There is no bid for the parachain slot, and there is no more cost to run an independent chain team, you can directly use Statemint to issue their own assets in advance.
Original title: “The latest development of Rococo: Statemint testnet of public welfare parachain has been launched! 》
Written by: PolkaWorld
At present, the parachain test network Rococo has launched the public welfare parachain Statemint, and has begun to test asset issuance. As of posting, Acala, Zenlink, ChainX, and Bifrost have issued their own test tokens on the Statemint testnet.
What is Statemint?
According to the information previously released by Polkadot, Statemint is a general-purpose asset parachain developed by Parity and will be connected to Kusama and Polkadot as one of the first public interest parachains. Statemint’s function is very single, that is, it provides the function of deploying assets in Polkadot and Kusama networks. The universal asset chain Statemint allows anyone to deploy assets as long as they pledge a certain DOT or KSM, but if the network governance approves the issuance of an asset, in this case, it is not necessary to pledge DOT or KSM.
How to issue assets on Statemint?
Step 1: First, you need some Rococo tokens: register a Rococo address, and then reply the address in Rococo’s element chat room , and Parity developers will send you some Rococo test tokens;
Step 2: Open polkadot.js.org, select TEST RELAYS & PARACHAIN ​​Rococo, and then select Statemint, you can enter the Statemint page!
Step 3: Select Extrinsics in the developer options, then select assets and mint(id, beneficiary, amount), and then fill in your asset ID and issued quantity!
You can view the assets that have been issued based on Statemint on this page .
What is the point of issuing assets on Statemint?
Because the current Polkadot and Kusama networks have not integrated other functions besides governance, staking, and transfer, such as smart contracts, parachain functions, etc., the current Polkadot and Kusama networks do not yet have the function of issuing tokens. If a Substrate-based chain wants to issue tokens, there may be 4 ways at present:
First issue tokens through ERC20 to circulate, and then become parachains and then map to their own mainnet coins, such as Phala Network;
The Substrate chain is operated as an independent chain , but this type of development is relatively high in terms of barriers to development and economic costs, such as ChainX;
After the bidding becomes a parachain , it goes online on the main network and issues tokens through its own parachain. Projects that are currently preparing to bid on parachains, such as Acala, Plasm, and Bifrost will all adopt this approach;
Issuance through Statemint , which is a public welfare parachain that can issue tokens to be added on the Kusama/Polkadot network. With this module, there is no need to issue via Ethereum’s erc 20, and it can be issued directly on the Polkadot network.
Therefore, for those teams that have not yet bid for a parachain slot, and do not have more costs to run an independent chain, they can directly use Statemint to issue their own assets/tokens in advance to circulate in advance! This is the greatest significance of issuing assets on Statemint!
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