Polkadot Parachain Auction Latest Updates!!!

Polkadot has lots of hype around it. I've always been a big fan of Polkadot and the ingenious idea behind the tech. The reason why people are talking about it so much lately is because of its paraching auction. Well, in this video, I'll give you a brief overview of what Polkadot is and tell you guys what's happening with the auction. I'll try to make everything as simple as possible and I don't think people really understand how powerful the whole Polkadot ecosystem is. And I would like to help explain it. Since the process is quite complex and deserves some definition and explanation, in this video, I'll talk about what's going on with their auction, why Polkadot has so much potential to soar in this bull market, and I'll also be discussing some of the paraching projects I'm bullish on. But before we start our journey, don't forget to smash up the like button and subscribe to the Vox Mining channel. Also remember that I'm not a financial advisor and you should never take any of our video content as financial advisor. Always do your own due diligence as, you know, all investments have risk. With that out of the way, I'm gonna start with a brief overview of Polkadot, just to give you a little refresher. Polkadot is created by Gavin Wood, who used to be one of the co-founders of Ethereum and the inventor of the Solidity smart contract language, because he's just beyond a genius. Gavin Wood saw the flaws of the current Ethereum 1.0 and wanted to create an improvised version of Ethereum. Because, for example, Bitcoin, which exists as a functional store of value and Ethereum, which functions as a platform for other crypto projects to be developed on, they cannot speak to each other. Imagine walking into a room and not being able to speak the language of anyone else in the place. That is what life is like for most blockchains. As antisocial as I am. This language barrier makes it impossible for many blockchains to talk to each other. Gavin Wood saw this problem and introduced interoperability to allow each blockchain to be used in unison. Sounds like a sorcery, so how exactly Polkadot achieved this? Polkadot is designed to operate two types of blockchains. The main network, called the Relay Chain, and where user-created networks is called the Parachain. Relay Chain doesn't support the smart contract functionality and only handles a handful of transaction types, mainly for staking. So the Parachain is really the one to help Polkadot scale. Parachains are individual blockchains running in parallel within the Polkadot and Kazama networks. I'm lost here. I'm gonna exit the video so your retention rate is less than two minutes. If this is too complicated, I completely agree with you. It took me a good few days for my stupid brain to understand what is going on. So finally, I came up with an analogy to talk some sense to myself. So Relay Chain is like the cool parents and Parachain is like their kids. The kids have so much freedom and they are allowed to build their own chains and do whatever they want. They can use all the components they desired. They can have stable coins in a chain or GameFi or DeFi. And this is what the auction is all about. All these projects are fighting for the slots to become this kid because their parents are just so cool. Definitely not an Asian parent. In order to become this kid or the Parachain, you need to come up with the highest bid. Instead of paying the slots in dollars, you have to stake your DOT tokens, which also means you won't be able to touch your DOT for quite some time. So the question becomes, what's in it for you and why would you stake your tokens for these projects? Well, if it's not obvious enough, you can earn tokens from the projects that you're bullish on. Let's just say you believed in the Acala project. You then stake your DOT tokens for almost two years. You'll be issued their native tokens ACA to everyone who contributed DOT in their crowd load. But there is more to this auction. Projects are allowed to borrow funds from the general public called the Parachain Loan Offering, something very similar to ICO. You can do it via a centralized exchange like Binance, or you can go straight to Polkadot's native browser extension, Polkadot.js. Using Binance to do so, of course, is much more convenient. But the Polkadot.js offers high rewards, so each method has its pros and cons, and the choice is really yours to make. This auction also has a very unique mechanism. The auction ends with a screen capture of the blockchain at a random time to encourage competition. Whichever projects manage to secure the highest amount of DOT when the snapshot is taken will win the Parachain's DOT auction. If the projects win the auction, all the DOT contributed is unlocked and held trustlessly by the Polkadot smart contract for a period between six months and two years. People won't be able to sell the DOT tokens within this period, so potentially a rise in value of DOT tokens. Of course, there's a catch to it. Staking your DOT for two years also means you wouldn't be able to sell your tokens within that two years, which means, potentially, you could be missing some really good exit price. But if you're long-term bullish on Polkadot like me, then you wouldn't have much of a problem of hodling your DOTs for two years, right? Since the winner was decided by the candle auction process, which randomly selected a block at which point Okala was in the lead. In fact, Okala's sister project, Kurara, was the first project that won the Kusama's Parachain auctions earlier this year. So I wasn't too surprised when I saw Okala won the first parachain on Polkadot since it already has so much hype around it. Okala is one of the best, if not the best, project in the Polkadot ecosystem. They do everything related to DeFi for Polkadot, whether it's lending or stablecoins, and the tag team is super strong and they are one of the best teams out there. Another very popular one is of course Moonbeam. It is another layer 1 blockchain built on Polkadot. We'll be covering this in detail on this channel and there will be a Moonriver video coming right up, so stay tuned for that. But just to give you an idea of what Moonriver does, it's basically the Kusama version of Moonbeam. So what's happening is that Moonriver would test and verify new code under real economic conditions. Once they have tested the code and everything is good to go, they will then deploy it to the Moonbeam and Polkadot blockchains. The next really hot project is Enjin. At the time of shooting this video, Enjin hasn't yet secured its place, but I believe it will be very soon. Enjin has been leading up to the auctions with major announcements, including the partnership with Laduna Protocol, which is a Korean-based play-to-end social gaming platform. Laduna acts as sort of a play to earn Steam, hosting games like Axie Infinity and The Sandbox. That's why I believe in Enjin and I think they're gonna do very well in this full market. There are batches of auctions, so there will be five auctions starting on 11th of November and this will happen through almost to the end of the year. On 15th of December, all the first five teams that win the auction will be starting to onboard on the same day and then the networks begin to go live. Being an early investor of a few very great protocols like Polkadot is probably one of the most strategic investments I've made. I'm still hodling a decent amount of the tokens and I'm very bullish on the Polkadot ecosystem. The Polkadot architecture will be composed of as many 100 parachains that are connected to and secured by the central chain, which is the relay chain. However, this will open up in batches with 20 to 30 parachains operational within the first year. So there you have it guys. That's my quick summary of the Polkadot auction. If you like this type of content, don't be shy to share this video to your loved ones because sharing is caring. Be sure to hit the like button and subscribe to the Boxwinding channel. Follow me on Instagram and Twitter for more regular updates and see you guys very soon. Bye.