How does Statemint, which is important to Polkadot, affect the ecosystem if it works on time?

the story

On December 17, Polkadot adopted and followed the 46th referendum, officially making Shell the Statemint asset chain. Strictly speaking, this is Polkadot's first Parachain. At the same time, it is also a division of labor. White slots, not parachains, were by far the main contenders.

A few months ago, Kusama also announced a public offering called “Statemine”. The second is the importance of inheritance from different networks, except that slightly different compared to the Statemint on the Polkadot network. Understanding your role in your network gives you the complete picture.

Of course, compared to what Parachain knows about the competition, the life of Statemint is little known to the public or little known. After all, compared to the auction process, upgrading from Shell to Statemint is not a big novelty and even seen in a lot of news, but the best of Kung Fu is otherwise there is a secret to winning. . Probably more from Statemint. It fits that description.

Therefore, in this article, I would like to break down Statemint's past and present, the benefits behind them, and the direction for future improvements to be clear and special.

What is Statemint?

Statemint is a global heritage joint venture established by the Web3 Foundation and Parity Technologies to help all members of the Polkadot ecosystem share a variety of digital devices, including a variety of tokens and homogenized assets such as the digital currency of the central bank (CBDC). Non-homogeneous assets (NFT).

Statemint is not as complex as a chain of relays or a smart link chain, it is very simple, it is just a chain for building and maintaining assets. It generally consists of two modules, the Inheritance module for the management of homogeneous assets and the single code for the management of non-homogeneous NFTs. Balance is a level of function such as money and balance. Funds can store assets and have many advantages that are often found in chains of substrates, such as communication systems, proxies, and various signatures.

Statemint was conceived and implemented as one of the first public interest parachaines on the PolkaDOT network. Due to its advanced design, the cost of exporting Statemint assets is lower than other solutions, and none can be used. DOT users use this tool. As a result, users may incur friction costs and lower costs when providing, managing and switching digital assets using Statemint. Therefore, Statemint is a very useful application to be the first Parachain target.

It is important to note that the Statemint control is complete with the relay chain to which it is connected. It's like a subsidiary listening to the project of a parent company. Therefore, we accept control of the chain link, the rule is for all DOT holders, and future adjustments should be made by voting on DOT holders.

What does Statemint mean for Polkadot?

First of all, the appearance of Statemint allows the Polkadot ecosystem to have stable assets. Without Statemint, the Polkadot Green Project would have to report the assets of other public channels, such as providing ERC20 assets on Ethereum, and reporting the status of the ERC20 token to its subsequent chains behind the mainnet to connect. It is tedious and difficult. And the exchange rate of Ethereum ERC20 is still very high, it is necessary to use some functionality of parachain, but if the next operation of this parachain does not work or even does not build and when last part, it will affect this parachain. Assets provided by Parachain.

Therefore, Statemint, based on the public interest of the chain, can be seen as a state enterprise responsible for the publication, storage and exchange of non-essential assets.

Second, Statemint provides a stable and profitable environment for large-scale investments, allowing existing capital to enter the Polkadot ecosystem. I was on the polka echo casting tour. Not to mention the rapid development of the NFT market and CBDCs with future potential.

Statemint can be derived from the Polkadot relay chain, and existing functions of the relay chain, such as operations and financial modules, can be implemented by Statemint. Giving these tasks to a single Parachain can improve the efficiency of the user experience, because if there is a total of 1000 users, using the same role in the chain link will require a total of 1000 validators. . The release of a parachain is only 20 users to run and it is a fact that the performance has improved.

The implication of this is, firstly, that the total impact of the investment has been further reduced to 1/10. For example, existing exchange rates may be reduced. It will be reduced to 1/50 in the future. The second is to improve the efficiency of using electronic relay validators instead of making tedious and unprofitable products. However, please save energy to work on the parachain so that the chain link can support the parachain more.

