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Parity Technologies Rolling Out New Governance Framework For Polkadot

Parity Technologies rolling out governance framework for Polkadot, statemint.

Parity Technologies, the company that founded Polkadot, plans to roll out a new parachain governance framework dubbed “Statemint.” The goal behind this is to improve the network use case.

A common good parachain grants slots through governance. Rather than the auction mechanism that underlies Polkadot. However, the auction method does not work effectively for all parachains.

Statemint would allow Polkadot to offload many of its core functionality to special purpose parachains. While avoiding the free-rider problem.

It would also enable anyone to deploy an asset on the network as long as they provide a guarantee in the form of DOT. The native cryptocurrency of Polkadot. Or KSM for the Kusama parachain.

In some cases. When the Relay Chain’s governance approves a certain request. Assets can be registered without a deposit.

Polkadot typically requires accounts to have a minimum balance. If it drops below it, the existential deposits (EDs) are automatically deleted. To avoid the buildup of low-value “dust” accounts.

Upon deploying the asset, the creator can establish a maintenance team consisting of an issuer. An administrator and a freezer who can pause all tokens.

Statemint will also be fully aligned with the Relay-chain’s token holders. Allowing governance bodies to have control over the direction of the chain.

Statement from Parity Technologies

“Statemint will allow various entities ranging from artists issuing tokens for their work to central banks issuing central bank digital currencies. To deploy their assets on the Polkadot network,” Parity Technologies explained.

“By coding these standards as first-rate logic in the chain and allowing non-dot accounts to use the assets. Users will face lower fees and friction when using their assets in the network.”

Polkadot did not say when the generic Statemint asset chain will be offered. Though, they noted that development will begin shortly and could last several months.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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