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8 answers to community questions about Poca slot auction

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The Kusama slot auction will take place around March of this year, and the Boca slot auction will take place around April.

The original title: "how to participate in the wave of card slot auction? When to start clap? Eight | answer your concern"

Original source: PolkaWorld

People have been concerned about the Boca and Kusama parallel chain slot auction. This time, we gathered some common questions from the community about slot bidding and put them together once. If you also have these questions, take a look at ~

What is Poca Parallel Chain Slot Auction? What was the auction process like?

PolkaWorld:Pocca consists of a relay chain plus a bunch of parallel chains. Parallel chains can enjoy the shared security of Pocca and can interact with other parallel chains, so it is very valuable.

However, there is a finite number of slots in the parallel chain of POCARDS. These slots are called "slots". Projects that want to be parallel links into Boca need to compete for these slots. How do you compete? Through slot bidding, each item can lock the DOT to participate in the bidding.

Will whoever locks the most Dot get the shot? Not necessarily. Because slot bidding has a set of special game rules, the project side that can understand and make reasonable use of the rules will be more advantageous, so many project parties will develop a series of bidding plans before bidding, to improve the chance of successful bidding.

The same goes for Kusama slot auction.

When will the Boca and Kusama parallel chain slot auction begin?

PolkaWorld:No official date has been announced for the slot auction.

Here's what the authorities have said about the slot auction:

The parallel chain feature is currently being tested on the testing network Rococo. The parallel chain feature will go live as soon as development, testing, etc. Slot auctions will start soon after the parallel chain feature goes live. The parallel chain slot auctions on Kusama will take place before Poka

PolkaWorld The guess is that if all goes well, the Kusama slot auction will take place around March of this year, while the Boca slot auction will take place around April. Again, this is just a guess based on some available information and experience. It does not represent an official opinion. Don't take it too seriously.

How can ordinary users participate in parallel chain slot auction?

As mentioned above, the slot auction requires the locking of DOTs, which can be borrowed from a number of ordinary users in addition to the project owner's own money, and the project owner will usually reward these users with tokens.

So, if you like a project, you can lock in your DOT to help them bid, to get tokens for that project.

It is important to note that these DOTs are locked in the Polkadot relay chain, not directly into the hands of the project parties, and will be returned to you later. The DOT will be returned after a lock-up period (possibly six months to two years) if the auction is successful, and soon after the auction is unsuccessful.

Reminder: If someone asks you to transfer your DOT directly to them to help you participate in slot auctions or something, 99.99% of them are scammersNew scam revealed! Some Boca fans have fallen for it....

If there are only a few slots next year (10 or so?) You can bid, and then there are 50 + projects (as Gavin always mentioned in his year-end review) bidding for slots, is it predictable that there will be a lot of projects that don't make sense because they don't bid for slots?

PolkaWorld:We don't think these projects will become meaningless.

First of all, the principle of slot auction is guaranteed. Maximum number of DOTs locked in slots in 2 years. This means that the final bid for the slot doesn't have to be for a single project, it could be. A combination of 1 to 4 items. For example, Acala bids for the first year, Chainx bids for the first 6 months of the second year and refers to the last 6 months of the second year, and the sum of the two-year bids of the three items is the highest, then it is Acala, Chainx and June three items that actually acquire the 2-year use right of this slot.

Second, even if you don't bid for the slot, Poca offers other solutions. You can choose to access ParathRead, or use the smart contract chain that bid for the slot, or the parallel chain of the system provided by Poca itself.

Third, even though these dapp or project at some point become meaningless, Polkadot parallel design of the chain slot itself will ensure that those meaningless, abandoned or outdated parallel chains is to stop using, so that they will not continue to take up use Polkadot resources, so as to have a new, more "efficient" parallel chains can replace them.

So we don't think these projects are going to become meaningless.

Some people have pointed out that parallel chain auctions are a better way of crowdfunding than ICO tokens, but it doesn't seem to have anything to do with equity crowdfunding?

PolkaWorld:If a parallel chain Lease Offering is done, it is called Parachain Lease Offering, or PLO. Gavin also calls it a crowdload. In short, you lend your DOT to projects that want to bid on parallel chains, and you receive their native tokens.

Unlike 1CO, when you do PLO, you don't give away ownership of your DOT, you just lend it to someone else and lock it in the Boca relay chain, very secure. So if the parallel chain goes bankrupt, you can get your DOT back, unlike most 1CO's of the past, where the developer can take all the money without delivering anything.

Why should developers/project parties pay to keep their chains secure by bidding for slots in parallel chains? Now many projects can also design their own incentive mechanism to find nodes to maintain network security.

PolkaWorld:Bid on Poca's parallel chain, and you can share the security of Poca. Why share Porcard security?

One is professional, not every team can develop the consensus of the chain, professional things to do by Poca, each team only need to focus on their own business logic design can;

Second, it is very complicated to develop highly specialized programs with general smart contract, and it is vulnerable to attack. The way of using chain is more secure and flexible.

Third, connecting to Pocket also allows interoperability.

Why would anyone lend out their DOT at a parallel chain slot auction in exchange for a paltry profit over a two-year period?

PolkaWorld:It doesn't have to be 2 years, it can be as low as 6 months, or as long as the parallel chain program has set itself, depending on how long you want to borrow.

Second, note that if you aren't staking, you can get about 14% of the annual benefit from staking. Taking part in PLO means you're paying the opportunity cost of using DOT for staking. It is true that each parallel chain project does not guarantee much revenue for the participants, but each project bidding on the parallel chain will design a scenario for the tokens and come up with its own bidding plan, which the participants can carefully study before making a DOT loan.

Third, it is possible to adjust and determine returns by releasing products that are liquid.

Fourth, as mentioned earlier, PLO is more secure than a 1CO approach that takes away the user's money before anything is delivered.

You can distribute smart contracts on Ethereum for free, why deploy them on Polkadot?

PolkaWorld:Smart contracts are not the holy grail of distributed blockchains. Right now we do have chains like Ethereum where developers can deploy smart contracts, each of which meets a specific need. But they don't have great performance, they don't scale, they don't have real computing power. In fact, smart contracts can become increasingly bloated and difficult to upgrade over time, and they're not free. Just look at how much it costs to deploy and upgrade a product like Maker (currently around tens of thousands of dollars of ETH for GAS).

If you want your application to be more specialized, better tuned, and have better performance and resources, then you will need to create your own blockchain. In Poca, we also have a smart contract environment that is primarily used to extend functionality, while the blockchain itself provides real logic for rapid lending, decentralized transactions, transfers of funds for governance voting functionality. Currently, people like Compound, Flow (the creator of CryptoKitties) and many others are moving on to Boca and creating their own chains.