t3rn acquires Polkadot parachain
We are incredibly proud to announce that t3rn has successfully acquired a parachain on the Polkadot network and that our shell has been successfully deployed.
t3rn has been deployed on Rococo since May 2022, and extensive tests have been carried out, complete with failures and learnings, the acquisition of a parachain symbolizes the next step for the multichain protocol and secures the slot for the next upgrades.
The journey to the acquisition of t3rn's parachain on Polkadot has been a systematic and progressive one, with a steadfast focus on delivering a fundamentally secure multichain protocol, while avoiding the pitfalls of some of the crosschain solutions that have preceded t3rn. From the protocol whitepaper in 2020 and our early development funded by the Web3 Foundation, to our deployment on the Rococo testnet, and now our acquisition of a parachain.
On March 5th, t3rn won the 41st Polkadot Parachain auction and officially attained a parachain. This occasion marks the successful completion of our strategy for obtaining a Polkadot parachain, in which our primary focus was to have a well developed product prior to acquisition.
As we had promised, we have been monitoring the market conditions and the right opportunity has arisen. We secured the parachain slot by bidding 129,000 DOT ($771 420 at the time of the parachain acquisition). The funds were held by the t3rn Foundation, which is the organization overseeing the development of the t3rn protocol.
“Our vision is that the future of Web3 is multichain; transactions and smart contract executions across multiple blockchains should be as easy and secure as those on a single chain”, said our founder and CTO, Maciej Baj.
“The acquisition of a parachain symbolizes the next step for the multichain protocol and secures the slot for the next upgrades. Although still not functional, our shell has been successfully deployed and it will be available after MVP-1 is deployed", he confirmed.
What is a shell parachain?
The parachain shell is essentially a framework that provides developers with the tools and libraries needed to create a custom blockchain that can interoperate with the Polkadot network. It provides a set of pre-built modules that allow developers to implement the necessary functionality of their parachain, such as consensus mechanisms, storage, and networking protocols.
The parachain shell also includes a set of APIs that allow parachains to communicate with the Polkadot relay chain and with other parachains on the network. This enables cross-chain interoperability, which is a key feature of the Polkadot network.
In summary, the parachain shell on Polkadot is the code framework that developers use to create their own parachains, which can run in parallel with the main Polkadot network and interoperate with other parachains and the relay chain.
A major milestone on the t3rn technical roadmap
The acquisition of the t3rn parachain is in line with the first major milestone on soon to be released t3rn technical roadmap, and will be followed by a full product MVP in a Substrate-based chains, an Ethereum light client and eventually the launch of the TRN token.
Jacob Kowalewski, Chief Strategy Officer at t3rn, commented: “With the launch of the parachain on Polkadot, t3rn will be able to evolve and refine its platform in a live environment, users will now be able to actively create multichain smart contracts and start earning rewards. The trustless, fail-safe, and interoperable design of t3rn's protocol allows for trust-free collaboration between blockchains, creating an ecosystem in which anyone can utilize and deploy interoperable smart contracts and be fairly rewarded for their contributions. This is a huge step to realizing our ambitious goal.”
The future of Web3 is multichain. t3rn has been built to enable this new paradigm in multichain programming, which is trustless, fail-safe and interoperable. We believe in trust-free collaboration, therefore the network will offer open access for anyone to join and play a critical role as Collator, Executor, Attester or Contracts Registry Builder.
Team t3rn will take a phased approach to rolling out the protocol, gradually releasing different features, showcasing and battle testing the network within a Substrate-based environment first before integrating with some of the foremost ecosystems in the industry.
t3rn is a multichain protocol that brings fail-safe, interoperable execution and smart contract composability to the Polkadot ecosystem and beyond.
t3rn’s ultimate goal is to enable trust-free collaboration between blockchains and to create an ecosystem in which anyone can utilize and deploy an interoperable smart contract, in an ecosystem where developers are fairly rewarded for their contributions.
Welcome to the next generation of multichain composability.