Saturday, November 26, 2022

Polkadot XCM Format Is Live Today, Enabling NFT Functionalities

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The Polkadot XCM format is live today and it is enabling NFT functionalities so the leading web3 protocol will also enable communication between parachains so let’s read more today in our latest blockchain news.

The cross-chain interoperability protocol Polkadot announced the launch of the messaging system dubbed XCM which will allow communication and transfer the digital assets between the parachains. The project needs the messages sent across the XCM channels to be secured at the same level as the Relay Chain, unlike the other bridging systems which create a weak link problem. Polkadot’s Relay chain is the central hub used by all chains in the Ecosystem and can support hundreds of parachains with projects being built on it like Acala and Centrifuge. All of the parachains can communicate and transfer the digital assets and data with each other:

“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.”

The Polkadot XCM format allows interoperability between parachains and was designed to support messages between the smart contracts and the substrate runtime modules known as pallets. Polkadot noted that it is working on iterations that will enable communications with the networks which are able to decode messages and scale-like BTC, ETH, and Polkadot’s canary network Kusama. As per the release, the communication between chains will bring an end to the dependent blockchains’ silo as the developers will be able to share their ideas without hassle.

With the launch of XCM, Polkadot said it was able to fulfill the foundational objective to become the interoperable multichain ecosystem so the existing parachains running on the Polkadot network welcome XCM with a strong optimism for the innovative future. Speaking on the launch, Hoon Kim as the chief technical officer of Astar, noted that XCM brings a stable communication channel superior to the existing bridges. Kim added:

“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.”

 

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