If KSM council votes in favor, the first Kusama parachain auction could happen in June 15.
Kusama parachain auction
Last Tuesday (8), Polkadot (DOT) and Kusama (KSM) creator Gavin Wood published a tentative schedule for the long-awaited Kusama parachain auction.
The news was published on the official blog. According to the publication, the first slot auction will open on June 15 at 12:00 GMT.
The estimated schedule, subject to approval by the KSM Council and its stakeholders, will see the inaugural Kusama parachain auction concluded on June 17th, with the bidding period continuing through June 22nd.
According to Wood, if the Kusama Council approves the schedule, the first winner of the parachain slot auction could emerge at 11 am on June 22nd. The second parachain slot auction will begin an hour later, with subsequent slot auctions scheduled at one-week intervals.
After the first five weekly auctions, the founder of DOT and KSM recommends taking a break to assess network performance before starting another batch of five parachain slot auctions based on the aforementioned schedule.
Kusama is ready to host parachains, says Polkadot
In May, Wood reported that the Kusama Network was finally ready to host parachains.
According to him, Kusama developers are confident that there are no technical obstacles to holding slot auctions or deploying parachains. These auctions will determine which parachains would lose to the Kusama relay chain – Polkadot’s canary network.
Highlighting the need to get Kusama parachains up and running, Wood stated that “Kusama exists as the Polkadot Canary Network and therefore to help protect Polkadot from a serious problem, allowing the functionality to exist in nature for as long as possible”.
Wood also said that “since the amount of protection it gives is some way proportional to the amount of time it is active prior to Polkadot, there is a clear reason to implement this logic as soon as possible for the good of Polkadot”.
The one-week headups given for the start of the process are reported to allow the community enough time to release their Kusama (KSM) to fund auction bids.
About Kusama
Kusama was founded in 2016 by Gavin Wood, Robert Habermeier and Peter Czaban, co-founders of Polkadot.
It is a network without permission that allows developers to try and test decentralized applications (DApps) and blockchains before testing and implementing them in Polkadot.
In another words, the altcoin is a sandbox version of Polkadot, where they themselves test all updates on Kusama before releasing them on the mainnet.
For this reason, the altcoin calls itself a Canary Polkadot network. The network allows blockchain developers to test their apps to see if it’s safe to launch them on Polkadot.
KSM price
Kusama coin is currently quoted at $ 469.51 per currency and its market cap is $3,978,235,162.
In addition, the currency holds 0.25% of the crypto market, with a total of 8,470,098.06 KSM in circulation.
