Hey Kusama fans! Now the first 5 slots are grabbed by the best ecosystem projects — Karura, Shiden, Moonriver, Phala, and Bifrost. We helped all of them to secure the slots and we are proud of it. PromoTeam is one of the most active contributors and some of our members are the ambassadors of Shiden. Our referrals were in the top 5 contributors in Karura. We are one of the first supporters of Phala Network. Bifrost is the project that has the most resultative referral program. PromoTeam developed and supported the Bifrost Ambassador program and communities in different regions and platforms.

So all these results are a big win for all Kusama and Polkadot communities. But we have dozens of very good projects who could not win the first slots. What can they do? Of course, they get their slots soon. And those who save their KSM for these auctions may get some extra profits. Now let’s talk about Bifrost and Khala winners of 4 and 5 slots. Let’s analyze!

Bifrost

Bifrost is a DeFi platform that allows the creation of cross-chain derivatives. It addresses a new problem — users don’t know what to choose in general, staking on PoS chains, such as Ethereum 2.0, Polkadot and Cosmos, or providing liquidity to staking pools on Uniswap, Kava or Balancer. If they choose DeFi yield farming, that means that fewer people stake PoS tokens, and the security of PoS networks decreases. If they choose to stake, they make less money. At the same time, the more PoS tokens are staked, the less of them are traded on crypto markets, and their liquidity greatly suffers, causing insane price swings.

Bifrost’s solution is pretty simple — instead of staking PoS tokens on their own, token holders can allocate them to a Bifrost staking pool, and stake them there. After locking up staking tokens, Bifrost creates the same amount of derivatives tokens and sends them back to users. For example, users currently can stake ETH and get vETH for it for DeFi operations. These vETH tokens also can be staked in a pool or used in any other way, thus Bifrost users can get double profit both from staking and DeFi yield farming. Also, it features KSM staking, DOT staking is planned in the future.

The Bifrost team is building bridges with EOS, ETH, and has many other platform bridges and additional features in the plans. With the active development, it could become a significant part of the infrastructure of Kusama and Polkadot. The main difference between Bifrost Finance and all the other projects, participating in the auctions is that Bifrost doesn’t have a canary network. The same parachain that was connected to Kusama will also connect to Polkadot.

Khala

Phala (Khala for Kusama)tries to bring a totally new class of smart contracts to the blockchain space — private smart contracts. While smart contracts, in general, are pretty secure, if they are properly written and audited, they lack a very important trait that makes a difference for all commercial companies out there, wanting to use blockchain smart contracts but unable to do it because of their lack of privacy. Total transparency is great for idealists and for government-associated initiatives with nothing to hide, but for commercial operations, it’s crucial to keep many things secret, because competition in all areas is very high. Phala can be the solution to this problem.

Confidential smart contracts rely on the TEE (Trusted Execution Environment) technology. A special chip included in pretty much every computer, which allows executing code inside a special enclave, independent of an OS or the other hardware, and is 100% hack-proof, that’s why it’s possible to run encryption procedures inside it. The results obtained from the TEE are absolutely trustworthy, given that the node which provides these results can also prove them with the signed attestation. Khala Network supports Intel chips, so it uses Intel services for validation. Execution of smart contracts in such a way doesn’t require any sort of consensus, so one node can successfully run a contract on its own.

The network has two main types of nodes, gatekeepers and miners.

Gatekeepers have to stake a lot of Khala’s native tokens and get elected dynamically. They get rewards for keeping secret root keys for encrypting contracts, sharing them when needed with a chosen miner node over a secure TLS channel.

Miners execute confidential smart contracts. They get rewards for providing their TEE hardware to the network, running a special program pRuntime inside it. They get the encryption key from gatekeepers every time a new confidential smart contract is deployed and gets randomly assigned to a miner node. Every miner can join and leave anytime, they backup the current state of the contract from time to time, so it can be picked by another miner and recovered to be continued. The more tokens they stake, the more tasks they receive.

Khala Network is a really good technology and it actually can bring commercial companies into the Kusama and Polkadot ecosystems. It has private smart contracts which can be deployed by any user, and these smart contracts are interoperable, meaning they can connect to each other!

Summary

And that’s all for today. We are waiting for a new session of Kusama Parachain Auctions and will provide more information about participants soon. We are going to make partnerships with future auction participants and give our subscribers special terms and gifts. If you need any marketing support, feel free to contact us. Subscribe to our YouTube channel, Twitter, telegram and of course CrowdLoan Telegram Bot.

See you soon!

What is PromoTeam?

PromoTeam — is the international team of Polkadot fans with experience and professional abilities: We excel in community growth, business communications and strategy, promotion, advertising, mathematics, programming, entrepreneurship, and many others areas. Our main goal is to increase adoption and the value of the Substrate ecosystem. By nurturing a grassroots community and involving as many people as we can. Our mission is to give the Polkadot and Substrate community the utility it needs to promote a Polkadot ecosystem.

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