Para chains are finally going live and no I’m not talking about atl favorite, two chains going on tour, although that’s pretty exciting too. What I’m actually talking about is the next phase in the polka dot road map, where some of its most innovative architectures finally going live. Giving the network massive scaling capabilities, the parachain options on polka dot are a unique part of crypto, and the last auction saw those projects pump like nobody’s business, so grab some of that good drink smash that like button. Let’S get it welcome to bible, crypto home of the bit squad, the largest and greatest crypto community in all the innerwebs. My name is ben everyday.
On this channel, i show you how to make money in crypto. If you like money and crypto, then make sure to hit that subscribe button, if you want to go deeper into crypto, make sure to check out bitlab academy.com in this video we’re going to be covering the launch of the first pair of chains on polka dot and Tell you why you should be paying attention polka, dot, it’s a vibe, but dot, isn’t just a run-of-the-mill blockchain project made by former Ethereum developer Gavin wood for fun. It’s here to rule the world. This auction on dot is a highly anticipated event.
That’s been in the making for over five years for a good portion of this time. Polka dot has been one of the most important crypto assets in the entire crypto ecosystem, but there hasn’t actually been much activity on the network instead of just rushing to market with a fork, polkadot has been working on a unique blockchain architecture takes the diverse needs of The industry into account parachains act as their own layer, one block chains that can be custom made for a variety of different use cases, but they will be tapping into the polka dot base layer for security. This is really not that much different from ethereum’s rollup roadmap or a large network of independent blockchains will use a base layer blockchain as a hub, but they are using different programming languages and different words to describe what’s taking place. Polkadot is referring to its base layer as a layer 0 and describing its pair chains as layer 1 networks. While the ethereum base layer is usually called the layer 1 and the roll-up networks are recognized as the second layer.
Even though polkadot and ethereum have very different architecture, the basic mechanics of how these layers interact with each other and the scaling benefits that come along with this are very similar. Polka dot has the advantage of doing this from the ground up. Instead of working to fix a moving train and we now have an opportunity to get in on the ground floor of a new crypto ecosystem, the price for polka dot has been ranging between 25 and 50 over the second half of this year is currently trading on The lower side of the time of this recording the price may have been a bit boring for polka dot holders recently, but with all this new activity coming into the network, this could be a good time to look for an entry point, the first pair of chains To go live are moonbeam, akala, parallel finance, clover and astar. Moonbeam is one of the most popular pair of chains on polka dot, which makes sense, considering that this is one of the top evm compatible chains. So developers can very easily port applications over from ethereum polygon, binary, smart chain or any other network that uses the evm.
It’S also important to remember that this is one of the things that finally caused the price of avalanche to start taking off over the past few months after the introduction of the evm compatible c chain on avalanche, the network got a new inflow of activity from people Checking out new applications, farming air drops looking for new yield farming opportunities, it’s very possible that moonbeam could bring this level of activity to polka dot. As token incentives start to show up on new dapps and platforms. Moonbeam has its own token called glimmer with the ticker glmr and it’s used for gas and staking on the moon beam network. This is an extension of the moon river platform. That’S previously launched on the kusama network, as we’ve covered in previous videos on polka dot.
Kusama is where many applications and features are being deployed before they can be fully operational on the polka dot chain. Developers have called this a canary network instead of a test net, because although many apps will eventually move onto the polka dot chain, not all of them will make the cut. There are also some projects that will exist on both blockchains with slightly different names, which seems to be the case with moon, river and moonbeam. Kusama is also permissionless, which means that any developers can deploy applications to the network if they want to. But this isn’t how things work on polka dot, at least for now, in order to secure a spot.
We wanted polka dots pair of chains, you’ll need to win a pair chain auction like moonbeam, and the other launch projects did in parachain options on the polkadot and kusama networks. Investors have the choice to bond their daughter, ksm holders to vote for specific projects who are competing for pair of chain slots. Another popular project doing a pear chain auction is a kalo which is hoping to be a one-stop shop for deep eye on polka dot. This is actually the first project to win a pair of chain auction on polka dot. It’S definitely going to be one to watch because it has some huge backers, including our old friends, the digital currency group, poly chain, capital, alameda, research, coinbase ventures.
It’S not every day. Do you see the entire cartel sitting down at the same table, so this project probably has a bright future. This project also started out on kusama as a karoa token, which got a ton of attention after it launched another divi platform called parallel. Finance landed one of the first pair of chain spots, they’re shooting for the same market, hoping to become a divi pulse of credit. Parallel sister network on kusama is called haiko and it’s basically a device, borrowing and lending platform.
Clover finance is also going live. How lucky – and this is a project focused on making the polka dot device ecosystem interoperable with other networks. There are even plans to be compatible with bitcoin at some point in the future as well sounds like a money maker. Earlier this month, clover announced a partnership with polygon to launch a bridge connecting the polkadot and polygon networks. Astar, formerly known as the plasm network, is currently launching on polka dot as a pair chain.
Astar is also working on interoperability. This team is more focused on decentralized applications in general, instead of device, specifically, if you like financial freedom and the gains from crypto smash that like and subscribe button puts you in the bit squad and puts you in the loop on the latest in crypto news and Education, in addition to these public pair chains, it was also announced that energy web will be partnering with polka dot, developer, parody, brook and sorcia relay chain. This will require an entirely new token for the energy web ecosystem. We opt in for users of the token. In addition to the scaling capabilities, energy web was also attracted to polkadot because of its unique on-chain governance framework, since all the different blockchains in the polkadot network are totally programmable.
This means the structure of the governance for each blockchain can also be tailored to individual use cases. This is important for energy web because it is connected to so many companies in different jurisdictions. The need to comply with different laws and regulations or just different company policies, test net version of the consortia relay chain and an initial set of connected blockchains is expected to launch sometime in the second quarter of next year, comment below with your best polkadot project. Don’T forget to smash that like that’s all i got be blessed way out: [ Music ]! You