Polkadot has achieved one of its most awaited milestones: the release of XCM, a “cross-consensus” messaging format, and its transformation into a fully interoperable multi-chain ecosystem.
Polkadot’s long-awaited interoperability upgrade is finally live.
Polkadot, Parity Technologies’ scalable, heterogeneous, multi-chain ecosystem, has launched XCM, a “Cross-Consensus Messaging” format that allows communication between the network’s many parachains. According to a news statement issued on Wednesday, XCM’s introduction signifies the network’s ambition of becoming “a fully interoperable multi-chain environment.”
Polkadot is a blockchain network that aims to achieve interoperability by hosting a web of parachains, which are interconnected, modular, and self-contained blockchains. At its heart is a separate network known as the Relay Chain, which acts as the underlying security layer for its parachains. The Cross-Consensus Messaging format, also known as XCM, is a language that allows communication between parachains, smart contracts, and Substrate pallets, which provide blockchains with bespoke functionality. Astar Chief Technical Officer Hoon Kim commented on XCM’s release, saying:
“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.”
Polkadot’s vision is encapsulated in this phrase, which has been on the project’s roadmap from its inception in 2017. The Cross-Consensus Messaging format, which will allow communication between Polkadot’s parachains for the first time, will arrive almost two years after the network went live in May 2020. The system has been completely audited and tested on Kusama, an independent blockchain network that acts as Polkadot’s public testing environment, according to today’s statement.
DOT has also verified that it is working on future system iterations known as XCMP, or “Cross-Chain Message Passing,” which will allow direct parachain-to-parachain communication without the use of the Relay Chain as an intermediary. When it goes online, XCMP will also allow messages to be delivered to blockchains such as Ethereum and Bitcoin.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
New York, New York, May 7th, 2024, ChainwireSpectral is excited to announce its participation in…
CBOE proposes rule changes affecting Franklin Bitcoin ETF trading, potentially altering purchase timing for traders.
LOS ANGELES, United States, May 7th, 2024, ChainwireGlobal brands and talent will be able to…
Robinhood Wells Notice from the SEC indicates potential legal action over alleged securities violations in…
Blast Review, the first Layer 2 providing automatic profits to ETH assets and stablecoin holdings,…
Milan, Italy, May 7th, 2024, ChainwireCryptocurrency casino platform TG.Casino and iconic Italian football team AC…
This website uses cookies.