My colleague Elias Simos likes to say that we are living in a renaissance of digital assets, including the digitization of the value of non-digital assets. Decentralized solutions create myriad financial and peer-to-peer barriers, but many innovators and entrepreneurs cling to older models of project building.

Some platforms like Polkadot and Cosmos are creating new startup models that are suitable for Web 3.0. It makes it easier to build and connect to decentralized applications and enables innovators to develop better solutions. These multithreaded protocols act as the first catalyst and provide a mechanism to start and scale hundreds of new blockchains on the fly. It breaks down silos and opens up opportunities for newcomers to participate and support startups.

One of the most exciting projects of the next decade is the use of support systems that support blockchain technology. These alternative acceleration mechanisms enable the next generation of entrepreneurs and their blockchain projects.

Take polkadot as an example. Catalysts usually support growth-oriented startups in the early stages through education, advice and financing. You make these resources available at the beginning instead of equity. While most projects are unsuccessful, a small handful grow into large companies. Polkadot’s scaling mechanism shares many of the properties of Silicon Valley catalysts like Wii Combinator or Techstars and offers resources for small but promising companies. But in this Web 3.0 version, instead of a select group of people providing resources, the entire community can participate in projects.

Booting into the Proof of Stack Network is complicated. Established teams benefit greatly from the access to networks, talent, governance and operational excellence that the blockchain ecosystem has – as does the catalyst for startups. The Polkadot Network and Community provide all of these elements to the application or network developer and deliver them to the most difficult points in the value chain. Entrepreneurs can find their optimal problem / solution and interact with the necessary resources before meeting the strong market demand.

Decentralized skydiving process
The flagship project of the Web3 Foundation, Polkadot and Polkadots Experimental Network Kusama, runs on two types of blockchains: relay and parachain chains. The relay chain is responsible for reaching consensus and completing transactions. Parachines is an independent and interoperable Layer 1 blockchain with shared security in the relay chain and includes a variety of decentralized schemes such as identity, defy, bridging and smart contracts. Polkadot and Kusama both have 100 Parachin slots and must win them. The gambling winning process is designed to ensure that the parachines are funded in a fair and equitable manner and that there are two phases of crowdfunding and auction.

In the first phase, “the decentralized crowd allows Polkadot to receive Parachine bid tokens for Parachins” from supporters who block the original token point of the Polkadot protocol for two years for a project they support. Proponents never give up tokens, but tokens are locked and liquid until syndication expires; This closure shows supporters’ belief that Parachin will succeed. Any potential Parachin project will have to compete for support from Dot and Kusama (KSM) token holders, just as it did on the first accelerated demo day.

The second step is to use all crowd lock tokens for auctioning Parachine slots. Teams use lock tokens to bid on a slot and raise the bid as needed until the unknown time expires. This style auction dates back to the famous 17th century candle auction, when the closing of the candle flame signaled the end of the auction to avoid last-minute participants with a high bid. Supporters of the winning plans will receive the original Parachin tokens instead of their token lock.

This decentralized parachute campaign offers developers and supporters more promises than a traditional Web 3.0 accelerator. The available resources are decisive for success.

Source: CoinTelegraph