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Polkadot, a cross-chain protocol focusing on interoperability, announced that it will launch its messaging system known as XCM (cross-consensus messaging). The system will boost communication and transfer different assets between Polkadot parachains.
Polkadot unveils cross-chain messaging protocol
Polkadot is currently a leading protocol in the buzzing Web3 sector. The network, through parachains, has been setting precedence in scalability, and it is now dubbed as one of the most formidable Ethereum killers.
Several protocols have managed to secure slots during the Polkadot parachains auction. According to a recent press release, it will now be possible for these parachains to enjoy better communication. The project has said that messages sent using XCM Channels will be fully secured in the same manner as Relay Chain.
Referendum 60 is now up for community vote until Wednesday. Vote now on enabling communication between Polkadot’s parachains via XCM, and on upgrading #Statemint to enable both teleports and the minting of assets, unlocking Statemint's true potential.https://t.co/CcM6dalM3B
— Polkadot (@Polkadot) April 29, 2022
This messaging system will greatly benefit these parachain slot winners because it will ensure that they escape using bridging systems that result in the “weakest-link problem.” Polkadot’s Relay Chain is the central hub of the Polkadot network used by all the blockchains within the ecosystem.
The Polkadot Relay Chain can support hundreds of parachains, and it has already supported hundreds of projects that are currently built on top of it. Some of these projects include Acala and centrifuge. These parachains can now communicate and facilitate the transfer of data and other digital assets.
In the press release, the project said, “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 themselves.”
XCM to boost communication
XCM will offer various benefits to the winners of Polkadot’s parachain slots. Besides offering interoperability, XCM has also been developed to support communication between smart contracts and Substrate runtime modules, also known as pallets.
The Polkadot team announced that it was strategizing on how it can boost communication between different networks to benefit any network that can decrypt messages and offer scalability. Some networks that will be targeted through this initiative include Bitcoin and Ethereum. Polkadot’s canary network, Kusama, is also poised to benefit from this process.
The release added that the XCM protocol will ease communication between networks and eliminate the need for an independent “blockchain silo.” This will allow developers to share ideas without much hassle. By launching this XCM feature, the Polkadot network has said that it has met its goal of becoming an interoperable multichain ecosystem.
The existing parachains currently running on the Polkadot network are eager to work with this new XCM feature. The parachains have welcomed the feature saying that it sheds a positive light on the future of innovative projects. The feature will also support the seamless process of these parachains working together for the good of the ecosystem.
The chief technical officer of Astar, a multichain project that won one of the Polkadot parachain slots, commented on this launch, saying, “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.”
Besides this latest development, the Web3 Foundation recently announced partnering with Zondax to integrate the ledger app on Polkadot parachains. This is another positive development for the sector.
To learn more visit our Investing in Polkadot guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.