Polkadot (DOT) is among the top ten largest cryptocurrencies in the market. After a considerable amount of time, the network is finally ready to support the launch of Parachains.
Parachains are custom blockchains that are specific to a project and are integrated within the Kusama (KSM) and Polkadot (DOT) networks.
This is not the only outstanding news for the Polkadot network. According to reports, the price of DOT is about to reach an all-time high, after seeing an approximate price surge of 19.76% in the last 24 hours.
The price pump seen for DOT and the launch of Parachains has highlighted the prominence of the altcoin.
The crypto market has noticeably been in bullish momentum, with price surges seen for both Bitcoin and Ethereum as well. Therefore, if you are interested in buying either BTC or ETH, you can click on some of the top crypto exchanges such as SwissBorg or Kraken (U.S. citizens).
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Polkadot’s Price Surge and Launch of Parachains
The announcement for the launching of Parachains on the Polkadot network has quite positively influenced the price of the digital asset. The altcoin saw a price pump of at least 17% on the day of the announcement.
DOT is currently trading at $41.13 (at the time of writing) and is less than 16% away from reaching an all-time high of $49.39. If you are interested in DOT, make sure you choose the best crypto exchange to buy Polkadot.
Here is a graph by CoinGecko that shows the price of Polkadot in the last 24 hours.
It was announced yesterday that the Polkadot network is finally ready to support Parachains. Until now, the Parachains were only being auctioned on Kusama. This is the canary network for Polkadot where the testing and development are done.
According to Polkadot’s team, it has taken the network five years to become capable enough to support the first Parachains.
The significance of Parachains is that they establish the multi-chain aspect of the network’s architecture.
As stated by the team,
“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,”
The Parachains had not been launched yet as the full code audit of Polkadot was the last phase to be completed. According to Robert Habermeier and Gavin Wood, founders of Polkadot, the audit is now done and the Parachains can now be launched.
There have been 11 Parachain slot auctions on Kusama and 12 live Parachains on the development network at the moment. The fact that no issues have been noted for Kusama, only signifies that the Parachains are ready to be launched on Polkadot as well.
As per reports, there will be 11 Polkadot Parachain auctions, divided into two batches. The first five will be auctioned, one per week, starting from November 11th.
The second batch will consist of the remaining six and will commence on December 23rd. One auction will be held after every two weeks and potential participants of the auction will be required to stake DOT, the native token of Polkadot.
Could This Affect Bitcoin or Ethereum?
As mentioned earlier, the overall crypto market has been in upward momentum. Major crypto assets such as Bitcoin and Ethereum have been seeing some significant price surges.
- The flagship cryptocurrency, Bitcoin is currently trading at $57,734 (at the time of writing).
- The most popular altcoin, Ethereum is currently trading at $3,632 (at the time of writing).
With the new advancements seen for Polkadot, such as the Parachains, some crypto enthusiasts are left to wonder if the altcoin will also advance in crypto market ranking.
While that is yet to be seen, there is also no guarantee if top digital assets such as BTC or ETH will be affected.
Therefore, if you want to step into the crypto space and purchase BTC or ETH, then make sure you choose some of the largest crypto exchanges.
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