The first para chain auctions took place on the Polkadot [DOT] cryptocurrency network, and five networks started working in the DOT ecosystem. All of them are now successfully releasing blocks.
The German telecom giant showed interest in Polkadot, which acquired many network tokens on the market.
The first experiment with parachains in Polkadot was successful. After five years of work, Polkadot, created to combine blockchains, launched the first networks to become parts of its infrastructure.
The networks that won the para chain auctions have started releasing blocks and showing normal performance.
This shows that Polkadot technology is successful, and the network can expand its ecosystem. The first five connected networks (parachains) of Polkadot were Astar, Clover, Moonbeam, Parallel Finance, and Acala. They all work in decentralized finance, NFT, smart contracts, loans, and investments.
All five connected networks are more than $2.3 billion to participate in para chain auctions. Polkadot was founded by Ethereum [ETH] native Gavin Wood to address interoperability issues between decentralized networks.
At the same time, the connected networks can retain their specificity and perform tasks that are different from each other. The networks raise money from the community to participate in auctions to connect to Polkadot.
Gavin Wood said that there is no single blockchain that would suit all goals at once. Each network has its strengths and is suitable for decentralized applications but not others.
The para chain model is designed to provide a third-generation internet in which many different networks will work together.
Deutsche Telecom has invested in Polkadot Europe’s largest telecommunications company Deutsche Telecom announced the purchase of a “significant amount” of Polkadot tokens.
T-Systems Multimedia Solutions will own tokens. The corporation will launch several nodes for staking DOT tokens and stack its tokens.
The telecommunications company has long been interested in the cryptocurrency and blockchain space. It supports the Chainlink [LINK] oracle network infrastructure.
The company also works with the Dapper Labs NFT project and the Celo mobile payment network. But in cooperation with them, the telecom giant did not purchase their cryptocurrency (except for Celo).
Company representatives said: We are investing in Polkadot tokens to manage the network and support its ecosystem with money.
We make these investments from the funds of our division and not through a venture fund. This is a real business case, and Deutsche telecom is proud of it.
Perhaps Deutsche Telecom was waiting for the launch of the parachains to make sure the network was sound.
The company says it sees strong potential in Polkadot. Corporation CEO Andreas Dittrich said: Polkadot offers some really interesting business opportunities.
The grid shows the flexibility and security of the public blockchain, while it can build better infrastructure using parachains. Large corporations will eventually pay attention to these technologies.