Parity Technologies, the company behind Polkadot, is planning to launch a new umbrella that could improve network efficiency.
Parity Technologies announced Tuesday that the statement is the first proposed public interest umbrella for the Polkadot network. Parasheen audience is a parash provided by management, as opposed to the auction mechanism behind Polkadot. The auction method does not work effectively for all types of umbrellas, ie those that can be classified as “popular items”.
As a public asset chain, Statemint will allow anyone to post an asset online if it provides security in the form of DOT, Bulcadot’s cryptocurrency, or KSM in the case of Kusama.
Parity Technologies explained that “Statemint will allow institutions of artists who encode their work to central banks that issue central bank cryptocurrencies to publish their assets on the Polkadot network,” and added:
“By coding these standards as first-order logic in the chain and allowing non-DoT accounts to use assets, users will face fewer fees and problems when using their assets online.”
The Polkadot team has not decided when to propose the Statemint public asset chain, but development will start soon.
As a project focused on interoperability, Polkadot has upgraded the cryptocurrency market over the past year. Last week, DOT became the fourth largest cryptocurrency futures market, highlighting the massive demand for this asset. According to CoinGecko, DOT is currently ranked 6th with a total market cap of $ 31.4 billion.