The day that many supporters of the Polkadot Network have been waiting for has finally arrived.
The first real-world functional parachain Statemine, began processing permissionless transactions after an on-chain upgrade last weekGavin Wood – Kusama Parachain Auctions
Barely a week ago, the Kusama network made history by becoming the first fully-decentralised, secure heterogeneously-sharded blockchain, made possible by using technology developed for Polkadot. While SR Labs (Parity’s chosen external auditor) has been conducting the external audit of this logic, Kusama has gone “where no canary has gone before” and deployed this code in an effort to minimise the chances of there being any nasty surprises waiting for Polkadot’s deployment.
The first live parachain, Shell, went online a little over two weeks ago and has been running very smoothly. However, as its name might suggest, Shell was but a hollow vessel that did nothing but wait to be upgraded into something rich and functional. Like a butterfly springing from its chrysalis, this Shell parachain was upgraded to Statemine last week, Kusama’s equivalent of the Polkadot’s Statemint common-good parachain. Statemine supports several pieces of functionality including:
- Being a low-cost place to hold and transfer KSM (the minimum balance and transaction fees are substantially lower than the relay-chain).
- The transferral of permissioned fungible assets (such as non-algorithmic stable coins).
- The permissionless creation, issuance and transferral of both fungible assets and NFTs (non-fungible assets).
KSM may be moved freely between Kusama and Statemine using the XCM protocol and the same protocol allows for other parachains to interact with Statemine, using it as a reserve for trustlessly holding KSM and other assets in sovereign accounts.
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