The open source blockchain platform Polkadot announced the launch of its first parachain (or parallel chain), which aims to improve the interoperability between multiple blockchains.

according to By the time of the announcement, the Polkadot team invested five years in developing parachains, which were distributed to the team through auctions, that is, Akara, Moonbeam, Parallel Finance, Astar and Clover.

As each blockchain runs in parallel in the Polkadot ecosystem, the auction winner will be able to rent slots on Polkadot’s relay chain for up to 96 weeks at a time. The relay chain developed by Polkadot founder and Ethereum co-founder Gavin Wood helps to coordinate the consensus and communication between parachains:

“With the development of the ecosystem, especially with the emergence of the meta-universe, dozens of agreements will become more and more obvious. In that case, there will not be a single blockchain, but we will have several Interrelated chains.”

Today, December 18th, join the epic party to celebrate the official launch of the network!Transfer in #PolkadotParachainParty Hear the opinions of the founder of Polkadot @gavofyork and @rphmeier, And the winner of the first batch of parachain auctions.

We start at 6pm Central European Timehttps://t.co/R7Ygc4gbUh

-Polkadot (@Polkadot) December 18, 2021

Polkadot has only existed for more than 5 years (point) Ranked among the top 10 cryptocurrencies by market capitalization. The ecosystem intends to increase its current slot allocation to 5 to 100 parachain slots, which is the maximum capacity of the relay chain.

However, “not all of these slots will be allocated through parachain slot auctions, as some will be used to support the public interest parachains and parallel threads of governance,” the announcement read. According to Wood:

“The creation of the parachain model believes that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the Internet caters to different needs, the blockchain needs to be able to provide multiple services. Parachains solve this problem.”

related: Iota will launch a decentralized smart contract platform to expand the Web3 ecosystem

In order to accelerate the smart contract plan across decentralized finance (DeFi) and non-fungible tokens (NFT), Iota recently announced the release of a decentralized first-tier smart contract network called Assembly.

As reported by Cointelegraph, Assembly uses Iota’s existing architecture as a symbiotic, self-sovereign bridge to run in parallel. Dominik Schiener, co-founder and chairman of the Iota Foundation, explained the details:

“Assembly is fully configurable and can span any smart contract chain of any type and style required by its builders. Every network built using this protocol will benefit from the shared security and interoperability provided by the Assembly network. And token infrastructure.”