Explore the Statemine of Kusama

Kusama’s second wave of parachain slot auctions is about to begin, and it has been almost 3 months since Kusama launched the first public welfare parachain, Statemine. In these three months, 5 slot auctions have been completed. The completed auction project has been launched on the Parachain mainnet or preliminary mainnet.

And perhaps the most noteworthy is the complete function of Statemine. At present, there are already 102 kinds of assets on Statemine. Judging from the name of the assets, most of them are test-water issuance assets.

k8Pk7jaIQfqIbL0qJOAVwjBsvZFdpIHKCo7PE94n.png

Since Parachain Shell was officially upgraded to Statemine Asset Parachain, it has added asset casting and NFT casting functions, which represents the official start of the asset enrichment capability in the Kusama network. Although there are asset minting functions on other chains, the asset level of statemine is much higher than the assets minted by other chains.

A core element of Polkadot’s vision is to create a secure environment for blockchain communication, while also providing freedom and flexibility for the team. Projects can freely create custom chains with their own functions and tokens, and adopt what they think is appropriate Any governance model. But the only criterion for a project to become a parachain is that the chain must be able to prove to the verifier of the network that every block produced follows a standard protocol.

Statemine is the first parachain of Kusama. Its slot is granted through governance rather than auction mechanism. Statemine is used to deploy common assets, from homogenized tokens to stablecoins, CBDC and non-homogeneous tokens (NFT).

When Kusama’s structure: an interoperable parachain community is launched, the true value of Statemine will be realized. This will depend on the progress of other parachain applications.

The first projects to get slots are Karura, Moonrevier, Shiden, Khala, and Bifrost.

At present, Shiden and Karura have completed cross-chain transfer attempts using the XCM protocol, and Khala has established a public one-way bridge using the Substrate framework.

As the deployment of parachains progresses, Statemine has also passed the decision of the Kusama committee to authorize the upgrade to parachains without permission. Anyone can create assets and NFTs on Statemine. Each asset class requires 1 KSM deposit.

These assets will have an interface for asset managers and users. Asset managers can add metadata such as names and symbols to their assets and perform management operations such as creation and destruction.

Continuous development with improvements and new features. One of the first new features added to Statemine in the future will be the ability to specify assets to pay transaction fees. And after the decision of the Kusama committee, it is possible that the account does not need to hold KSM to create an account on the chain. These assets can also pay transaction fees.

Although KSM is the default token used to pay fees, if the native token of the relay chain is required for asset operations, it will increase unnecessary user friction. A future update will allow people to use Statemine without any KSM.

At present, the development team is still studying the cross-link interface required to use Statemine assets on other parachains, making it the “base camp” of assets in the Kusama network.

As mentioned earlier, statemine will be the core of kusama and Polkadot network assets. Like the relay chain, Statemine will use a reserve-based system that tracks the transfer of each asset, and tokens can be sent to other parachains. These parachains are also allowed to send assets back to Statemine.

This feature will allow users to own and use assets on multiple parachains, but the attributes of the assets are tracked on statemine.

Based on the shared secure structure of kusama and polkadot, trustless cross-chain messaging will open up a new paradigm for application development using each chain. After application within the ecological chain line parallel propulsion, Kusama will shape a lot better than the Ethernet Square Defi, NFT new experience.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/explore-the-statemine-of-kusama/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-08-20 12:19
Next 2021-08-20 12:21

Related articles