Web3 foundation’s flagship protocol, Polkadot has announced it readiness to begin its parachain auction process. This was made known in a blog post, published on the 13 October, 2020, by the polkadot team
According to the post “Parachains are the diverse, specialized blockchains that connect to the Polkadot Relay Chain and constitute the ‘multichain’ aspect of Polkadot’s groundbreaking multichain architecture. They represent the final piece of core technology outlined in the Polkadot Whitepaper, and their launch marks the last stage of Polkadot’s multi-phase launch process, which began on May 26th, 2020 with the launch of the initial, proof-of-authority version of the Polkadot Relay Chain.”
In simple terms, they (Polkadot) are organising an auction to rent out the spaces they have on their unique blockchain network architecture called the multichain.
They continued by saying,
“Those who wish to participate in parachain crowdloans should note that they will need unbonded DOT tokens to participate, and the current unbonding period on Polkadot is 28 days. User-facing functions such as registering parachains and opening crowdloans have not been done yet and will need to be enabled by Polkadot governance.”
The auction is scheduled to in two batches. The first batch will run from 11th November, 2021 to 16th December 2021. While the second will run from 23rd December 2021 to 10 March 2022.
Between these periods, a total number of 11 auctions will occur.