Venture studio Master Ventures has disclosed a $30 million venture capital fund to invest in projects building in the Polkadot and Kusama ecosystem. The firm strives to back projects secure auctions for parachain slots on Polkadot. The Polkadot project has the aim of enabling different blockchains to interoperate with each other while still preserving a high degree of security.
Parachains play an important role in Polkadot’s design. They are blockchains with specific functionality that linked to the Polkadot Relay Chain and help from its security. Nevertheless, the amount of parachains that Polkadot can back is restricted, so projects that would like to lease a parachain slot need to secure an auction.
Polkadot’s mainnet was introduced in May 2020, and DOT transaction functionality was allowed in August of the same year. But parachain functionality is not yet live on the network. Presently, it’s being launched on Kusama, which is intended to be a more experimental equivalent to Polkadot.
In The Meantime, Master Ventures CEO Kyle Chasse stated that he thinks that Polkadot will succeed over the long term and the credit goes to its strong developer community, developer-friendly features, and interoperability.