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Parity Technologies To Roll Out New Parachain “Statemint” For Polkadot

Parity Technologies, the company behind Polkadot, has planned to roll out a new parachain “Statemint” to enhance the use-case for Polkadot. 

It has been reported that a common-good parachain is a parachain that’s granted slots through governance as opposed to the auction mechanism that underlies Polkadot.

However, the auction method doesn’t work effectively for all parachains, i.e., those that could be considered as “common goods.”

A new parachain governance proposal called “Statemint” has been made by @ParityTech. This would be the first common-good parachain for the @Polkadot network. — Cointelegraph (@Cointelegraph) March 9, 2021

The report said that as a generic asset chain, Statemint would allow anyone to deploy an asset on the network as long as they put up collateral in the form of DOT, Polkadot’s native cryptocurrency, or KSM in the case of Kusama.

Parity Technologies explained:

“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.”

The company added:

“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.”

Likewise, the Polkadot team did not specify when the Statemint generic asset chain would be proposed, but only that development will begin shortly. As an interoperability-focused project, Polkadot has surged through the market crypto market rankings over the past year.

Thus, according to CoinGecko, DOT became the fourth largest crypto futures market by highlighting enormous demand for the asset, as DOT is currently ranked sixth by total market capitalization, with a value of $31.4 billion.

Source: Cointelegraph



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