{"id":183809,"date":"2021-03-09T21:33:08","date_gmt":"2021-03-09T21:33:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=183809"},"modified":"2024-02-24T19:38:16","modified_gmt":"2024-02-24T19:38:16","slug":"what-the-new-statemint-proposal-means-for-governance-on-polkadot","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/what-the-new-statemint-proposal-means-for-governance-on-polkadot\/","title":{"rendered":"What the new \u2018Statemint\u2019 proposal means for governance on Polkadot"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Parity Technologies plans to develop and propose a generic assets parachain called Statemint as one of the first common-good chains on <a href=\"https:\/\/cryptoslate.com\/coins\/polkadot\/\">Polkadot<\/a>, CryptoSlate learned in a release today.<\/span><\/p>\n<h2><b>Benefiting Polkadot\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Polkadot\u2019s and Kusama\u2019s on-chain governance can grant parachain slots by public referendum, instead of determining the slot winner via its auction mechanism.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The parachains that are granted slots via governance, known as <\/span><strong><a href=\"https:\/\/polkadot.network\/common-good-parachains-an-introduction-to-governance-allocated-parachain-slots\/\"><i>common-good<\/i> parachains<\/a><\/strong><span style=\"font-weight: 400;\">, provide core functionality that would be susceptible to the <a href=\"https:\/\/cryptoslate.com\/how-polkadot-battles-the-free-rider-problem-with-common-goods-parachains\/\">free-rider problem<\/a> if left to the auction market dynamics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This parachain would provide functionality for deploying assets \u2014 from tokenized artwork to Central Bank Digital Currencies \u2014 in the Polkadot network and give their users a better experience with lower fees than existing solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a common-good parachain, Statemint will stay fully aligned with the Relay-chain\u2019s token holders. As such, the Relay-chain\u2019s governance bodies will have control over the direction of the chain and make decisions such as registering an asset without requiring a deposit, changing parameters like the deposit amount and proposing upgrades to the chain\u2019s logic and functionality.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relay-chain\u2019s Council may also provide funding for maintenance and infrastructure costs, such as running full nodes and collators.<\/span><\/p>\n<h2><b>The problem<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On-chain assets are usually issued as smart contracts with common interfaces. Using smart contracts for standardized functionality is destined for inefficiency and high fees, as smart contract platforms must meter every step of execution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Metering the same logic repeatedly wastes system resources because the execution complexity and resource usage are well known; there\u2019s no need to meter it every time it executes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But parachains can encode the interface for assets directly into the chain, allowing cheap and fast execution of common functionality. By encoding asset functionality directly on-chain, the system does not need to meter standard function calls because it already registered the logic and knows what fee to charge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The generic assets chain would allow anyone to deploy an asset as long as they put down a deposit in DOT (or KSM for the Kusama parachain). If there is approval from the Relay Chain\u2019s governance, then the asset may also be registered without a deposit.\u00a0<\/span><\/p>\n<h2><b>How Statemint helps<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Statemint will allow diverse entities, ranging from artists issuing tokens for their work to central banks issuing Central Bank Digital Currencies, to deploy their assets to the Polkadot network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By encoding these standards as first-class logic into the chain and allowing non-DOT-holding accounts to use the assets, users will face lower fees and friction when using their assets in the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Deploying and maintaining this parachain with on-chain governance will show the power of the Polkadot community to organize and provide a utility to all applications and users in the network.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Parity Technologies plans to develop and propose a generic assets parachain called Statemint as one of the first common-good chains on Polkadot, CryptoSlate learned in a release today. Benefiting Polkadot\u00a0 Polkadot\u2019s and Kusama\u2019s on-chain governance can grant parachain slots by public referendum, instead of determining the slot winner via its auction mechanism. The parachains that [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":183832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79325,77082,37],"tags":[67749],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What the new \u2018Statemint\u2019 proposal means for governance on Polkadot<\/title>\n<meta name=\"description\" content=\"Parity plans to develop and propose a generic assets parachain called Statemint as one of the first common-good chains on Polkadot.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/what-the-new-statemint-proposal-means-for-governance-on-polkadot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What the new \u2018Statemint\u2019 proposal means for governance on Polkadot\" \/>\n<meta property=\"og:description\" content=\"Parity plans to develop and propose a generic assets parachain called Statemint as one of the first common-good chains on Polkadot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/what-the-new-statemint-proposal-means-for-governance-on-polkadot\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-09T21:33:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-24T19:38:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/polkadot-mint.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/what-the-new-statemint-proposal-means-for-governance-on-polkadot\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/what-the-new-statemint-proposal-means-for-governance-on-polkadot\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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