Ivy believes that it would benefit the Polkadot ecosystem to convert some of the free blockspace within the asset hub parachain into a space for DeFi primitives to operate. However, in order to ensure the current high standards of system parachains are maintained, we believe it is in Polkadot’s best interest that the smart contracts pallet be limited to whitelisted multisig addresses from vetted teams only, with whitelisting being done through governance. This would lead to increased utility of the Asset Hub chain as a place that gives users a home base of assets and basic DeFi utility.
- Ethereum’s user base size is where we think Polkadot can get to (as a minimum).
- Polkadot has the most forward-looking tech around
- Polkadot’s current structure, pushing all actions to parachains, means that the user experience is not simple enough.
- Parity already has enough work to do scaling Polkadot
The same modularity that leads to Polkadot’s great scaling, parachains, is what has led to the fractured user experience on Polkadot. In order to solve that, a home base needs to be established for Polkadot assets. Asset Hub is the chain to do it – a system chain with an abundance of blockspace already purpose-built for assets – but it also needs utility on its own, rather than immediate teleportation to parachains, in order to be a viable launchpad for other actions across parachains. Parity could build out this functionality, but their expertise is better utilized doing what they’re already doing, as asynchronous backing, accords, and agile core time will be propelling Polkadot to the next tier of tech domination.
Before we get there, we need to have somewhere familiar and safe for new users to land while they are learning the other parts of Polkadot, like parachains, shared security, XCM, and extrinsics. Everyone already knows how to launch a meme coin and transfer it to their buddies, and while they might not push the blockchain forward from a deep tech perspective, they are an important part of growing the user base of a blockchain and simplifying the user experience. But then, what is there to do after their meme coin has launched on Asset Hub? Polkadot has effectively skipped the DeFi building phase of 2018 and 2019, and instead went straight to extremely advanced parachain functionality while lacking a base of degens and cryptokitties. Luckily, it is easily rectified by putting some of that functionality back on an easy-to-understand system chain like the Asset Hub.
This is where having the tech that Polkadot already contains gives us an advantage. We want to keep the Asset Hub limited to high quality projects that are primitive in nature and make the barrier to entry for these primitives quite low, but not so low that it gets bogged down like Ethereum. Open governance allows for this happy medium: Dot holders can vote on which projects get approval to deploy on Asset Hub with much lower due diligence needed compared to modifying the Asset Hub’s runtime, accelerating deployment of usable tools to the market. Users still get all of the stability of a system chain, while having an expanded ability to interact with their Dot through a simple suite of dApps. Parachains then continue to employ their current high functionality, now with a stable asset base beneath them.