of 1 - 10.
