In this episode, host Jorrin Bruns (Support Engineer, Parity Technologies) is joined by Joe Petrowski (Common Good Parachains Team Lead, Web3 Foundation) to talk about common good parachains (aka system level parachains), the layer-1 Polkadot blockchains dedicated to core functionality that benefits the entire Polkadot ecosystem. Since Statemint, dedicated to asset and NFT functionality, launched as Polkadot’s first common good parachain, many more have been in development. This episode explores how common good chains are evolving and what this means for the Polkadot ecosystem, from the new Collectives parachain, evolving NFTs on Statemint, to the upcoming Bridge Hub parachain, and many exciting projects coming out of the ecosystem.
During this talk, Petrowski describes how common good parachains are elected, categorized, onboarded, and eventually made available to users. He highlights the importance of the Cross-Consensus Message Format (XCM) for system-level parachains, and those which are ready to launch once XCMv3 is deployed. Finally, during the analysis of parachain transaction validation and finalization, we discover the eye-opening benefits of moving core functionality off the relay chain; Polkadot could support far more than 100 parachains, with far fewer than 1,000 validators needed to process transactions with the same security guarantees as before.
2.00 The humble beginnings of common good parachains
3.22 System vs public utility chains
12:00 Pallets abstracting work away from the relay chain
13:00 How transactions are processed on the relay chain vs a parachain
15:12 The benefits of taking core functionality off the relay chain: > 100 parachains!
17:30 System level common good parachains under development
22:45 The Collectives parachain
31:35 How to create a collective or DAO using Substrate's Collective pallet
36:00 Governance to set up the Collectives parachain
39.45 Developments and roadblocks to launching the Bridge Hub
51:10 Evolution of Statemine/ Statemint including evolving NFTs
56:45 Community shoutout for support - particularly deployment tooling