ChaingeTalk | All You Need to Know About Polkadot Parachain

Parachain Slot auction of Polkadot and KSM has been popular again with the release of Rococo V1 testnet, and some projects in the ecology have also launched Parachain Slot auction plans, such as Acala’s Kakura.

1.For the projects, how much value can Polkadot Parachain slot auction bring?

2.What projects can win the first place and get access to Polkadot first?

3.As an ordinary user, how to participate in this grand event and get a share?

PolkaWorld was invited to host the first issue of ChaingeTalk of 8btc and ChainNode: “Here Comes the Polkadot Parachain Slot! How to Play It?” This is an open-ended on-the-spot meeting of insiders. Here we summarize some wonderful speeches to share them with you.

Host: PolkaWorld Pang Xiaojie

Distinguished guest:

Patract Labs Aten (Jin Xiao)

ChainX  Kristen

PolkaWorld  KIKO

imToken A Yuan

Zenlink Guo Tao

imToken Gerry

Polkafans Wei Sili

Shichuo Capital Li Zongcheng

Bytom Liu Qiushan

Topic 1: Are there any projects represented by the guests who want to bid for Parachain slot? Is there anyone who need no Parachain slot auction?

Kristen: Chainx will definitely bid for Parachain slot, and will also consider participating in the Crowdloan way. We expect that the successful bidding of Polkadot slot will take about 3 million DOT.

Guo Jintao: we don’t need slot auction as Zenlink isn’t parachain, we are working with parachains to deploy modules on parachains.

Aten: Patrack Labs will also build a smart contract chain in the future, but we should not bid for slots, but strive to become a system-level parachain. I think the characteristics of the projects that are more likely to compete for Polkadot system slot are: first, they have a huge impact on Polkadot ecology, and second, they do not have their own tokens on the chain.

Topic 2: Polkadot parachain testnet Rococo V1 has been released, and now everyone is looking forward to the auction of Polkadot mainnet parachain. Is there any technical gap between the current version of Rococo V1 and the formal version of parachain? From the perspective of technology, how long is it expected that the parachain will officially go online?

Aten: At present, the basic function of Rococo V1 has been completed. After the function is improved, it may need to accumulate enough in the test environment to run normally under pressure environment (for example, if the block is stable under certain trading volume), and it may take about 3 months to reach the production environment (Kusama parachain is online).

Topic 3: as far as you know, which projects are most likely to get the slot?

Li Zongcheng: The first project to get the slot is probably who has the highest market value in the ecological market.

Guo Tao: Whether users participate in PLO-related crowdfunding depends on how much of the revenue from staking is compared with that from project airdrop.

Topic 4: What is the market impact of slot? Or, does anyone think slot will not bring too much market effect?

Pang Xiaojie: Parachain slot auction will make the market more rational. First, Polkadot itself has helped you to select a round of projects in the form of auction. The dot of users is also locked in Polkadot’s relay chain, and Polkadot provides security. Second, Polkadot’s slots are slowly introduced. In 2021, there will be only 10 slots, so there will be no flooding of Parachain.

The first project to bid for slots has both advantages and disadvantages. The advantage is that it can occupy the brand effect of the first Parachain project, and the disadvantage may be that the cost is high and the project needs to have enough strength.

A Yuan: Slot auction actually has some possibilities to inhibit innovation, because all the innovation of upper application and play methods need to be related to several specific Parachain with slots. At present, we can’t understand the deep limitations behind this, but it will certainly restrict ecological innovation and free choice. Parallel slots should be a way to solve problems, but we haven’t seen them yet more details and rules.

Gerry: Polkadot is a platform of the platform, but its value will gradually come out only after enough platforms are built on it. Polkadot slot auction is a milestone in its development, but its real value will be reflected only after the auction heat has cooled down.

Guo Tao: If a project wins the first slot in a very crazy state, such as bidding with 10-million-level dot, its token value will not be low. From the perspective of competition, the Parachain on Polkadot will experience a process of first integration and then elimination.

Topic 5: now some exchanges claim that users can store their coins in the exchange and act as agents for users to participate in the PLO of Polkadot project. What do you think?

Li Zongcheng: From the market point of view, it is the best mechanism in line with the current market for the exchange to participate in the auction pledge of dot on behalf of users.

A Yuan: The exchange is a platform that relies heavily on asset liquidity. Its biggest challenge is that when there is a place with super high income outside, the outflow of users’ assets will not be controlled. Slowing down the outflow of assets or flowing to the ecological chain of their own will be the reason for the exchange to do the bottom of the chain, that is, to form a closed loop of asset flow.

Topic 6: what’s the difference between Polkadot and Ethereum 2.0?

Aten: if you want to compare Ethereum’s sharding system with Polkadot ‘s Parachain system, take Internet giant Alibaba as an analogy. The sharding system is equivalent to Taobao’s business line, which has different regional services for different user traffic. Issuing a contract is equivalent to opening a shop on Taobao, which can have many shops, but the business scale is as large as that of shops. The parachain system is equivalent to Alibaba cloud, Alibaba cloud can build a large business chain and independent business line on the basis of its own business chain and infrastructure. They can also communicate with each other, and users can set up their own shops (contracts) on different business lines (parachains).

Wei Sili: Polkadot is a platform for efficient production chain and connection chain, while Ethereum is a platform for efficient production and connection of DApp.

KiKo: We should not compare Ethereum with Polkadot. What can be compared of them is the contract chain.