{"id":192958,"date":"2021-06-16T11:00:32","date_gmt":"2021-06-16T10:00:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=192958"},"modified":"2021-11-03T00:54:54","modified_gmt":"2021-11-03T00:54:54","slug":"kusamas-ksm-first-parachain-auction-goes-live-next-week","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/kusamas-ksm-first-parachain-auction-goes-live-next-week\/","title":{"rendered":"Kusama\u2019s (KSM) first parachain auction goes live next week"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/cryptoslate.com\/coins\/kusama\/\">Kusama network<\/a> will see its first-ever parachain \u2018auction\u2019 next week after a council vote passed yesterday, a blog post showed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMotion 310 is now up for vote: proposing to open the first auction on Kusama Network, for the next 7 days,\u201d the post read, with the entire process conducted <\/span><i><span style=\"font-weight: 400;\">on-chain<\/span><\/i><span style=\"font-weight: 400;\"> to ensure security and transparency.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Motion 310 has passed council to open the first parachain auction, and the very first auction on yours truly has now taken flight!<br \/>\u2091\u2093\u209a\u2091c\u209c c\u2095\u2090\u2092\u209b.<a href=\"https:\/\/t.co\/7NQmI9chyw\">https:\/\/t.co\/7NQmI9chyw<\/a><\/p>\n<p>&mdash; kusama (@kusamanetwork) <a href=\"https:\/\/twitter.com\/kusamanetwork\/status\/1404756302342021121?ref_src=twsrc%5Etfw\">June 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Members of the broader community were seemingly ecstatic: \u201cA truly historic moment, please come back to this motion in 10 years!,\u201d commented Phala Network CEO Marvin Tong on the governance page.<\/span><\/p>\n<h2><b>On Kusama parachains and auctions<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Kusama\u2014dubbed the more experimental, \u2018chaotic\u2019 version of Polkadot\u2014allows developers to develop fast, multichain, staking-enabled applications over a network that prides itself as a sandbox for experiments and early-stage project deployment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The KSM token is used to govern both the platform\u2019s decisions and for taking part in auctions. The latter allows accepted projects to form a <\/span><i><span style=\"font-weight: 400;\">parachain<\/span><\/i><span style=\"font-weight: 400;\">, or an independent blockchain running over the Kusama blockchain with its set of codes, tokens, and rules coded in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For each auction, every project with the <\/span><i><span style=\"font-weight: 400;\">most<\/span><\/i><span style=\"font-weight: 400;\"> KSM bonded to support its bid will be able to claim the auctioned parachain slot. Projects may, in turn, and at their discretion, give rewards to contributors who support their winning bid.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But while demand is unlimited, not everyone gets to deploy on the Kusama network: Unlike Ethereum or Binance Smart Chain, where anyone and everyone can issue a token, the Kusama network using a community-governed method to let projects deploy their blockchains over itself, meaning an auction \u201cslot\u201d is a rather prized piece of real estate on the protocol.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hundreds of projects are vying to launch on Kusama. And now with the parachain auctions slated for next week, those aims are even closer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, crypto exchange Kraken <\/span><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210608006126\/en\/Kraken-Unveils-Parachain-Auction-Platform\"><span style=\"font-weight: 400;\">extended support<\/span><\/a><span style=\"font-weight: 400;\"> for all upcoming Kusama parachains on its platform earlier this month. Clients, excluding those in select jurisdictions, can participate parachain auctions and potentially earn rewards for doing so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cParachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space,\u201d said Jeremy Welch, Kraken\u2019s Chief Product Officer, in a statement at the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">KSM holders are arguably ecstatic right now.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Kusama network will see its first-ever parachain \u2018auction\u2019 next week after a council vote passed yesterday, a blog post showed. \u201cMotion 310 is now up for vote: proposing to open the first auction on Kusama Network, for the next 7 days,\u201d the post read, with the entire process conducted on-chain to ensure security and [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":192961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,77082,37],"tags":[76729],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kusama\u2019s (KSM) first parachain auction goes live next week<\/title>\n<meta name=\"description\" content=\"The Kusama network will see its first-ever parachain \u2018auction\u2019 next week after a council vote passed yesterday, a blog post showed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/kusamas-ksm-first-parachain-auction-goes-live-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kusama\u2019s (KSM) first parachain auction goes live next week\" \/>\n<meta property=\"og:description\" content=\"The Kusama network will see its first-ever parachain \u2018auction\u2019 next week after a council vote passed yesterday, a blog post showed.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/kusamas-ksm-first-parachain-auction-goes-live-next-week\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-16T10:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-03T00:54:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/06\/kusama-parachain-auction.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/kusamas-ksm-first-parachain-auction-goes-live-next-week\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/kusamas-ksm-first-parachain-auction-goes-live-next-week\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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