Polkadot aims to improve efficiency so that transactions do not compete with all other smart contracts in the same ecosystem. Parachains also alleviate the need for the network to rely on layer 2 scaling solutions to reduce congestion.
Initially, Polkadot will provide support for 100 parachains, and the distribution will be conducted through auctions, which will guarantee a period of up to 96 weeks. The next auction will be held on December 23, 2021, when six new parachains will be allocated.
In May, PolkaDOT developers announced the successful deployment of the first parachain on the Kusama testnet. Soon after, Polkadot started a bullish momentum and reached its peak with the listing of DOT on Coinbase.
Polkadot was founded in 2020 by Dr. Gavin Wood, who is also the co-founder of Ethereum. Wood said there is no need to stick to only one blockchain.
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