Altair Network wins auction to become 10th parachain on Kusama

Users tin experimentation connected immoderate fig of real-world assets earlier releasing them connected Centrifuge Chain

Altair Network has go the 10th parachain onboarded connected Kusama aft it was announced arsenic the victor of the 9th parachain auction.

Details astir the contention amusement that Altair Network had 11,201 stakeholders fastener 187,835 KSM tokens arsenic they rooted for the assemblage project. At the clip of the announcement, the KSM tokens accounted for much than $61.3 million, putting Altair up of the contention and making it the ninth victor of Kusama's parachain auctions.

The 11,201 participants who person enactment funds into the task are present acceptable to person 430 AIR tokens for each locked KSM. The reward is portion of a excavation of 79.8 cardinal tokens representing 15.8% of the 505 cardinal successful the reward pool. The allocations volition represent 25% of the slated 79.8 million, with the tokens to beryllium unlocked instantly for distribution.

The remaining 75% of the reward excavation volition beryllium released implicit the adjacent 48 weeks, which is the play for which the pledged KSM volition stay locked. According to Parachain.info, the timeline runs from 29 September to 5 August 2022, erstwhile Altair's parachain slot ends.

What is Altair Network?

Altair is built connected the aforesaid codebase arsenic Centrifuge Chain and provides a decentralised web upon which users tin build, trial and concern assets. The web offers an experimental environment, conscionable similar Kusama does for Polkadot, the erstwhile often called a canary web for providing a investigating crushed earlier assets spell live.

As a parachain winner, Altair is present acceptable to connection an ecosystem for the tokenisation of real-world assets and financing them earlier launching unrecorded connected Centrifuge. Assets to beryllium financed see uncommon creation and different non-fungible token (NFT) items.

Altair is looking to leverage its interoperability diagnostic to supply a span to Polkadot (DOT), Ethereum (ETH) and Kusama (KSM).