As of May 2020, the Polkadot ecosystem will be fully interoperable between different blockchain networks, thanks to its new cross-consensus messaging format. The system has been working toward full cross-chain interoperability since 2017. It will soon enable communication between parachains. In late this year, the bitcoin evolution platform had developers test the system on Kusama’s blockchain network.
the bitcoin evolution platform
The XCM launch could expand the use cases of Polkadot and lead to its adoption in Substrate. Here’s how to get started. You’ll find 13 parachain slots and more than 127.8 million DOT bonded to them already. XCM is a future-proof and forward-compatible protocol for establishing long-lasting, global transactions.
The XCM messaging format will facilitate cross-chain communication via the Relay Chain and other parachains. The format has avoided reinventing the wheel. The company has thoroughly tested the XCM messaging protocol on Kusama. Its CEO has said that this initiative is akin to a free trade agreement between blockchains. XCM has been part of Polka Dots ecosystem roadmap since 2017.
Polkadot (DOT) Ecosystem
The Polkadot ecosystem is making strides in the DeFi space as it transitions into a multi-chain environment with its new XCM launch. Polkadot’s XCM technology allows assets to move between chains without bridging, giving users more security and convenience. The XCM protocol uses a lightweight client-based approach, and it’s the gold standard for secure cross-chain interactions.
XCM stands for cross-consensus messaging. The XCM protocol will facilitate communication between parachains of the Polkadot network. Its XCM messaging protocol can handle hundreds of messages and send data in different protocols. XCM is a testnet for the future development of the Polkadot ecosystem.
Statemint
XCMP stands for Cross-Chain Message Passing, which will allow direct communication between parachains and remove the need for a Relay Chain, which serves as the major chain for the Polkadot network. With XCMP, it will transfer any asset, token, or data between blockchains.
In a press release, the company announced that it had developed a system that would allow communication between blockchains in different types of networks. XCM enables the communication between parachains, which will help make the Polkadot ecosystem more usable.
NPoS
The Polkadot ecosystem takes a huge step forward with the XCM launch, as the platform has now completed the creation of a cross-chain messaging format. It enables the ecosystem to work with other blockchains. The launch of XCM signals the complete transition of Polkadot into a truly interoperable multi-chain ecosystem.
The XCM messaging system supports custom functionalities and smart contracts, enabling seamless communication across blockchains. The cross-chain messaging format utilizes unique features of parachain projects, avoiding the need for reinventing the wheel. The messaging system is in audit form. Astar Network’s CTO, Jeremy Johnson, compared the XCM messaging system to a free-trade agreement. With XCM, Polkadot’s blockchain will be fully interoperable with other blockchains, and users can reply to messages from other chains.
XC-20
The Polkadot ecosystem has reached an important milestone with the release of its XCM messaging format. This format will allow nodes to exchange messages between different parachains, giving them equal protection. It is an important development, making Polkadot a fully interoperable multi-chain ecosystem. XCM was previously only available to nodes within their chain. Now, nodes can move NFTs between chains and track each other.
The XCM format will allow parachains to communicate, enabling them to work seamlessly together. In addition, the XCM format can transport any asset or token and data. The XCM protocol is compatible with various protocols, including Bitcoin and Ethereum. As a result, an XCM-enabled network can help users exchange data and digital assets without friction or fees.
Using the Cross-Consensus Messaging format, the Polkadot platform will enable parachains to communicate with each other. This protocol creates a fully-interoperable multi-chain ecosystem. The Relay Chain will act as the underlying security layer. The Polkadot Ecosystem can offer multiple applications and a multi-chain experience through this new messaging format.
Final Words
It is no secret that the Polkadot ecosystem is on the move. With the recent release of the XCM protocol, the Polkadot Ecosystem has leaped siloed chains into a multi-chain ecosystem.
It is great news for the Polkadot community and the crypto community. If you want to trade in polkadot, The XCM protocol is a universally accepted messaging format for the Polkadot ecosystem.
