Polkadot Becomes a ‘Fully Interoperable Multichain’ With the Launch of its Cross-Consensus Messaging Format
Popular blockchain protocol Polkadot (DOT) has launched its messaging system XCM (cross-consensus messaging) to enable communication between its various parachains and allow assets like non-fungible tokens (NFTs) to be transferred from one chain to another.
With the launch of this format, Polkadot fulfills its foundational objective to be a fully interoperable multichain ecosystem, the protocol said in a press release shared with Cryptonews.com.
The project also claimed that messages across XCM channels won’t suffer from a weakest-link problem as it is secured at the same level as the Polkadot’s central hub Relay Chain.
“With XCM, we have a stable and reliable inter-chain messaging channel that is far superior to the fragmented bridges,” claimed Hoon Kim, chief technical officer of Astar, which connects Polkadot to Ethereum (ETH).
Parachains, individual blockchains running in parallel within the Polkadot ecosystem, supporting a wide range of use cases and projects, can now use the XCM format to transport any asset, token, or data among themselves.
Moreover, Polkadot has added NFT functionality by upgrading Statemint, its first “common good” parachain, to enable users to mint NFTs, transfer them from one chain to another, and track them across chains.
Notably, XCM also allows communication between smart contracts and Substrate runtime modules. Eventually, the messaging format will be upgraded to allow messages to be sent between parachains without the need to be stored on the Relay Chain, claimed the team.
“XCM allows us to leverage the unique features from our parachain partners without having to reinvent the wheel in the most secure manner possible,” said Eliott Teissonniere, chief technical officer of Polkadot parachain Nodle.
As reported, Polkadot released its first set of parachains, which included Acala, Moonbeam, Parallel Finance, Astar, and Clover, in late 2021 after five years of research and development.
By the end of the first quarter, 13 parachains had won slots bonding DOT 127.8m (11% of the total supply, worth USD 2.9bn), according to crypto research firm Messari. Moreover, an additional 28 parachains are scheduled to go live by the end of February 2023, bringing the total to 41.
Meanwhile, at 12:20 UTC, the 13th coin by market capitalization, Polkadot’s native token DOT, is trading at USD 15.37, up by nearly 2% over the past 24 hours and down 7.5% in a week. The coin is down by 72% from its all-time high of USD 54.98 recorded in November last year, according to CoinGecko.
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– Multi-Chain Future Brings Multiple Competitors to Bitcoin & Ethereum – Analysts
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