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Binance will support the upcoming Parachin Auctions for the Polkadot Project in November 2021

Binance will support the upcoming Parachin Auctions for the Polkadot Project in November 2021

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Answer Binance will support the upcoming Parachin Auctions for the Polkadot Project in November 2021

After the “Polkadut” project announced a long-awaited update represented by “Parachin Auctions”, which we previously discussed in Previous article on Bitcoin Arabs.

Binance, the world’s largest cryptocurrency exchange by trading volume, continues to express its support for the development of the Polkadot network ecosystem that aims to interconnect multiple heterogeneous and fragmented blockchains.

in Advertising Official today, Friday, Binance revealed that it will accept “Polkadot” auctions that are scheduled to begin in November 2021.

What is “parachin”?

Parachins are distinct Layer 1 blockchains that can run in parallel and send data to each other.

Read:Exploiting a loophole in one of the bitcoin wallets and stealing $ 25 million so far… Details here

Its presence in Polkadot will create a multi-chain architecture for the different blockchains in the Polkadot system.

Polkadot’s new protocol will enable many other Layer 1 blockchains such as Bitcoin and Ethereum to seamlessly connect to their own ecosystem, allowing them all to work together as part of a larger system.

Additionally, Parachins can seamlessly share data with other blockchain networks and open up a lot of opportunities within the crypto space.

The integration of these “parachins” will encourage more interoperability across the various DLT networks in the coming years.

For the past five years, the Polkadot team has been testing their parachin and every test has been conducted on the Kusama network.

Earlier in June, Polkadot successfully published the first batch of parachines in Kusama.

Since then, “Kusama” has auctioned about 11 parachin slots, increasing the number of activities on the network.

It is worth noting that the Parachin auctions in Polkadot will start on November 11, 2021.

The success of the parachin in Kusama is a major determinant of the extent to which Polkadut is ready to officially launch the parachin.

DOT digital currency price hike:

After the proposed dates for the Parachin auctions were announced on Wednesday, the price of the DOT cryptocurrency, Polkadot, rose more than 19% to reach a high of $43.6 on the same day, after which the coin rebounded as low as $40.

Read:Ernst & Young supports the Ethereum network with its new product

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