Picasso is the infrastructure layer for enabling interoperable DeFi. As a Layer 1 project, Picasso acts as a cross-chain innovation hub as a parachain on the Kusama Network, while the composable parachain will host the pallets tested on Picasso.
Composable and Picasso exist to accomplish a common purpose, to provide an infrastructure that enables supporting not only existing Decentralized Finance users, but also to support the next generation of users in Web3. However, for this to happen, we must abstract away the complexity of blockchain technology so that users don't even realize that they are using the technology. Picasso Network is looking to do this through the development of three core pillars:
The infrastructure that Picasso Network is building spans 2 parachains on both Polkadot and Kusama. To understand the reasoning behind this approach, it is necessary to understand the benefits of building on Kusama and Polkadot. We will learn together some familiar definitions in the Polkadot and Kusama ecosystems in the next part of the article.
Polkadot and Kusama are known as Relay Chains. They can also be considered “Layer 0” blockchains, as they do not host smart contracts or decentralized applications. Instead, they provide a solid foundation for other developers to build on. Developers wishing to deploy on one of the Relay Chains can do so by launching as a parachain.
Connected to these Relay Chains are application-specific blockchains called parachains.
There are many benefits to launching as a parachain on Polkadot or Kusama, including the following:
Pallets form the basis of a parachain. Pallets are block modules that can be used to build and customize a blockchain's runtime to suit a specific purpose.
Picasso is storing a powerful set of pallets, each of which has been adapted for use with assets derived from different blockchains. These pallets include:
The only cross-chain future suitable for mass adoption is one in which, when the experience is abstracted, users still hold their coins throughout their entire cross-chain interaction. For this reason, Picasso Network has chosen to help expand the reach of Inter-Blockchain Communication (“IBC”) to new ecosystems such as Substrate and NEAR. Centauri acts as a trusted bridge hub, and so the Picasso Network team developed it in a way that is scalable for any light-client-enabled blockchain. Centauri consists of the following parts:
With the infrastructure and communication in place, the Picasso Network can arrange cross-chain transactions through XCVM. This is done through:
The project team is also actively working towards creating new software development kits (SDKs) to enable the deployment of XCVM contracts from other blockchains. Currently, the team is working on 3 such SDKs:
Altogether, these three pillars provide developers on Picasso with exclusive access to DeFi's first cross-chain enabled playground for building modular applications. These modular applications are designed and are expected to be the first asynchronous, trustless, unattended cross-chain applications in DeFi's history.
Picasso will launch version 2 on December 27, which will focus on implementing Pablo pallets and opening XCM channels to enable the creation of the first liquidity pool for Pablo, Picasso Network's cross-chain DEX. The update will also include the PICA token generation (TGE) event, Picasso's native token and the launch of the KSM/USDT, PICA/USDT and PICA/KSM liquidity pools as well as the ability for users to swap and provide liquidity. for pool.
Users will be able to transfer assets from Kusama and Statemine
Pablo will be put on the Picasso parachain, at which point the first three liquidity pools will be created including:
KSM/USDT
PICA/USDTILLION
PICA/KSM
Users will be able to swap and provide liquidity across all three pools. Pablo's interface will be described as shown below.
The allocation of Picasso's native token (PICA) is depicted in the figure below, with a transferable crowdloan reward:
The total supply of PICA is 10 billion tokens. The distribution of PICA tokens is intended as follows:
Version 3 will introduce Finance NFT (fNFT) called xPICA which can be obtained by locking PICA for different time periods. xPICA is an fNFT that represents a time-weighted PICA staking position. This fNFT acts as a coupon, coupon holders can collect rewards and exchange xPICA for the underlying staked PICA at the end of the lockup period. xPICA is freely tradable, a powerful alternative to other time-weighted staking positions. This method allows users to exit their positions early if they choose to sell to another user, who will then inherit the benefits of holding xPICA fNFT.
Version 4 is a significant step forward for the Picasso Network's IBC bridging efforts as it will introduce the Picasso Network's KSM/DOT bridge. This will mark the first instance of IBC deployment outside of the Cosmos ecosystem as well as the first bridge between Relay Chains Kusama and Polkadot. By making this connection, Composable is opening the door to liquidity pairs like DOT/KSM, DOT/PICA and DOT/USDT.
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