Parachain development - outsourcing company Boosty Labs
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Parachain development

Boosty Labs is a parachain development company with a solid background of practice that combines consulting, strategy, design and engineering at scale. We offer numerous parachains (Polkadot, Moonbeam, Kusama, Efinity, Moonriver, Karura, Acala) development services to help businesses by launching interoperable dApps and blockchains capable of cross-chain computation and arbitrary data transfer.
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Our Parachain Development Services

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Parachain Development

From hiring parachain developers to launch, we provide complete end-to-end modeling for your parachain. We develop parachain projects as public or private blockchains and dApp development platforms.

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Consulting Services

Our team helps you conceptualize the proper parachain model for you, including its economy and runtime logic, and thus ensuring that it fulfills your needs.
dApps Development

We create and deploy a range of dApps as parachains, from gaming apps, digital wallets, IoT applications, DeFi apps to Web 3.0 Infrastructure. Our company provides beginning-to-end dApp development services, including front-end and back-end development.

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Smart Contract Development

We develop smart contracts for all types of parachains. We ensure that the smart contracts rightly embody your business logic.

Parachain Benefits

Solving the Blockchain Interoperability Problem

Each blockchain has its own distinctive qualities, functions, and principles of operation. However, blockchains are limited in their interaction with other blockchains and tools. Parachains are separate, independent blockchains with specific tools to help networks communicate with each other.

Overcoming the Limitations of Existing Blockchains

One of the main problems of popular traditional blockchains is scalability. In addition, transactions are not fast enough and are expensive. Parachains, offering innovative solutions, solve these problems of blockchain projects.

High Сompetitiveness of Parachains

Parachains can compete with established projects like Ethereum, Cardano, Tezos or Solana primarily because of their innovative ideas. In terms of payment methods, the high speed and low cost of payments make parachains a worthy alternative to the listed coins, as well as many others.

Easy to Update

Another advantage of parachains is the ease of updating. Instead of a grueling process, the output is something like a new version of the program on the phone, when the update can automatically install in the background without any problems.

Bitcoin and Ethereum are first layer networks. That is, they ensure that a transaction is carried out according to a certain immutable protocol. In BTC or ETH networks, you cannot create a new function, you can only add a new smart contract that will perform it.

Zero-level networks (Relay Chain)  – Polkadot, Kusama and other similar blockchains, which are also called protocols of protocols, work differently. In this ecosystem, first-level networks, parachains, are “tuned” above the zero-level networks. They can be made completely different, with their own functionality and economy, and the zero network serves as their basis and regulator, responsible for the security of the entire system and interconnection.

In other words, the Polkadot network and Kusama are the cores around which flexible and adaptive blockchains (parachains) can be built. And if parachain developers need a new feature, they can add it without interfering with the zero-level network.

The core of the ecosystem, the Polkadot network, for the coming years has only about 100 slots for building first-level networks (parachains), and there are thousands of projects claiming to be a parachain. Hence the extremely strict selection for candidates. Therefore, auctions (crowdloans) are held, according to the results of which only the winners will be able to build their networks around the core of Polkadot.

Why it is necessary for the participating projects is clear – this is the opportunity to gain access to the adaptive blockchain without creating your own. And why does the site itself, the provider of the null network, need it?

  • The service provider increases its market capitalization as payment for participation in the crowdloan is only accepted in the native coin of the null network (DOT or KSM).
  • The provider receives rent from the parachains for the use of the slot.
  • The price of the network’s native coin is growing, as both investors and auction participants are actively buying it.

Unlike all other methods of the first public offering of tokens (ICO, IDO, IEO, etc.), in the crowdloan, investors' money do not go to a startup, and not to an intermediary. They go to a special smart contract in the Relay network, which is maximally protected from any external influence.

Now quite a few “clones” of zero-level networks have already come out, providing services to the core of blockchains. For example, the MoonRabbit project, which has been much talked about in the crypto community lately. 

Polkadot was the pioneer of zero-level networks and is still the most famous project in this area. In the project architecture, in addition to the Relay Chain, there are also inter-network bridges that are designed to make interaction between parachains and other networks fast and convenient. The project team sets an ambitious goal – to combine its ecosystem with other blockchains, such as Ethereum, into a kind of global multichain.

Polkadot (Kusama) auctions in general terms look as follows:

  • Polkadot (Kusama) announce an auction;
  • Applicants take part in the auction. Slots are claimed by both industry giants like Chainlink and young projects;
  • Both slot contenders and ordinary users deposit any amount of the native DOT network coin (KSM) into a smart contract, placing a bet on a certain contender.

The giant company itself can redeem DOT coins from the market and buy a slot for them, and the startup attracts third-party investors (ordinary users) who are ready to invest in the auction.

Ordinary users have the opportunity to buy DOT and bet on one or another contender for the slot. If the applicant project wins the crowdloan, the coins of such a user (DOT) are blocked for 96 weeks (2 years) in a special smart contract. In return, he receives project tokens in a predetermined ratio.

If the project loses in the auction, DOT coins are returned to the owner immediately.

Kusama is Polkadot's canary network, its offshoot for experimenting with new blockchain features, risky projects and the like.That is, in fact, this is an experimental network, and its difference from testnets is only that it exists independently and will function until its community votes otherwise.

Though Kusama was originally created as a sub-network of Polkadot, its success has made it a separate, independent and successful project.

The rules for parachain auctions on Kusama are practically the same as those on Polkadot. Indeed, after the success of the first projects, the competition for a slot in the Kusama network has also become quite strong.

Crowdloans, like any other crowdfunding process in the field of cryptocurrencies, provides an opportunity to earn money for ordinary users and enthusiasts. And if we compare them, for example, with launchpads, platforms for launching crypto startups, then parachain auctions carry much less risks. In addition, the topic is new, not everyone has figured it out, and practice shows that this can mean the possibility of good earnings.

So, the obvious profit scheme in crowdloans is to buy DOT or KSM before the auctions. Then, after the announcement of the start of fees, send the coins to the smart contract of the project you are voting for, and just wait. If the project wins a slot, your DOT or KSM is locked for 96 or 48 weeks, respectively, and the winner's tokens are sent to your wallet.

As the past Kusama auctions have shown, the tokens of all candidates showed a multiple increase in value, because these are likely market leaders in the future, the first level of the ecosystem layer. In this case, you actually get the tokens of the winning project, plus the blocked DOT/KSM coins still remain yours. At the same time, if the project for which you “voted” did not win, you get your DOT coins back.

There is such a strategy for investing in parachain auctions: put all your DOT on the top candidate, which is often known in the crypto community. For example, at one time the Acala Network project showed all the signs of a leader. After winning the slot, immediately sell the received tokens at the market price.

Crowdloans are not just a new term in the crypto industry, but a promising investment direction. They are spared many of the shortcomings of such options for attracting investments as IDO, ICO, IEO, and such trusted projects as Polkadot and Kusama act as a kind of “guarantor” of investments.