Statemint successfully launched to Polkadot test network, expected to be on Kusama soon!

On June 2, Westend, the Polkadot test network, has upgraded its Shell chain to Westmint (Westend’s version of Statemint), and it is now running stable!

Statemint successfully launched to Polkadot test network, expected to be on Kusama soon!

According to the plan revealed by Gavin and Polkadot team, the next step will be to upgrade Shell to Statemine on Kusama, and once Statemine is stable, the Kusama slot auction will start. Let’s wait and see!

The launch of Statemine is not only a sign of the upcoming auction, but Statemine is also important for Polkadot ecosystem and users as a parallel chain of assets.

Statemine will be the first parallel chain on Kusama, and a public interest parallel chain without bidding slots, dedicated to issuing assets on Kusama.

The following is from the description document of Statemint from the polka developer Parity, and can help you understand them further (the same Statemint-related content mentioned below applies to Kusama’s Statemine chain).

What is Statemint/Statemine?

Statemint is a blockchain that supports common assets in the Polkadot and Kusama networks.

Statemint will allow users to.

Deploy assets backed by commitments using DOT/KSM deposits.

Set the administrator role of AssetId to mint, freeze, unfreeze and destroy tokens.

Assets can be registered as “self-sufficient” if the relay chain agrees. That is, an account can exist without a DOT/KSM as long as it maintains a minimum token balance.

Use the asset balance to pay fees.

Transfer (and approve the transfer of) assets.

Statemint must remain fully aligned with the relay chain it is connected to. As such, it will accept the governance origins of the relay chain.

Frequently asked questions about Statemint

Since Statemint is likely to be one of the first common-good parachains, we have received a lot of questions about how it will work and where it will fit in the ecosystem.

Will Statemint go live on Kusama and Polkadot?

Yes, Statemint is a Polkadot parachain and Statemine is a Kusama parachain. All other answers apply to Statemine as well (but for the sake of brevity, we use Statemint/Polkadot below).

How will Statemint get parallel chain slots?

We are building Statemint, which will propose the governance of the parallel chain slot. The proposal will go to a referendum and be decided by Polkadot’s stakeholders. For more information on public interest parallel chains, see this blog post: Public Parallel Chains: An introduction to allocating parallel chain slots through governance.

How will I use Statemint?

Statemint will be a parallel chain that uses DOT tokens as its native tokens, i.e. represented in its Balance module instance. In order to make transactions on Statemint, you will need to first send some DOT from your Relay Chain account to your Statemint account using a cross-chain message. addresses on Statemint will use the same SS58 prefix as their Relay Chain. Note that this process may not be very end-user friendly until some user interfaces have handled the cross-link messages.

One approach is to have the backend connect to the relay chain and Statemint. when the user tries to make a transaction on Statemint, the application realizes it needs some balance and handles the sending of the cross-chain message to make the balance transfer, waits for it to succeed, and then broadcasts the Statemint transaction, which is a one-click operation for the user. If you want to contribute, building infrastructure and UI that can handle applications with multi-chain backends would be a great contribution, not only for Statemint.

What are the costs of Statemint?

The deposits and fees for Statemint runtime are set at 10% of the relay chain level. That is, in general, transaction fees should be about 1/10th of the fees on the relay chain (this is also true for deposits such as proxies and multi-signatures). The minimum amount for account survival will also be 1/10th of the amount on its relay chain.

Note: These values will not be exactly 1/10. the Weight limit per block of the parallel chain is lower than that of the relay chain, and the fees will vary depending on the saturation of the block. Therefore, if the Statemint block is fuller than the Relay Chain block for a period of time, the cost will be higher than 1/10 of the Relay Chain.

Can I run a collector?

Yes, Statemint will have very simple logic that will allow a person to become a Collector by simply binding a fixed amount of money. Note that there is no inflationary reward for collectors, they only charge a portion of the transaction fee. At the time of writing, Aura is not yet available for parallel chains, so please be patient as we use this new feature to expand the number of collector slots.

Will Statemint support smart contracts?

No, Statemint supports dedicated logic for handling assets. It will not provide any smart contract interface.

Will Statemint support NFT?

Eventually it will, but probably not in its first releases of Kusama and Polkadot.

For a roadmap to support homogeneous and non-homogeneous tokens, please refer to https://github.com/paritytech/substrate/issues/8453.

Will Statemint compete with smart contract chains, NFT chains, etc.?

Statemint is a very basic chain that provides only an interface to represent assets, and some primitive functions to handle them. Tokens tend to bloat smart contract chains with known complexity of contract storage and measurement transactions. By coding this logic directly into the Statemint runtime, token storage and manipulation can be faster and cheaper.

This allows other chains to focus on what they are good at, without being bogged down by token execution. Smart contract chains specialize in allowing anyone to deploy non-confidence code to global systems. the NFT platform focuses on fostering community, marketplace, and gallery capabilities. statemint can store the underlying interfaces to tokens, while other systems can write the logic to interact with them.

For example, an operation executed by a contract can trigger a cross-chain message that allows Statemint to process the token transaction as a result of the contract execution. This would reduce the waste of gas and lower the cost on the smart contract chain. Similarly, the NFT chain or platform could focus on its business logic, i.e., interactions on behalf of community members, and the terms of transferring NFTs; but the NFT data structures and primitive functions could be placed on Statemint for use by multiple communities.

How will Statemint be governed?

As a parallel chain of public goods, Statemint must be fully aligned with the relay chain. Upgrading to Statemint will require a “root origin” of the relay chain, i.e. a referendum. Some other logic (such as privileged asset functions) will be subject to the council of the relay chain and can be replaced by root.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/statemint-successfully-launched-to-polkadot-test-network-expected-to-be-on-kusama-soon/
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.

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