Polkadot Has Announced Cross-chain Communications Protocol
Polkadot (DOT) has just announced a new cross-chain communications protocol, with the team claiming it shall eliminate the need for clunky bridging procedures which have already cost the cryptocurrency sector billions of dollars in cyber assaults and exploitations.
As such, Polkadot&39s multichain ecosystem is being created on the concept of full interoperability, and the newly introduced XCM messaging system is meant to encourage it.
XCM channels will reportedly be kept as safe as Polkadot&39s core hub, Relay Chain, and are additionally usable by parachains. Put simply, XCM would enable effective communication between parachains and smart contracts.
Ultimately, bridges have been among the most common areas of failure in the cryptocurrency industry. Polkadot, along with various other projects, therefore want to get rid of them as soon as possible.
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