In addition, the migration of the financial module to Statemint will allow the bank to hold other assets, in particular tokens or NFTs, and to request other assets such as fixed assets. financial system Due to the unreasonable loss that will result from fluctuations in the DOT exchange rate in accounting.

Finally, Statemint is also a key determinant of price capture for DOT. Statemint, a public interest, does not have additional symbols, but uses DOT for most of these situations. For example, when sending money through Statemint, the DOT is also used as the exchange rate (Other Assets).

There are always exchange rates, but Gavin used a lot of oil prices, so when Polkadot was created we developed an oil price counting system that was easy to calculate which reduced the rate a lot. exchange rate. Ethereum contains a lot of gas.

And in addition to the DOT when transferring money, the DOT must be placed in the deposit when using one or more signatures (a small amount of DOT is sufficient), and the account is still minimally entirely deposits DOT required to protect against dust attacks (not deposited). This design will give people some of the requirements of the DOT, but it will not be as easy as the prices of Ethereum oil will affect it for general use.

As the Polkadot ecosystem improves, Statemint will obviously divest more of its assets (Token, NFT, CBDC) and create a larger pool, and the circulation of assets within assets will increase further. , the interactions of inter-channel scenes with other parchains will be rich, which will become a must for the DOT.

Thus, the success of Polkadot ecology will promote the wealth of assets and speed of inventory around Statemint, allowing DOT to be more profitable, attracting more developers, financiers and users involved in the ecology of Polkadot. Promote the development of Polkadot ecology. Finally, Statemint will create a life cycle with the improvement of the Polkadot ecosystem, and we can look to the future too!

Incident report

It's been almost a week since Statemint was announced. What are the current developments and future projects of Statemint?

First, Statemint creates a "created" report. The so-called "creation" state refers to the Polkadot network converting Parachain to Statemint after initially sending two messages to Shell.

One of the notes wrote awards for storage, set up the first Aura write key network, announced the "secure" XCM version of Statemint, and made a smart pre-contract. Further recommendations for upgrading Statemint Runtime, officially launching token creation and management functionality.

At the same time, Polkadot changed the Statemint status for all DOT holders, and future amendments required a vote from DOT holders and worked to achieve distribution.

With the initial improvements, Statemint has created a legacy throughout the chain, but it still has some limitations. The next feature will not be used until a dispute arises which allows users to report Parachain blocks incorrectly and sponsor penalty numbers written on time.

The grievance law supports the security of Statemint property, making Statemint's DOT as secure as a chain link. At the same time, after checking the running time, the development of the Statemint device and the operation of the XCMP channel were gradually opened.

And the users mentioned above can use Statemint assets without holding DOT in exchange for other assets, and it will become a reality in the future. The Treasury retains other assets held by the administration of Statemint, and the applications use similar assets of Statemint.

Statemint can also be used as an NFT market NFT switching function on a smart parachain contract. And all of this is just the beginning of owning Statemint assets and interacting with other Parachains.

The current conflict resolution is already in place, Polkadot will be released in the near future and we look forward to more Statemint in the future as well.

P.s.

Looking at the development of Ethereum, the emergence of the ERC20 protocol and the ERC721 protocol seems to have provided an important starting point for the development of the ecosystem. The former led the success of DApps and DeFi, and the latter led the history of NFTs. . Therefore, the comparison of ERC20 and ERC721 Statemint also plays an important role.

It is also difficult to predict from a historical window if Statemint could lead to Polkadot's success as Ethereum. Of course, as the article indicates, Statemint is not the equivalent of a standard like ERC20 and still has its own Poka runtime environment (which can be changed without a fork), so future improvements will have consequences. unintended consequences.

Finally, we will also be confronted with the development of Polkadot ecology itself. This large ship, which the public has been waiting for, seems to be still in its infancy of slow development, especially when there was an explosion of noise in the market. , people have to find many ways to find the direction of large ships, so as not to cross.

There is a high probability that the only “waiting time” will always be where and when the ship will go.