FAQ: t3rn parachain acquisition
Hey everyone!
In case you haven’t heard yet, we have some exciting news to share with you all! Our project has just acquired a parachain on the Polkadot network, which is a big step forward for us. Maybe you are wondering what all the hype is about. Here are the answers to some of your most frequently asked questions.
What is a parachain?
For those of you who are not familiar with what a parachain is, it's basically a type of blockchain that runs in parallel to the main network, allowing multiple chains to work together seamlessly with their own unique features and purposes. The relay chain handles all the coordination and security, which makes it more scalable and interoperable.
The cool thing about parachains is that they're highly customizable, which means that developers can create their own unique blockchain-based applications and services with different features and functionality. And because they share the security and resources of the Polkadot network, they're also highly scalable and interoperable.
Overall, the idea behind parachains is to create a more flexible and dynamic blockchain network that can support a wide range of use cases and applications.
So why did we acquire a parachain?
Acquiring a parachain on the Polkadot network is an important step for us because it will enable the platform to offer even more advanced features and capabilities.
One of the biggest advantages of a parachain is scalability, which means that t3rn will be able to handle a much higher volume of transactions and data. Additionally, the parachain will allow us to be more interoperable with other networks, which means that users will be able to use their assets across multiple chains.
Another benefit is customizability, which means that t3rn will be able to offer more tailored solutions for specific use cases. Finally, the shared security of the Polkadot network means that t3rn can leverage the high-level security of the network to ensure the integrity and safety of its platform.
Which slot did the team get their hands on? How many tokens were allocated?
We were able to secure slot number 41 in the Polkadot auction by bidding a total of 129,000 DOT, which was worth $771,420 at the time of the auction. We were up against another contender, but our bid was the highest at the moment that the candle flickered out. Parachains are sold in a candle auction where permission isn't required. — a method used to auction ships in the 16th century where the winner was the highest bidder when the flame went out — which terminates after a random amount of time determined by the system.
What is the impact of the parachain acquisition on the tokenomics of our project?
We understand that some of you may have questions about the impact of the acquisition on our tokenomics, roadmap, and future plans. We want to assure you that there is no material impact or change to our tokenomics, and we have always viewed token distribution as one of the foremost merits of Polkadot Parachain auctions. We will be releasing more information about our plans in the near future.
Why did we go undercover?
We also want to address why we decided to keep the acquisition under wraps until now. We did it for strategic reasons, to ensure that it was completed at a fair price and to release the news following our roadmap. As always, we understand the importance of transparency and openness in communicating with our community, and we are committed to keeping you all informed as we move forward.
How does the acquisition of a parachain benefit our project and its users?
The t3rn Circuit (our blockchain) once deployed as a Polkadot parachain, offers the protocol unparalleled security and stability, which is pivotal for a multichain protocol like t3rn. The acquisition of our parachain is the first foundational step in deploying our multichain protocol, allowing us to demonstrate the unique, reversible, cross-chain executions that t3rn offers in a Substrate-based environment.
What are the next steps now?
The next step will be our Ethereum light client, which will bridge Polkadot and Ethereum in a trustless way, while onboarding core network participants, such as Executors, a crucial actor in the t3rn ecosystem, as well as bringing liquidity onto the t3rn network.
This will also be done alongside the release of our other exciting product features, such as the t3rn smart contracts registry, with full developer remuneration, our XBI SDK and many others.
We hope you are all as excited as we are about this news, and we want to thank you for your continued support and involvement in the t3rn community.
Cheers,
The t3rn team
t3rn’s vision
The future of Web3 is multichain. t3rn has been built to enable this new paradigm in multichain programming, which is trustless, fail-safe and interoperable. We believe in trust-free collaboration, therefore the network will offer open access for anyone to join and play a critical role as Collator, Executor, Attester or Contracts Registry Builder.
Team t3rn will take a phased approach to rolling out the protocol, gradually releasing different features, showcasing and battle testing the network within a Substrate-based environment first before integrating with some of the foremost ecosystems in the industry.
About t3rn
t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.
t3rn’s ultimate goal is to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilize and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.
Welcome to the next generation of multichain composability.
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