Overview

What is the MAGNET?

MAGNET serves as Polkadot's Smart Contract Docking Station, operating on the PAYG Model. It is in the process of developing a scalable smart contract platform, utilizing DOT as the gas fee within this model.

🔎 For more about Magnet Network, head to our website

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💻For more development details: Magnet Github

🌟To give it a simple try, please visit our demo app

Business Model Introduction

The main roles involved in the business logic are as follows:

Tanssi: As Magnet will become a ContainerChain in the Tanssi Network, Collators will be elected and supported by the Tanssi Network, and Magnet will no longer set up a Collators election mechanism.

Magnet: As a smart contract platform, it provides EVM/WASM smart contract services and charges GAS fees as platform fees.

Polkadot: Provides high-quality BlockSpace for Magnet and offers blockchain security services.

When providing smart contract platform services to users, Magnet calculates the total GAS fees from the current transaction pool and obtains the expected Blockspace/coretime price from RelayChain. By strategically leveraging the price difference, Magnet achieves continuous profits, thereby serving users more efficiently. Once the GAS fees exceed the expected price, Magnet will delegate Collators to package the transactions and submit a Blockspace Order to the Relaychain, strategically collecting gas fees to pay for coretime. Upon successful ordering, the produced blocks will be anchored to the Relaychain for block confirmation.

Magnet pallet introduction

Blockspace Ordering Pallet:

This pallet is crucial for managing and monitoring various aspects of blockspace and transaction processing.

1. Monitor Pool Gas: Constantly observes the gas in the pool to ensure smooth transaction processing and to avoid any bottlenecks.

2. Monitor Polkadot CoreTime Price: Keeps track of the real-time price of Polkadot CoreTime to facilitate accurate and fair bidding.

3. Bidder Triggered, Transaction Added to Block, Block Production, Block Submission, Block Verification Locked: This is a multi-step process where a bidder triggers the addition of a transaction to a block. After this, the block goes through production, submission, and a verification lock to ensure integrity and security.

4. Gas Fee Revenue Credited to System Account: The revenue generated from gas fees is credited directly to the system account, maintaining a transparent financial flow.

5. Invoke Profit Operator: Calls the Profit Operator pallet to confirm CoreTime cost and calculate block profit.

Profit Operator Pallet:

This pallet is responsible for managing profits and costs associated with CoreTime.

1. Confirm CoreTime cost: Validates the cost associated with CoreTime to avoid any discrepancies.

2. Calculate Block_Profit: Determines the profit derived from each block considering various parameters and metrics.

3. Incremental Era_Cost: Calculates the incremental cost associated with each era to manage financial flow effectively.

4. Incremental Era_Profit: Computes the incremental profit for each era, providing a clear information of financial gains.

5. Profit Distribution: Distributes the profit based on the incremental Era_Profit value, withdrawing it from the system account. Negative numbers are not triggered to avoid financial discrepancies.

6. Deposit Credit account based on the Incremental Era_Cost Value: Credits the account based on the calculated incremental Era_Cost value, ensuring financial accuracy.

7. Triggered every era, or Triggered by other modules: This pallet is invoked at every era or can be triggered by another module when needed.

Blockspace/Coretime Assurance Pallet:

This pallet ensures the stability and reliability of block intervals and credit account balances.

1. Monitor Block Interval Time: Observe the time intervals between blocks to maintain a consistent and efficient block production rate.

2. Monitor Credit Account Balance: Keeps a close watch on the credit account balance to avoid any financial irregularities or issues.

3. Trigger Order or Profit Distribution Upon Reaching Threshold: Initiates order or profit distribution processes once a certain threshold is reached, ensuring smooth and timely operations.

Each of these pallets plays a pivotal role in maintaining the efficiency, security, and financial integrity of the system, working in tandem to ensure the seamless functioning of the blockchain network.