Golden Observation｜Let’s talk about what “Polca followers” need to care about?

On April 7th, the Polkadot experimental network Kusama has officially launched the parachain auction webpage, explaining in detail what Kusama’s parachain auction is, how to participate and more frequently asked questions.

According to the details, Kusama's parachain auction mechanism will be divided into 5 parts: the team first uploads their parachain code and related parameters, bids can be opened during the auction, the precise time of the end of the auction is determined by VRF (Verifiable Random Function), The KSM of the successful bidding team will be locked (can be unlocked later), and the lease period can be extended through another auction before the end of the parachain lease.

This is where the anticipation begins.

Therefore, at this critical point in time, we need to sort out to readers again: If you are a follower of Polkadot, what should we pay attention to?

Throw out the structure and definition first. The current Polkadot is a technical structure of heterogeneous sharding. It is no longer possible to use cross-chain as the first label of Polkadot. Its benchmark is the homogeneous sharding architecture of Ethereum 2.0 .

The structure of Polkadot is the ultimate security of the relay chain as the network, and at the same time provides security for the parachain, which is connected to the relay chain through a slot. Parallel threads will also be provided on the relay chain to directly serve dapps.

An Xinxin, CEO of Jinse Finance: The core problem of Ethereum is that the cost of the C-side is too high, and the profit of the B-side has nothing to do with the public chain: Jinse Finance live report, April 25th, the 2021 New Infrastructure Blockchain Summit was held in Chengdu. In the sub-session of the new era of distributed storage, An Xinxin, CEO of Jinse Finance, shared the topic of "Looking at the Blockchain Mining Industry from Another Angle". He pointed out that Bitcoin is an accounting program that everyone in the world can participate in co-construction and joint governance. The purpose of Ethereum is to allow the world to participate in building a completely decentralized operating system. But the design of Ethereum is not perfect, because it does not design the projects on the chain and the public chain to complement each other better. At this stage, the core problem of Ethereum is that the C-side cost is too high, while the B-side profit has nothing to do with the public chain. In addition, the public chain under the POS consensus algorithm is easy to form a one-sided problem, which is not conducive to the entry of newcomers, and the tokens are becoming more and more concentrated, making it impossible for ecological co-construction. [2021/4/25 20:55:57]

In order to better provide a variety of services, parachains will now also be differentiated into system parachains and functional parachains. System parachains can share the processing tasks of the relay chain, while functional parachains are to share some of the ecology. Teams and developers who are publicly unable to participate in slot renting, such as the emergence of public welfare parachains.

Golden Salon丨Chu Xiahu: Bitcoin may continue to decline for a while: In this issue of the Golden Salon, the chairman of the Metaverse Foundation, Chu Xiahu, pointed out that the recent global financial situation is turbulent, and global asset prices are falling, including Bitcoin. People in the traditional financial circle do not regard Bitcoin as a safe-haven asset. They regard Bitcoin as an ordinary commodity or commodity futures, so Bitcoin has also been ruthlessly sold. This financial turmoil will continue for some time. After April, many economic report indexes will come out, and the economic indicators will be very poor. So, Bitcoin may continue to move lower for a while.

The turmoil in the global financial situation has also had a great impact on the public chain. The main reason is that it cannot obtain financing. In other words, at this point in time, there are many cheap and high-quality assets. [2020/3/18]

In addition to these, closely related to the ecological progress are Rococo's testing progress, Substrate's upgrade progress, Comulus' progress, etc.

The following is the relevant content-zce combed by Golden Finance:

Different teams have different paths to launch parachains on Kusama, but a general process might look like this:

Jinse Finance March 2 mining currency data broadcast: Jinse Finance reported, according to the data of Coinin Mining Pool:

The daily income of mainstream currency mining is: BTC (￥0.98/T), ZEC (￥0.35/T), LTC (￥15.97/G), BSV (￥1.03/T), BCH (￥1.03/T), DASH (￥0.06/G).

The current popular mining machine data and net income are: Innosilicon T3+ (BTC, ￥24.11), Innosilicon A9 (ZEC, ￥11.87), and Antminer L3+ (LTC, ￥0.07). [2020/3/2]

Design a parachain and use Substrate to create it

Test and optimize locally first, then test on the Rococo testnet

Determining the auction strategy for slot rental

Join the auction and bid

After the lease period starts, deploy on the acquired slot

At the end of the lease term, renew the lease by participating in another auction

Parachain slot auctions follow an optimized candle auction format where participants do not know the end time of the auction, preventing strategies that bid for the highest price at the last moment to obtain a more accurate price representation of slot auctions.

Analysis | Golden Disk: The market’s long sentiment has recovered and funds have begun to flow back: Golden Disk Comprehensive Analysis: According to the data of Golden Finance, the market sentiment has recovered, and the targets participating in the rebound have begun to increase, and the recharge of funds can also be better than before The 47% of the market has increased considerably, but the overall weakness has not yet been overcome, and attention should be paid to controlling short-term risks. [2018/8/15]

Some teams may choose to crowdfund their slot leases using Kusama's built-in crowdloan mechanism, which allows everyone to support the team in winning the parachain by voluntarily locking up their KSM until the slot lease expires. Teams can reward their backers as they see fit, and design their crowdlending in various ways, and host it on Kusama or other third-party platforms.

