Polkadot team last month announced it's Common Goods parachain offering on the slots basis. This opened up a lot of discussions in the Polkadot community. The on-chain governance parachain was offered on the slot basis for upto 2 years before it can make the slot available again.
Parity technologies has worked on a proposal for generic asset parachain - "Statemint". They are making the generic asset parachain to handle the common goods parachain in the Polkadot blockchain.
Parity technologies tweeted about the Statemint Proposal yesterday.
What does the Common Goods Parachain do for Polkadot ecosystem?
Many cryptocurrencies suffer from the problem of free rider issue. And to handle this problem, Polkadot governance came up with a solution of common goods parachain. Here the slots were meant to be reserved for the projects who wanted to make use of it.
Generic asset parachain like this can be used to deploy the NFTs and the currencies before they can get their own dedicated parachain. So it can be used for the prototypes and low usage tokens which could thrive in such generic asset parachain. Deploying and maintaining such type of the generic parachain using the on-chain governance can be pretty effective for the various types use cases.
In generic asset chains the relay-chain governance can control the deposit or lack of it for usage of the chain. It can also control other parameters through which the relay chain can be managed from single dashboard.
You can read the official statement about Statemint here.
What this means for the Polkadot Ecosystem?
Compared to the ETH ecosystem, the projects and the governance models are maturing the Polkadot blockchain lot more quickly and making it's use case more effective for public and the enterprise applications. This type of asset chains especially effective for the NFTs, tokens who are on ETH or other blockchain that wants to make use of the lowers fees and faster transactions.
This not only helps with the growth of the blockchain but it would also benefit the DeFi and other infrastructural improvements in the crypto market.
