Crypto NewsPolkadot (DOT)

Polkadot XCM format goes live and enables NFT functionalities

The cross-chain interoperability protocol polka dots has announced the launch of its messaging system called XCM (Cross-Consensus-Messaging) to enable the communication and transfer of digital assets between its parachains.

Polkadot launches cross-chain messaging

Shared in a press release CryptoPotato On Wednesday, the project found that messages sent over 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 shared 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 with each other and transfer digital assets and data.

“Parachains that 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 between each other,” reads the project’s press release.

XCM to enable communication with other networks

In addition to enabling interoperability between parachains, XCM was designed to support messaging between smart contracts and Substrate runtime modules, commonly known as palettes.

Polkadot also noted that it is working on iterations that will enable communication with any network capable of decoding and scaling messages, including Bitcoin. Ethereum and Polkadots Canary Network kusama.

According to the press release, communications between chains will be assigned to the independent “Blockchain-Silo” as developers can easily share their ideas.

With the launch of XCM, Polkadot was able to achieve its fundamental goal of becoming a fully interoperable multichain ecosystem.

Existing parachains running on the Polkadot network welcome XCM with open arms and optimism for an innovative future.

Hoon Kim, Chief Technical Officer of Astar, a multi-chain smart contract platform on Polkadot, noted at the launch that XCM offers a stable and reliable communication channel superior to existing bridges.

“I can envision a future where more and more projects are using XCM to create something that was impossible just a few years ago. I see traditional smart contracts on isolated Layer 1 chains, like setting up a business in a walled kingdom. Then we have bridges, which are like trade routes that first connected nations to nations. Now we have XCM, which is like a blockchain free trade agreement. That’s the natural future,” Kim said.

Source: Crypto News Deutsch

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