Karura and Shiden have launched a crowdlending campaign in Kusama
Last night, Gavin officially announced the timetable for the Kusama auction, and the Kusama network has now started crowd lending activities! PolkaWorld organizes some important information to share with you:
At present, there are no technical problems that hinder the launch of the parachain
Officially inform everyone to unlock KSM, and the first auction will start in 7 days
The Kusama council (PolkaWorld is also one of the councils) will vote on June 15th to start the motion of the auction, and then enter the referendum to start the first auction
The first auction is expected to be held at 20:00 on June 15th (Beijing time)
The auction has a total of 7 days, with a 2-day bidding period and a 5-day closing period. It is recommended that you try to vote for the project you want to support in the first 2 days, because the next 5 days are a random closing period
Kusama will first start 5 consecutive auctions, that is, after one end, the second auction will start immediately. But after the 5th auction is over, it will pause for a period of time to observe the operation of the network, and then continue to open the auction
According to Gavin’s original understanding, Kusama’s auction is to a certain extent to reduce the risk of stepping on the pit when deploying the auction function for Polkadot. PolkaWorld predicts that the Polkadot auction will be after Kusama’s 5 auctions
Karura and Shiden have started a crowdfunding campaign in Kusama, which means you can start voting now
Serves as a low-cost place to hold and transfer KSM (minimum balances and transaction fees are significantly lower than on the Relay Chain).
Transfers of permissioned fungible assets such as non-algorithmic stablecoins.
Permission-free creation, issuance and transfer of fungible assets and NFTs (non-fungible assets).
Voting process: Enter polkadot.js.org, select the Kusama network, then select the parachain button in Network, enter the parachain page, select the crowdloan page, and click Contribute to start voting for the project you support!
Gavin’s original text is as follows:
A real-world functional parachain, Statemine, began processing permissionless transactions after an on-chain upgrade last week. After a smooth run last weekend, it's time to move on to the next phase: the slot auction. Below are our recommendations on how to launch parachain auctions in the coming weeks.
Just a week ago, the Kusama network made history by becoming the first fully decentralized, secure heterogeneous sharded blockchain using technology developed for Polkadot. While SR Labs (the external audit team chosen by Parity) has been conducting an external audit of this logic, Kusama has gone "where there was no canary before" and deployed this code to minimize the risk of deploying on Polkadot.
The first launched Parachain Shell went live two weeks ago and is running very smoothly. However, as its name suggests, Shell is just a blank chain waiting to be upgraded to a rich and useful chain. Like a butterfly emerging from its cocoon, the Shell parachain was upgraded last week to Statemine, Kusama’s version of the public interest parachain Statemint. Statemine supports several features, including:
KSM can be freely transferred between Kusama and Statemine using the XCM protocol, and this protocol also allows other parachains to interact with Statemine, using it as a trustless holding of KSM and other assets in sovereign accounts.
While Statemine's utility as a standalone chain is enormous, its utility grows exponentially as a member and resource of the chain community.
To create this community, Kusama came up with the concept of Parachain Slot Auction, a market-efficient way to choose which parachains to add to the Kusama relay chain and make their functionality part of the Kusama network. Teams that support and have confidence in the KSM community will be given priority, on the other hand, we want to make sure to lock up the most KSM for as long as possible.
The Kusama Council and KSM stakeholders make the final decision on everything that happens on the Kusama network, including the timing of parachain slot auctions. As the technical team behind the initial runtime design and implementation, we believe there are currently no known technical issues preventing auction or parachain functionality. Kusama serves as Polkadot's canary network, helping to protect Polkadot from serious problems by allowing features to "live" for as long as possible. Since the amount of protection it provides is somewhat proportional to the amount of time it has been active prior to Polkadot, there is a clear rationale for deploying this logic as soon as possible in Polkadot's interest.
Therefore, we recommend to the council that the parachain auctions start according to the following schedule:
The first parachain slot machine auction is 7 days from Tuesday noon (GMT time) to allow enough time for members of the Kusama staking community to unlock stakes of KSM.
The auction begins with a 2-day initial bidding period and a 5-day closing period.
The 5 auctions will take place over 5 weeks, with a pause before the second batch of 5 auctions to assess overall network performance.
The following is assuming the relay chain logic finds no major and unexpected issues. (In this case, all options should change according to governance, including suspending or postponing any scheduled or ongoing auctions.)
If these recommendations are followed, the timetable will be as follows:
June 15, 2021, 12:00 GMT (Beijing time: 20:00 on June 15th): The first Kusama parachain slot auction begins. Bidding is available.
June 17, 2021, GMT time 09:00 (Beijing time: 17:00 pm on June 17): The closing period of the first Kusama parachain slot auction begins. Only bids prior to this will definitely be considered in the final result. Bids made after this point have a linearly decreasing probability of being considered.
June 22, 2021, 09:00 GMT (Beijing time: 17:00 pm on June 22): The bidding for the first Kusama parachain slot auction ends. After this date, no bids may be placed on this auction.
June 22, 2021, 11:00 GMT (Beijing time: 19:00 pm on June 22): The first Kusama parachain slot auction winner is selected. The auction winner is determined as the highest bidder at a randomly selected point in time within the past 5 days.
June 22, 2021, 12:00 GMT time (Beijing time: 20:00 pm on June 22): The second Kusama parachain slot auction begins.
June 29, 2021, 12:00 GMT (Beijing time: 20:00 on June 29): The third Kusama parachain slot auction begins.
July 6, 2021, 12:00 GMT (Beijing time: 20:00 on July 6): The fourth Kusama parachain slot auction begins.
July 13, 2021, 12:00 GMT (Beijing time: 20:00 on July 13th): The fifth Kusama parachain slot auction begins.
This time is now in the hands of the Kusama Council!
Original linkhttps://kusama.network/。
