About Magnet Network
Magnet Network aims to enhance the usage scenarios of DOT by offering a scalable smart contract platform based on the on-demand coretime model, utilizing DOT as the gas fee. This approach covers long-tail users in the smart contract market, thereby increasing the demand for DOT. Learn more by visiting the Magnet website.
About Magnet Stack
Magnet Stack, a sophisticated platform built on Substrate and evolved from Magnet, stands as the primary focus of Milestone 3. Its mission is to streamline the development process within the Polkadot ecosystem, making it more accessible and efficient for developers. Utilizing Magnet Stack SDK, users can effortlessly deploy their own Substrate networks within a few clicks, and seamless interaction with the Polkadot ecosystem through XCM.
Key features include inheriting Magnet's functionalities, support for multiple virtual machines, customizable templates through the Magnet Stack Template Layer, and efficient resource management with Coretime functionality and Lastic integration. The Appchain Model offers flexibility in blockchain architecture, while the Dynamic Generator allows for one-click generation of Substrate code. Magnet Stack's user-friendly interface and SDKs further simplify development, making it an ideal tool for building scalable applications in the Polkadot ecosystem.
Context/Background
The blockchain industry is evolving towards diversified DApps, including Appchains and Rollup technology for scaling. Dr. Gavin introduced the JAM chain concept at the Sub0 conference, enhancing Polkadot's capabilities in handling Rollup compatibility and supporting Appchains, positioning Polkadot as a leader in the future blockchain world.
Magnet, the first common good smart contract platform developed on coretime with DOT as the gas fee, aligns with the JAM chain concept. However, the Rollup module development is postponed until the JAM chain interface is confirmed to ensure efficiency and mitigate risks.
As Polkadot's influence grows, more developers are joining the ecosystem. The Magnet Team aims to reduce learning costs by integrating development experiences and ecosystem functionalities from projects like Tanssi and Lastic into Magnet Stack. This will enable developers to integrate the Polkadot ecosystem in a one-stop manner and focus on business development based on DOT and coretime. Magnet Stack supports various deployment modes and is undergoing continuous testing on the Rococo network to synchronize with Polkadot-SDK's progress.
As of Milestone 2, all features outlined in the proposal have been developed, and we are currently in the phase of continuous testing and code optimization. The project has successfully improved optimization and updated its overall economic system and operational logic on the public GitHub repository, in line with ongoing progress. You can learn how to interact with Magnet through its documentation： https://doc.magport.io/
The Magnet Bulk Coretime Testnet is live on Rococo, accessible: Magnet-Rococo-Testnet
A web-based application is prepared for users to experience Magnet's features, with more functionalities in development, available: https://magnet.magport.io/bridges
For detailed development information, refer to the full proposal of Milestone 2
For Milestone 3, the main objective is the development of Magnet Stack, which encompasses coretime and parachain functionalities. Through continuous updates and improvements, Magnet ensures that the Stack remains robust, reliable, and aligned with the evolving needs of the ecosystem. This proposal is submitted with the intention of securing funding for our Milestone 3, totaling $294,400.00, The overall estimated development period is four months.
Development Plan of Milestone 3
| Category | Functionality | Notes |
|---|---|---|
| VM | EVM | For EVM smart contract |
| VM | WASM | For WASM smart contract |
| VM | MoveVM | For Move contract |
| VM | SVM | For Solana smart contract (Future Plan) |
| Fundamental function | OpenGov | Proposal and on-chain upgrade |
| Fundamental function | XCM | Interact with Polkadot ecosystem |
| Fundamental function | MultiSig/Proxy | Multisig traction and Smart contract deployment |
| Advanced Function | Profit Control | Customize the desired profit margin to control the timing of coretime ordering |
| Advanced Function | Profit Calculation | In the on-demand mode, calculations are based on the cost per single coretime, while in the Bulk mode, calculations are based on the average cost. |
| Advanced Function | Profit Distribution | Allows for the customization of the number and ratio of Profit distribution addresses, while also supporting cross-chain profit distribution via XCM. |
| Advanced Function | Block Assurance | In the On-demand mode, the waiting time can be dynamically reduced based on the current accumulation of Gas fees. Simultaneously, the trigger time for forced ordering can be adjusted. |
| Eco Function | Lastic | Coretime secondary market |
| Eco Function | Signet | A platform that simplifies multisig usage for teams and provides a base upon which developers can extend and integrate to create richer Multisig experiences. |
| Appchain model | Parathread | Standard Parathread |
| Appchain model | Tanssi | Tanssi container chain |
| Coretime model | On-demand | On-demand coretime |
| Coretime model | Bulk | Bulk Coretime |
For more Details: Full Proposal Link
Magnet Github: https://github.com/Magport/Magnet