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CRYPTO NEWS DESK — 2022-05-04

Polkadot XCM Format Goes Live, Enables NFT Functionalities

The leading web3 protocol has launched a messaging system dubbed XCM to enable communication between parachains.

Polkadot XCM Format Goes Live, Enables NFT Functionalities

Cross-chain interoperability protocol Polkadot has announced the launch of its messaging system dubbed XCM (cross-consensus messaging) to allow communication and transfer of digital assets between its parachains.

Polkadot Launches Cross-Chain Messaging

In a press release shared with CryptoPotato on Wednesday, the project noted that messages sent across XCM channels are fully secured at the same level as its Relay Chain, unlike other bridging systems that create a “weakest-link problem.” Polkadot’s Relay Chain is the network’s central hub used by all chains in the ecosystem. It can support hundreds of parachains, and many projects have already been built on it, including  Acala and Centrifuge. All of these parachains can now communicate and transfer digital assets and data with each other. “Parachains, which support a wide range of use cases and protocols - and already benefit from shared security - can now use XCM to transfer any asset, token, or data among themselve,” the project said in the release.

XCM to Enable Communication With Other Networks

Aside from allowing interoperability between parachains, XCM was designed to support messages between smart contracts and Substrate runtime modules, commonly known as pallets. Polkadot also noted that it is working on iterations that will enable communication with any network that is able to decode messages and scale, including Bitcoin, Ethereum, and Polkadot’s canary network Kusama. According to the release, communication between chains will bring an end to independent “blockchains silo” as developers will be able to share their ideas without any hassle. With the launch of XCM, Polkadot said it has been able to fulfill its foundational objective to become a fully interoperable multichain ecosystem. Existing parachains running on the Polkadot network welcome XCM with open arms and optimism for an innovative future. Speaking on the launch, Hoon Kim, chief technical officer of Astar, a multi-chain smart contract platform on Polkadot, noted that XCM brings a stable and reliable communication channel superior to existing bridges. “I can imagine a future where more and more projects use XCM to create something that was impossible just a couple of years ago. I see traditional smart contracts on isolated layer 1 chains like setting up shop in a kingdom surrounded by walls. Then we have bridges which are like a trading route that first connected nations from nations. Now we have XCM, which is like a free trade agreement for blockchains. This is the natural future,” Kim said.

— Mandy Williams of CryptoPotato - Crypto Blog

Keywords: AA News, Crypto News, DOTBTC, DOTUSD, DOTUSDT, Social, Polkadot


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