Polkadot Activates Cross-Chain Messaging System to Let Users Natively Send Tokens across Parachains

Polkadot has recently activated a messaging system known as Cross-Consensus Messaging format (XCM), which allows all Polkadot-based blockchains to start a direct communication for the first time.

XCM is a messaging consensus that helps users natively send tokens across Polkadot’s parachains. It allows users and developers to exchange data and crypto assets between one another.

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Back in December 2021, Polkadot launched its initial parachains, which have fragmented until now. This new development implies that Polkadot has been able to achieve its main goal of being a fully interoperable ecosystem.

Speaking about the new development, Shawn Tabrizi, lead developer at Polkadot, said:

“Now that Polkadot’s cross-chain messaging protocol has been enabled, Polkadot has fulfilled its objective to be a fully interoperable multi-chain ecosystem.”

Hoon Kim, chief technical officer of Astar, a smart contract service on Polkadot, also said:

“With XCM, we have a stable and reliable inter-chain messaging channel that is far superior to the fragmented bridges.”

Bridge Exploits Expected to Drastically Reduce With XCM Launch

Over the past year, the crypto industry has lost over $1 billion worth of various assets to bridge hacks, which represents major security vulnerabilities of the nascent technology, according to the data shared by Chainalysis and reported by Bloomberg.

Axie Infinity’s Ronin bridge exploit was possibly the most infamous attack, with the attackers draining over $600 million worth of digital assets in just two transactions.

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In a conversation with Cointelegraph about the biggest security flaws of bridges, Peter Mauric, public affairs head at Polkadot developer Parity Technologies, said:

“Most bridges today rely on a few weak foundations, primarily over-reliance on centralized multisignature schemes, meaning they aren’t trustless or spaghetti smart contract code that opens users up to attack.”

Mauric specifically stated that the communication between parachains on Polkadot will drastically reduce the success of usual exploits in the crypto industry,

He further pointed out that “real interoperability is the ability to trustless my compose applications across several chains, leveraging functions from each”, adding that “because of Polkadot’s modular shared security architecture, this is only possible between its parachains, starting today with the launch of XCM.”

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