Open-source blockchain platform Polkadot reportedly revealed specifics associated with the release of its first parachains (or parallelized chain) – built with a goal of bringing enhancements to the interoperability between multiple blockchains. 

Specifically, per the announcement, the Polkadot team reportedly contributed half a decade into the design of the parachains, which were allocated to teams via auctions, nominally Acala, Moonbeam, Parallel Finance, Astar, and Clover.

With individual blockchains operating in parallel within the Polkadot ecosystem, the auction winners will reportedly have the freedom to lease slots on Polkadot’s Relay Chain for a maximum amount of 96 weeks at a time.

Designed by Polkadot Founder and Ethereum co-founder Gavin Wood, the Relay Chain reportedly offers assistance with coordinating the consensus and communication from one parachain to another.

“And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.”

With only a bit more than five years since its birth, Polkadot (DOT) reportedly managed to secure a spot in the top 10 list of most major crypto coins, market capitalization-wise. 

The ecosystem has an intention of developing its existing slot allocation of five to 100 parachain slots, the highest possible capacity for Relay Chain. 

Nonetheless, not every of the slots will be allocated through parachain slot auctions, since a few will be utilized for governance-enabled common-good parachains and parathreads. 

“The parachain model was created with the belief 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, blockchains need to be able to provide a variety of services. Parachains solve this” Wood further revealed.