Not only kusama, Polkadot allows parachains to raise DOT for their parachains in a decentralized Crowdloan way.

If a crowdlending auction is successful, the parachain will be plugged into Polkadot. The collected DOT will be locked in this parachain account during the validity period (up to two years).

Jinse Finance exclusive news Wang Binsheng talks about "People's Daily·Three Questions Blockchain (Economic Hotspots)": The essence of the transformation caused by the blockchain is not a technical issue: Jinse Finance exclusive news, Professor Wang Binsheng's opinion on "People's Daily·Three Questions Blockchain (economic hotspots)" Economic Hotspots)” in response, Professor Wang said: “The essence of the transformation caused by the blockchain is not a technical issue. Will computer experts feel advanced when they look at Bitcoin and Ethereum today? The key to blockchain technology is that the cost of information transmission is getting higher and higher. The lower the future marginal cost is close to zero, everyone can publish information and everyone can record information. This is the essence of blockchain-induced change. Many people understand blockchain as a profound technical problem and expect killer Application, this direction is wrong. The technology that causes social change must be simple enough. If Moutai issues tokens, stocks with a market value of 900 billion may no longer exist. It is not enough to combine the consumption behavior of buying Moutai with the financial behavior of stocks. Is it a killer app?" [2018/2/26]

Participants will be able to recover their DOTs in one of two ways:

If the auction campaign is successful, the parachain will enter retirement at the end of its lease. During this phase, participants can withdraw the DOT they staked.

If the auction campaign is unsuccessful, this retirement phase will start at the campaign's configured end time, and participants can also withdraw their DOTs.

In the Polkadot network, you may first see two types of blockchains that meet common good chains: system level chains and public utility chains.

System-level chains transfer functionality from the relay chain to parachains, minimizing the burden on the relay chain. For example, governance parachains could move all Polkadot governance processes from the relay chain to a parachain. Adding system-level chains is generally non-controversial, as they simply move useful functionality that stakeholders have agreed to from one place (relay chain) to another (parachain).

Offloading logic from the relay chain to parachains is an optimization that can make the entire network more efficient. All validators are required to process all relay chain transactions, but are divided into several groups to validate parachains in parallel. By offloading system-level logic to parachains and allowing processing to be done by a set of validators rather than all validators, it frees up the ability to validate parachains in the Relay Chain for its primary function. Adding a system-wide chain enables the network to handle more parachains.

The chain of public functions will always be fully aligned with the Relay Chain stakeholder group. They will adopt the native token of the relay chain (i.e. DOT or KSM) as their native token and respect any messages from the relay chain and system-level parachains at face value.

Some examples of potential public utility chains are bridges, general-purpose asset chains, and DOT-denominated smart contract platforms. All of this can be run without new tokens.

A universal asset chain would allow anyone to make a deposit in DOT to deploy their assets on-chain. Assets on this chain can be physical commodities such as art, real estate or gold, or paper commodities such as fiat currencies held through company shares or trusted parties, such as stablecoins and central bank digital currencies (Central Bank Digital Currencies). Provide a stable, permanent platform.

Public function parachains typically delegate privileged business logic to Polkadot's governance. Just like the Polkadot relay chain has several privileged functions, like setting validator counts or distributing DOTs from the treasury, these parachains also have privileged functions, like changing system parameters or registering assets.

The functions added by the public function chain are beyond the scope of the relay chain, and the vast majority of public interest chains (common good chains) will probably be unfixed system-level chains.

Parity plans to develop and propose a general asset parachain called Statemint as one of the first public interest parachains. The parachain will provide the ability to deploy assets across the Polkadot and Kusama networks, from tokenized artwork to stablecoins and Central Bank Digital Currencies (CBDCs), at lower fees than existing solutions for users Provide a better experience.

As a public interest parachain, Statemint will be fully aligned with the Relay Chain token holders. Therefore, the governance body of the relay chain will control the direction of the chain and make decisions such as registering assets without requiring deposits, changing parameters (such as deposit amounts), and proposing to upgrade the logic and functionality of the chain. The relay chain's council may also fund maintenance and infrastructure costs, such as running full nodes and collators.

Statemint will allow different entities, from artists issuing tokens for their work to central banks issuing central bank digital currencies, to deploy their assets to the Polkadot network. By encoding these criteria into the chain as first-level logic and allowing non-DOT holding accounts to use assets, users will enjoy lower fees and friction when using assets in the network. Deploying and maintaining this parachain through on-chain governance demonstrates the Polkadot community's ability to organize and provide utility to all applications and users in the network.

This means that in addition to converting the original functions of the relay chain into system parallel chains, the future Polkadot network will determine whether it is a bridge (currently a Bitcoin and Ethereum bridge), a stable currency (USDT, DAI, Or other current stable currency) parachains, and contract parachains that use DOT as the native token to allocate free parachain slots.

Polkadot has a lot of detailed rules, and its governance practice is far higher than the simple disposal of the Ethereum community. Therefore, it can be seen that Polkadot's huge structure is just beginning now. The basis for some subsequent grades. Wait and see.

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