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Polkadot Parachain Governance Proposal Advanced by Parity Technologies

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.
As such, while the parachain would not deliver the verification tools as they are unique to each asset deployed on-chain, it …
Story continues on Crypto Potato

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