According to the latest reports, Kraken has gone ahead and made a promising announcement for its users and the entire crypto-community. Kraken has just made the announcement for the Parachain Auction Platform.
The cryptocurrency exchange based in the United States has claimed that it is going to be the first of its kind platform that the users will get to experience.
Kraken is currently one of the top cryptocurrency exchanges with huge popularity and a user base from around the world. The exchange has announced that its clients will have the ability to use the platform through their exchange accounts.
The Kraken users would not have to worry about opening up new accounts on the platform. Instead, they will be able to access the platform and its services through their exchange account directly.
Kraken published more details about the new Parachain project on June 8. In the post, Kraken revealed that the users that pledged their support for the project of Kusama would have access to a unique service.
The users will be able to participate in the staking process for the Parachain slot with the help of the Kusama (KSM) tokens. The users would also be able to take part in the bidding process for the Parachain slots, which is expected to take place starting June 15.
The users participating in the bidding process would be eligible for different kinds of rewards. Kraken has confirmed in the blog post that the rewards would vary that would include airdrops, participation bonuses, and referral bonuses.
Kraken has also confirmed that in parallel, the multi-chain ecosystem of the Polkadot network will be used for the sharding process. In order to process transactions, the Polkadot system would use the sharded sidechains.
The users would be able to use a slot for up to 48 weeks but they have to acquire them by going through the bidding process. Each user would have to outbid the other in order to get their hands on the Parachains for 48 weeks. They would be able to utilize the slot for staking with the help of the KSM tokens.
When it comes to the functionality of Kusama, it is a development and testing network, which is also known as the “Canary network”. The particular name “Canary network” has been given to Kusama by the Polkadot network.
Kraken has revealed that for now, only 100 Parachain slots would be made available for the bidding process.
Kraken has also confirmed that the Kusama Parachain platform would not be available for users belonging to a few countries. Some of the countries with no access to the platform include Australia, Japan, Canada, and the United States.
For the first auction for the Parachain slot, the clients would be required to place bids for at least two projects. Kraken has confirmed that the name of the first two projects up for bidding would be Shiden and Karura.