A Guide to 123 Swap? What are Parachains?
What is 123 SWAP?
The 123swap platform is a decentralized financial ecosystem that allows the fluid trading of crypto assets across currencies.
You can check it out more on https://123swap.finance/
Following platforms offers a variety of multi-chain DeFi solutions on blockchain assets, including:
- Yield Farming
- NFT Minting
A seed funding round reportedly raised $210k for 123swap
123swap was financed by a variety of angel investors, including Becker Venture Capital and Steven Becker, as well as other significant investors, including Polygon (Matic) Technology and other enterprises, VCs, and others. The private seed round has been closed and will be public next month.
What are Parachains?
The many layer-one blockchains that operate parallel over the polkadot networks to provide scalability and interoperability are referred to as parachains. Moonriver is a parachain on Kusama (KSM), polkadot’s “canary network” where developers can test their creations before publishing them to polkadot. You can also get a news and updates from their social media handle on the Twitter Link
How to Use parachains on 123 SWAP
Parachains are project-specific blockchains that are built on top of the Polkadot (DOT) and Kusama (KSM) networks.
Parachains may be tailored to a variety of use cases and feed into the main blockchain, known as the Relay Chain, which is considered the core of the Polkadot and Kusama networks.
Because the Relay Chain is in charge of the network’s shared security, consensus, and transaction settlements, all parachains benefit from the Relay Chain’s fundamental features by being connected to it.
How Parachains Work?
Polkadot and Kusama are networks that allow for the transport of both information and tokens. Unlike Ethereum, which forces developers to create decentralized programs inside the restrictions of its blockchain, Polkadot and Kusama enable developers to create their own blockchains.
This means that each parachain can have its own set of settings, including block timings, transaction fees, governance mechanisms, and mining incentives.
Instead of relying on their own set of validator nodes, parachains benefit from the Polkadot and Kusama network’s security, which is maintained by the Relay Chain. Instead, collator nodes maintain parachains by storing a complete history for each parachain and agree.
Polkadot and Kusama are anticipated to accommodate no more than 100 parachains slots on their networks, a figure that is variable and susceptible to change.
Each parachain has a designated parachain slot to link to the Relay Chain, and to get Web3, the team behind Polkadot and Kusama has access to one of the spots., has devised Parachain Auctions as a mechanism to divide the available slots equitably.
Parachains may have their own economies and local coins. Proof-of-Stake schemes are commonly used to pick the validator set to perform validation and finalization; parachains will not be required to accomplish either. However, because Polkadot is not excessively picky about what the parachain can implement, it may be the parachain’s decision to implement a staking token, although it is not typically required.
Collators may be rewarded by the inflation of a native parachain coin. Other methods of incentivizing collator nodes that do not entail inflating the original parachain token may exist.
Transaction fees in a native parachain token can also be used as a parachain implementation choice. Polkadot has no hard and fast criteria regarding how the parachains decide on transaction originality. For example, a parachain may be set up so that transactions must pay a minimum fee to collators to be legitimate. This validity will be enforced by the Relay Chain. Polkadot would still enforce its validity if a parachain included that in their implementation.
While Polkadot provides cross-chain functionality among the parachains, it needs some delay between the dispatch of a message from one parachain and the receipt of the message by the destination parachain. In the best-case scenario, the message’s latency should be at least two blocks: one for the message to be dispatched and one for the receiving parachain to process and create a block that acts on the message. However, in some instances, the latency for messages may be higher if there are a large number of messages in the queue to be processed or if no nodes are running both parachain networks that can swiftly gossip the message around the networks.
Website — 123 swap Website
Twitter — https://twitter.com/123swapfinance
Telegram — https://t.me/my123swap_chat
Reddit — https://www.reddit.com/r/123swap/
Discord — https://discord.gg/arNbvrPgZx