Magnet Proposal: Polkadot’s Smart Contract Docking Station using DOT as Gas Based on the PAYG Model

Background Introduction

Polkadot, a leader in the web3 domain, boasts industry-leading technology and an excellent developmental framework, providing a solid technical foundation and security for many innovative projects. We also firmly believe that appchains will be the ultimate form of the web3 world. However, at present, due to the relatively high entry threshold of the Polkadot parachain and the relatively low influence of the EVM parachains, many users with lightweight application needs are turning to other well-known EVM platforms. This has also resulted in a certain loss of users within the ecosystem.

Although the arrival of On-demand parathreads will alleviate this situation, we are still in a transition phase from smart contract dApps to appchains. Therefore, there remains a significant demand for smart contract platforms. However, DOT, as the most vital asset of Polkadot, currently cannot directly fulfill this demand scenario.

Project Overview

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:

• Magnet without Tokens: All token functions will be carried out by DOT, including contract deployment, transaction fees, governance, etc.
• 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.
• 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.
• 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.
• Magnet will integrate XCM: XCM will serve as the foundation for DOT's transfer to the platform, ensuring its smooth operation.
• 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.

Forum Discussion on this Proposal:Polkadot Forum

Blog Post about this Proposal: medium

Full Proposal: Google Doc