Polkadot (DOT) is still on a mission to advance its platform’s development. Polkadot is a nominated proof of stake Blockchain (NPoS) that allows for the transfer of tokens and data among cross-blockchains. On the 4th of May, Polkadot announced the launch of XCM.
Polkadot’s XCM is aimed at advancing parachain communication
XCM, which was just recently enacted on the Polkadot protocol, is a messaging system that will aid communication between different parachains. Taking to twitter to share the news, Polkadot’s official account made a post that read;
“After passing community vote, v0.9.19 has been enacted on Polkadot. This upgrade included a batch call upgrading Polkadot’s runtime to enable parachain-to-parachain messaging over XCM.”
In an extensive blogpost, Polkadot explains that XCM, along with being a cross-chain, is also a cross-consensus platform. The goal of the platform is mainly to facilitate communication o ideas transferred between chains, pallets and smart-contracts, as well as bridges and sharded enclaves such as polkadot’s Spree.
Additionally, XCM is also efficient for transacting with chains that have a transaction format that users might not be very familiar with.
“With chains whose business logic changes little (for example Bitcoin), the transaction format — or the format used by wallets to send instructions to the chain —tends to remain exactly the same, or at least compatible, indefinitely.” Noted the blogpost.
Polkadot also made it known that Statemint, the parachain that allows a wide number of entities to deploy their assets to the Polkadot network, also saw an upgrade. Notably, the upgrade will allow users to mint their NFTs. They will also be able to send their DOT tokens with Relay Chain.
Polkadot continues to thrive
While the network continues to accelerate its growth, new data has shown that Polkadot’s network performance has moved sideways within the last few months. Per data from Messari’s analytical platform, Polkadot’s user accounts surged by 131% last year. A significant drop has since followed the rise. On the other hand, DOT holders have increased each month in 2021 and 2022. The surge is said to be a healthily sign, that despite a decrease in valuations, the interest in Polkadot is still intact.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS