Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => Polkadot Forum => Topic started by: Malam90 on March 12, 2021, 02:49:01 AM
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Lower fees and better user experiences for Polkadot developers as Parity plans to release a generic assets parachain with enhanced functionality for deploying assets.
Parity Technologies aims at developing and releasing a generic asset parachain to serve as one of the first common-good chains on Polkadot. Dubbed Statemint, it would provide functionality for deploying various asset types, such as tokenized artwork or even central bank digital currencies (CBDCs).
Statemin to Come on Polkadot
The press release shared with CryptoPotato explained that the on-chain governance networks of Polkadot and Kusama can currently grant parachain slots by public referendum instead of determining the slot winner via auction mechanisms. Those so-called common-good parachains provide functionality that would be susceptible to the free-rider problem if the auction market dynamics are in play.
Consequently, Parity Technologies has decided to target the potential issues by developing a generic assets parachain network called Statemint. Apart from enabling the deployment of different types of assets, the new initiative would also provide lower fees and an overall better user experience.
The statement noted that blockchain networks can track ownership of a base layer asset – the native protocol token. However, they can perform substantially more complex tasks, so it “also makes sense to track other assets without launching a new network for each one.”
All crypto assets, whether backed by an on-chain protocol’s utility, by off-chain reserves, or without backing, derive their value from the owner’s belief that the issuer is able and willing to deliver on the promise they provide. Source Link (https://cryptopotato.com/polkadot-parachain-governance-proposal-advanced-by-parity-technologies/)
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Among all that, I believe and hope that Polkadot provides features that are simpler and easier for everyone to understand, just like using Ethereum.
Then the feature of this cheap fee is very good from Polkadot because it is able to keep trying to stick to the transaction fees of ERC20, BEP20 and LINK, all of which in transaction fees always continue to compete to be the cheapest.