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Magnet Proposal: Polkadot’s Smart Contract Docking Station using DOT as Gas Based on the PAYG Model
In order to complete the use cases for DOT and enable a comprehensive user base from enterprise-level users to lightweight users, Magnet will be a smart contract platform based on the PAYG model, with DOT as the gas fee. The platform's key features are summarized as follows: 1. Magnet without Tokens: All token functions will be carried out by DOT, including contract deployment, transaction fees, governance, etc. 2. Magnet will support EVM and WASM: As EVM currently dominates the smart contract market, the first phase of development will primarily focus on EVM, followed by support for WASM smart contracts. 3. Magnet will be built on the PAYG Model: This will allow a more flexible approach to connect to the Polkadot network and obtain its security guarantees. The price difference between platform Gas fees and blockspace can also provide a certain business income for Magnet, funding its long-term operations. 4. Magnet will be developed based on Tanssi Network: Magnet will ultimately provide services to users in the form of containerchain/appchain with the support of Tanssi Network. Tanssi's support will also accelerate Magnet's development. 5. Magnet will integrate XCM: XCM will serve as the foundation for DOT's transfer to the platform, ensuring its smooth operation. 6. Income distribution: Revenues generated from operations will be distributed to the Polkadot treasury, Collators, system reserves, and project operations. Most of the income will be distributed, with Magnet retaining only the basic fees for project maintenance.
Current Progress and Comments:
At the moment of the proposal and even months after, there was still not much information about Magnet either on Github or other places. Only that it’s going to be developed as the premier dapp on Tanssi, the idea of a Pay As You Go token model shows promise and that it has talented developers. For that reason, Ivy Networks one of the heaviest weights on OpenGov as well as others voted for the proposal. On December 7th an update appeared on Twitter (original: https://twitter.com/lec28351083/status/1732696154582749373 archive: https://archive.is/xfOOv). On Debember 12th the Magnet team shared their Github development as well as the completion of the milestone 1 on their new proposal for the second Magnet milestone, being decided on the referendum 360.
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