Parachains are chains that have been allowed to integrate into the Polkadot ecosystem. To have the opportunity to incorporate into the ecosystem, they have to win a slot auction that ends at random, known as candle auctions. We will go over the contenders bidding for the chance to win the 6th Parachain slot. This Parachain slow will be running from December 23rd to December 30th.
Efinity is made by Enjin, who can be called the creators of NFT’s. Efinity aims to solve many issues currently with the few blockchains popular for NFT’s and bring NFT’s to Polkadot. Their network aims to have low fees, is easy to develop for and easy to use for the end consumer.
Centrigue chain aims to connect a large number of chains back to Ethereum. “We envision a larger ecosystem of many, connected blockchains- where Dapps on Ethereum could use data from other chains, the value could move freely, and Centrifuge Chain can enable off-chain assets to access financing through DeFi.”
#3 Composable Finance
Composable Finance is a rather exciting project aiming to allow multiple smart contracts for various blockchains. While the multiple blockchains’ smart contracts will be running in parallel, they will also interact with each other allowing for actions to be taken across different blockchains.
Interlay aims to connect more primitive networks to the more modern ones. Their example brought up the desire to connect Bitcoin to DeFi platforms running on Polkadot and Ethereum. Since Bitcoin is drastically more primitive than the newer chains, it will be interesting to see projects going out of their way to help catch up Bitcoin to modern DeFi.
Nodle is a very ambitious project aiming to create a decentralized network essentially. They wish to use various devices, primarily smartphones, to build a network between the devices. Rather than the traditional proof of work or proof of stake, they will be proof of connectivity. By providing connectivity to other devices around the device, you will be rewarded with Nodle Cash. Exciting project.
Equlibrium network aims to connect all DeFi apps in one location. This project sounds pretty similar to a few of the projects on this list and some previous ones, specifically Clover Finance. However, this project will be focusing specifically on DeFi. They essentially are working on a one-stop-shop for all DeFi, lending, borrowing, swapping, etc.
Darwinia is a chain that aims to be a “foundational” bridge for Web3.0 dapps and games. They claim to be one of the most secure bridging solutions. The networks they currently aim to bridge are Polkadot, Ethereum, Polygon, and Binance Smart Chain, without the need for wrapping of tokens or custodial vaults. They also aim to be compatible with NFT’s and assets of that nature.
Litentry is a project aiming to provide a solution for having a consistent identity across multiple blockchains. You will be able to prove your identity and earn a reputation across various blockchains, dApps, games, etc. Users can also use Litentry for acquiring credit across blockchains.
#9 Crust Network
Crust Network aims to bring various aspects of applications to Polkadot. Their architecture can decentralize computing and build a “decentralized cloud ecosystem.” They’re currently able to provide decentralized distributed file storage with familiar interfaces, “Amazon S3-like.” Crust Network’s description claims to achieve low cost with high performance.
Coinversation aims to create a way for people to make speculative trades on the blockchain with off-chain assets. Essentially you will be able to long and short assets such as gold on the blockchain, or stocks, etc. Interesting how this will be implemented since you have traditional assets and blockchain interlacing.
#11 Ares Protocol
Ares Protocol aims to be the cross-chain oracle on the Polkadot ecosystem. They will also have compensation channels for users that might suffer losses due to incorrect data provided by the oracle service. Ares Protocol aims to be one of the fundamental elements in Web3.0 development and the digital economy.
HydraDX is a project aiming to create “fluid programmable value exchange.” They are specifically built to be a parachain on Polkadot.
#13 Manta Network
Manta Network aims to bring privacy to the Polkadot network. Their involvement in the parachain will allow users to turn their parachain assets into private assets, allowing for anonymous movement of funds across parachains and wallets. Optionally this will enable the users to turn their DOT and other parachain assets into smart Monero. Another great project, we hope it gets a slot in the future, if not this auction.
OriginTrail is rather complicated to explain the project. They wish to essentially create a “Google” like experience to data access that will be 100% decentralized and open-source. The use cases they list is for IoT, Web3.0, GS1, etc.
#15 Phala Network
Phala Network is currently capable of highly scalable cloud computing while remaining confidential. They’re currently working on developing Web3 analytics tools similar to Google Analytics but private and secure. Once implemented onto the parachain they will bring their functionality to other blockchains.