Just-In: Polkadot (DOT) Debuts Powerful Parachain Messaging System XCM

By Sunil Sharma
May 4, 2022 Updated May 4, 2022
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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.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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