How to participate in the Kusama loan of Robonomics

The long-awaited Boca Ecosystem Parallel Chain Auction has finally been launched. The first one to be offered to the public is the Kusama Parallel Chain.

On June 15, Kusama officially opened a five-round parallel chain slot auction, with the successful bidders receiving 48 weeks (or one year) of access to the Kusama slot. Based on current data, Acala's Advance Chain will receive the first round of Kusama slots.

As a Boca Eco-IoT project, it is important that Robonomics be deployed at Kusama as soon as possible. As a result, Robonomics plans to participate in Kusama's third slot auction and expects to raise the required 1 million KSM from users.

Robonomics crowdlending will start on June 28

The first round of Kusama Parallel Chain Slot Auctions began on June 15, 2021, followed by a new round of auctions every seven days.

Polkadot allows parallel chains to raise money for auctions by decentralising crowdlending. Once started, anyone can participate in crowdlending by initiating a special transaction with an active index. The lending token used for the public loan must be negotiable and cannot be locked for reasons such as pledge, lock up warehouse and governance. All crowdfunding is transferred to an account set up specifically for the event.

The Robonomics auction module will be online immediately after the completion of the second round of parallel chain auctions for the third slot slot. Users can participate in Robonomics crowdlending from June 29 until the project auction is successful.

Users' KSM will be locked for the entire lease term after Robonomics parallel chain goes live, which is expected to last 48 weeks. At the end of the lease period, KSM will be refunded and during the lease period, the user will be rewarded with Robonomics.

There are two options for rewards: the first is 100% parallel chain native tokens (XRT) once the Robonomics parallel chain goes live, and the other is 25% ERC-20 tokens immediately after the auction is successful, and 75% native tokens once the parallel chain goes live (approximately 2-4 weeks).

If the item does not win the auction again after 48 weeks, the parallel chain becomes a parallel thread. However, the developers have released a plan to prepare for the slot auction. Robonomics also plans to add an algorithm to the agreement that will automatically generate revenue for KSM/DOT holders.

How to Participate in Robonomics Crowdlending

You can go throughExclusive interfaceParticipate in Robonomics crowdlending.

1. By default, the Polkadot developer provides a local interface in the Substrate portal to view crowdlending progress.

Example: Crowdcredit page on June 11, 2021

In early April, Robonomics used a crowdlending module to simulate an auction on the Rococo network. You can viewThis postTo get familiar with the interface and process of community participation in Boca auction.

2. In addition, on the Robonomics official website, the crowdlending module will be launched soon.

This is the interface for crowdlending on the Robonomics website after June 28.

The plan after the auction

After becoming a parallel chain, Robonomics will enable the following functions:

1. XRT 之间的转账；

2. Use XRT to send telemetry information of IoT devices to pay transaction fees;

3. Create a superuser (Sudo);

4. Establishment of technical committees.

After the initial function is activated, Robonomics will be updated according to the following schedule:

1. Genesis state: Core function (week 0), which activates the above initial function.

2. Update 0.1: pledge (1-3 weeks), allowing users to pledge XRT with an annualized return of 10%, and 125% annualized return for crowdlending participants.

3. Update 0.2: Vault (4-6 weeks) to allow a portion of DAO funds to be transferred from Ethereum to the parallel chain.

4. Update 0.3: RWS token online (7-8 weeks), allowing IoT management functionality, can be paid by commission, can be paidAccording to theMonthly subscriptions.

5. Update 0.4: Robot-as-a-Service (9-10 weeks), which allows for control flow of automated services and deployment of equipment using intra-transaction payments.

6. Update 0.5: Robo Bank (RoboBank, 11-12 weeks), see detailsThis article.

7. Update 0.6: Cancel Sudo (13-14 weeks), at which point developers will not be able to influence network operations without the involvement of the technical committee.

8. Ecosystem Integration Update (before the end of the year), which will focus on integration with other parallel chain projects to enhance the potential of IoT projects that are interested in Polkadot.    

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