Polkadot Parachain Archives - Times Tabloid

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

Tobi Loba — Wed, 04 May 2022 14:40:03 +0000

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.

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.

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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Messari: Polkadot (DOT) Was the Asset of Choice for Institutional Investors In 2021

Tobi Loba — Sun, 09 Jan 2022 18:08:18 +0000

Over the last couple of years, several mainstream financial entities, such as banks, hedge funds, and others, have entered the crypto bandwagon via Bitcoin (BTC), while 2021 has seen an increasing number of these companies exploring the realm of digital assets using Polkadot (DOT).

In this regard, a report by blockchain analytics firm Messari revealed that 21 of the world’s 53 most prominent fund managers actively invested in Polkadot (DOT) last year, making it one of the most sought-after assets, followed by other DeFi/alt tokens such as Near Protocol (NEAR), Terra (LUNA).

Courtesy of Messari

One of the core reasons behind Polkadot’s growing dominance is the fact that the platform lays a high degree of importance on cross-chain interoperability, an aspect of crypto-tech that most experts believe will continue to define the future of the crypto ecosystem.

In terms of Polkadot’s native operational design, the project makes use of a unique concept referred to as Parachains, which allows it to support multiple layer-1 blockchains running in conjunction with its central chain.

The setup is able to mitigate many of the transactional congestions being faced by prominent projects such as Ethereum, whose gas fee rates have continued to remain quite steep at around $40 on average despite the platform undergoing a number of upgrades over the past year, especially Ethereum Improvement Proposal (EIP) 1559 that was implement along with London hard fork back in August 2021.

Not only that, with the delay in the implementation of Ethereum 2.0, the ecosystem is only able to process around 30 transactions per second (TPS) in its current iteration, which is substantially lower than Polkadot’s current running capacity of 170 TPS.

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Polkadot Parachains Finally Launches. What Does This Mean to Ethereum’s Economic Slavery?

Tobi Loba — Tue, 21 Dec 2021 16:06:49 +0000

Polkadot, a network designed to incorporate other blockchains within a single ecosystem, has recently launched its first set of parachains after months of development.

Polkadot (DOT) founder, Gavin Wood, has previously opined that the launch of parachains has the potential to free people from Ethereum’s economic slavery.

Ethereum, the largest smart contracts platform, has been facing a lot of issues related to high fees and slow transactions. Wood believes Polkadot comes with the idea of parachains to solve the major issue for users.

The new feature has been in development for relatively five years and launched after the first parachain auction was completed in November.

Reacting to the importance of candle auction for Polkadot, Gavin Wood said, “there’s real competition, and this is really what we want with the auction… It’s something that wouldn’t really have happened in a traditional auction, where they would have kept very low, all the way until the end, and then they would have put everything that they had in as late as possible.”

The five parachains launched are as follows: Acala, Moonbeam, Parallel Finance, Astar, and Clover. According to the report, all the chains have different use cases and will be running parallel to each other. Also, all the chains will occupy their parachain slots for 96 weeks.

Why Is Parachain Important

According to Wood, the inefficiency of blockchains for certain applications calls for the launch of the parachains:

“No single blockchain design works optimally for every use case. Each chain comes with trade-offs making it good for some applications and not others. The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.”

A framework is already in place for Polkaldot to support about a hundred parachains. In the future, Polkadot intends to give out more slots via parachain auctions or governance-enabled common-good parachains.

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Shell Becomes the First Parachain to be added to Polkadot Network

Tobi Loba — Sun, 07 Nov 2021 15:05:07 +0000

Shell is now an official parachain on the Polkadot network after voting on referendum 41. This is a very important milestone for Polkadot as it shows that the network is being adopted by companies around the world.

According to the official announcement on Twitter, Shell would only be able to accept messages from the Relay Chain in order to upgrade itself. In the future, there could be another referendum as soon as the disputes code becomes active.

The official tweet from Polkadot reads as follows:

“Polkadot’s first parachain has been added. Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.”

Polkadot's first parachain has been added

Referendum 41 has passed registering the Shell parachain on Polkadot, to ensure block production, inclusion, and finalization. The Shell parachain has extremely limited functionality: it does not even have the notion of accounts.

— Polkadot (@Polkadot) November 5, 2021

Polkadot is one of the largest blockchain networks in the market. According to CoinGecko, DOT, the native virtual currency of the Polkadot platform has reached a price of $51.22 in recent hours. However, it has experienced a price increase of over 16% just last week. This was one of the largest price increases among the top 20.

Polkadot is a blockchain network that is completely different from others. Rather than working with just one network, it works with a set of independent chains that could contain different functionalities. This is one of the main characteristics of the Polkadot ecosystem and how it works.

It is worthy of note that Polkadot was created in order to offer scalability to more traditional blockchain networks such as Ethereum (ETH). Nowadays, Polkadot became one of the largest virtual currencies in the world and its ecosystem continues to expand.

Shell’s decision to work with Polkadot shows that there is a clear interest in innovating in the crypto market and Polkadot seems to be one of the best options right now.

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