Polkadot created an interoperable blockchain to connect multiple blockchains and allow them to communicate with one another. Parachains, also known as parallel chains, are autonomous individual layer-1 blockchains that function in the PolkadOT and Kusama multichain networks. Parachaain is essentially parallel chains that use cross-network bridges to connect other blockchain networks like Bitcoin and Bitcoin. Polkadots founder Gavin Wood has launched a $777-million fund ahead of the network’s parachain lease auctions.