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Magnet Milestone 2 Proposal: Polkadot’s Smart Contract Docking Station using DOT as Gas Based on On-demand Coretime Model
With the development of Milestone 1, the fundamental functionalities of Magnet have been completed. To better facilitate feature development and testing, all functionalities of Magnet are currently functioning independently as On-demand Parathread. Following the completion of the Tanssi coretime feature development, these functionalities will be ported to Tanssi to reduce deployment costs. The current features of Magnet include: XCM Integration: Enable the transfer of DOT between the Relaychain and Magnet, with decimal precision adjustment for tokens. Asset Bridge: Enables asset transfers between Magnet Substrate accounts and EVM accounts. Account Binding: Lays the groundwork for future token transfers. EVM Integration: Transforms Magnet into a smart contract platform with EVM capabilities, allowing users to deploy contracts using DOT. Coretime Order: Based on the coretime costs of the Relaychain, determines whether the platform's Gas collection reaches the threshold and automates on-demand coretime ordering. If there are no transactions on the platform, block production is halted to conserve system resources. Block Assurance: When Gas fees are insufficient to cover coretime costs, the system enters a waiting period. After a certain time (currently set to eight relaychain block times), the system covers the coretime costs to ensure transaction processing and guarantees that user transactions are ultimately executed. Additionally, it prepares for the future coretime credit account by automatically assessing account balances and triggering profit distribution in advance to ensure smooth coretime ordering. Profit Distribution: Profit distributions occur after a set number of blocks (currently set to ten Magnet blocks). Profits, derived from the difference between platform Gas fees and coretime payment costs, are allocated to designated Polkadot treasury account, system reserve account, operation account, and collators accounts. The collators' accounts receive distributions based on their contributions to coretime blocks. The milestone 2 will focus on: Logic Design, Developing DOT's WASM Platform, Development of on-chain governance functionality, Optimizing Coretime Order Pallet, Optimizing Profit Distribution Pallet., Optimizing Blocks Assurance Pallet, Optimizing EVM and Bridge Functionality and Developing the XCM Transactor pallet.
Current Progress and Comments:
The followup proposal with a new milestone for the Magnet project. On the first milestone proposal there was not much detail originally but more detail was added with the full proposal. And now with the 2d milestone proposal a clearer path is shown of future goals and already delivered items. Thus, continuing the delivery of the proposal.
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