The ongoing evolution of the cryptocurrency and blockchain industry is accelerating. Polkadot, one of the most anticipated projects in the industry, will soon introduce its parachains to the public. Projects looking to acquire a parachain slot have a bit of time left to gather the necessary funds, which Moonriver is doing.
Parachain Auctions Are A Big Deal
As an ecosystem that will allow for better scaling than most public blockchains, Polkadot is gathering a lot of attention. Every project building on this technology can become its own parachain while still benefiting from the overall network’s security and features. Offloading the data and transactions for individual projects to their own blockchains will prevent blockchain bloat from taking place.
Many projects aim to become a Polkadot parachain, although the slots are limited. To acquire a slot, projects will need to secure sufficient funding to purchase one of these slots. Many auctions and token sales can be expected in the coming weeks, as every team wants to secure its spot as quickly as possible. Once this process is completed, the development of projects can begin in earnest.
One of the projects looking to build on Polkadot technology is Moonbeam. As a developer-oriented solution for Ethereum coders, Moonbeam lets app owners port their applications and products to Polkadot with minimal or no changes. A very exciting development, as the demand for cross-chain compatibility, is growing every day. Bridging the gap between Ethereum and Polkadot will allow for more complex solutions to be built capable of tapping into broader liquidity and a bigger group of users.
Moonriver Parachain Crowdloan Is Live
As a sister project to Moonbeam, the Moonriver team is organizing its crowdloan. The project is very similar to Moonbeam, except for developing on the Kusama blockchain rather than Polkadot. This community-led parachain will feature smart contracts and full Ethereum compatibility that transcends the Ethereum Virtual Machine’s capacities. Using Ethereum tools or coding in solidity for the Kusama ecosystem will become a possibility to explore.
To bid for a Kusama parachain slot, Moonriver is organizing a crowdloan. The crowdloan is now open to participants who want to help the team achieve their goal of becoming a Kusama parachain in the future. Community members will play an essential role in making this venture succeed, and contributing funds quickly may prove crucial. So far, over 83,750 KSM has been raised from 3,852 contributors.Â
As Moonbeam and Moonriver are entwined, the success of both projects can bring many Ethereum developers over to Polkadot and Kusama. Building cross-chain functionality into Dapps, smart contracts, and products will elevate the cryptocurrency and blockchain industry. The time for competing blockchains is over, as cross-chain compatibility is the new paradigm.Â
