Kusama Statemine’s Slot Auction Will Start Next Week

Kusama Statemine’s Slot Auction Will Start Next Week

A magnificent upgrade of the parachain to Statemine led Kusama to announce the slot auctions to roll out in the next weeks.

An on-chain upgrade on the parachain, preceded by the passing of a vote, was conducted by Kusama (KSM) that made it the pioneer and completely functional parachain of the company for the processing of the permissionless transactions. This project, in other words, is a heterogeneously shared and fully decentralized blockchain that is the first of its kind. Kusama, being a permissionless network, enables the developers to do the experimentation and testing of blockchains and dApps before they are deployed on Polkadot.

Kusama Statemine: A Parachain Capable of Multi-Tasking

Polkadot incorporated auctions regarding parachain, and it also added crowd loans for Westend and Kusama in the recent month. Following this, two weeks back, the first parachain was unveiled by Kusama, which was known as Shell. As the project went successful, there was a need for an upgrade as something functional and rich. This upgrade was incorporated as Statemine, which is a landmark in the development of the project, in the recent week.

The Polkadot ecosystem is being served by parachains as its facet being multi-functional to carry out several actions like high-frequency trades, contract chains, and privacy chains. As the assemblage of Kusama’s Shell was aimed at examining the capabilities of the parachain system of Kusama, the Statemine parachain competes with Polkadot’s good parachain Statemine. Multiple functions like transferring and minting of NFTs (non-fungible tokens), fungible tokens, as well as the KSM transfer at low cost are supported by Statemine parachain. Moreover, the transfer of tokens between Statemine and Kusama can be done easily by the KSM holders if they use the XCM protocol. In the meantime, the interaction with Statemine can also be done by the other parachains using the same protocol.

Auctions of Statemine Parachain expected to begin on 15th June

Although the use of Statemine for a solitary chain is significant, as the project states, the creation of a community of chains is needed to escalate the utility of the project, and its applicability is possible through the notion of Kusama’s Parachain Slot Auctions. To enable the developers to incorporate their ideas into existence is an adequate way provided by the Kusama network.

The following four auctions of Kusama Parachain Slot are going to be held between the 22nd and 12th of June and July, respectively, after the first one on June 15.

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