Polkdot Upgrade Lock In Parachain Messaging – The Defendant

Polkadot’s parachain network has now become a fully interoperable multi-chain ecosystem.

May 4, Polkadot Done An upgrade that allows parachute-to-parachin messaging via the XCM “Cross-Consensus Messaging” format.

“This is a huge innovation not only for the Polcadot ecosystem, but for the entire crypto industry as a whole,” Dan Riser, Polcadot’s first parachute winner, told The Defiant, the chief growth officer of the Akla Network. “This is the first time a multi-chain ecosystem has been integrated with unified security and native, untrustworthy interoperability.”

Parachain ecosystem

DOT and other Polkadot resources can now be transferred to Parachin, while smart contracts, dApps and other modules built using Polkadot’s native substrate framework can also communicate with each other across the Polkadot parachin. For example, Polkadot’s parachute ecosystem is now fully interactive.

Polkadot is a multichan network created by Gavin Wood, co-founder of Ethereum. Its design allows different Layer 1 networks to enjoy the shared security provided by the Parachin-dubbed Layer 0 Polcadot relay chain. While the relay chain only supports stacking and simple DOT transfers, the parachains create enhanced functionality, including smart computing and dApps hosting.

Polkadots 100 Parachin slots are leased through auctions where projects compete to lock up large crowdsourced DOTs in exchange for their local tokens. At the end of the lease term, the DOT is refunded to Crowdlone participants, which lasts up to two years before the parachute slot is put up for auction again. Fifteen auctions have already been completed.

The launch of XCM marks a major milestone for the Polkdot ecosystem, transforming it from a shielded chain network into a multi-chain ecosystem that boasts of full interoperability.

Polkadot’s general good parachute, Statemint, has also been Upgrade. The upgrade enables you to mint resources like NFT

The news has received unprecedented support from across the Polcadot ecosystem.

Product stacking

Riser says the launch of XCM includes “the completion of Polkadot’s long-running launch process.” He described the upgrade as allowing Parachin to “unfaithfully communicate values ​​and data to each other.”

The introduction of XCM paves the way for Acala to launch its liquid DOT stacking product, allowing DOT stackers to stay liquid while receiving stacking rewards, or use Acala’s aUSD as a parallel to the stablecoin.

Lucas Vogelsang, co-founder and CEO of Polcadot Parachain Centrifuge, Highlights That XCM provides inter-functionality without carrying the risks associated with cross-chain bridges. “The parachutes are now able to collaborate and the resources can move quickly and efficiently without the risk coming from the bridge,” he said.

aUSD Minting

Vogelsang noted that the upgrade would make Centrifuge’s pool tokens compatible with other Parachin projects, such as enabling tokens to be used in parallel with aUSD minting.

The Moonbeam network, a parachute focused on EVM compatibility, noted that the launch enabled DOT to use its DeFi ecosystem.

“The ability to transfer assets across the chain without bridging gives token holders the option to interact more conveniently with many DApps and projects, providing greater security and convenience,” the team wrote.

“Polkadot’s XCM technology uses a lightweight client-based approach, which is the gold standard for secure cross-chain interactions,” commented Derek Yu, founder of Moonbeam.

Twitter user Nachortti Emphasis The introduction of XCM by Polkadot creates a “true multi-chain application environment where things like cross-chain registry and cross-chain computing are possible.”

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