Polkadot recently completed its upgrade that facilitates parachain-to-parachain messaging on the network. The platform is using XCM cross-consensus messaging to enable the same.
This latest upgrade allowed the Polkadot parachain network to officially become a completely interoperable multichain ecosystem. Now, DOT and more assets on Polkadot can be traded between parachains.
At the same time, the upgrade allows dApps, smart contracts, and modules developed using the Substrate framework by Polkadot can also interact with each other.
Dan Reecer, Polkadot’s Chief Growth Officer, expressed delight about the news stating that it is the first time any multichain ecosystem has been connected with streamlined security and trustless, native interoperability.
As a multichain developed by Gavin Wood, Ethereum co-founder, Polkadot has garnered a massive user base in the market. It allows multiple L1 networks or parachains to access shared security provided by Polkadot’s Relay Chain.
The chain enables staking and transfers of simple DOT tokens. In addition, it supports parachains developing advanced functionality that includes hosting dApps and smart contracts.
Currently, ventures go through auctions to acquire Polkadot’s 100 parachain slots. They lock up vast amounts of crowdsourced DOT for native tokens. Once the lease is over, the crowd loan is returned, which can amount to two years before the slot is again placed for auction.
The XCM system is a major milestone for Polkadot, as it marks its transition from a group of siloed chains to a fully functional multichain ecosystem with interoperability. The latest upgrade has also improved Statemint, enabling NFTs to be minted on the parachain.
Polkadot users have shown delight in the upgrade since it is bound to boost its use-cases through the roof. Its light client approach is future-proof, and at the current pace, interoperability will quickly become a necessity for blockchains in no time.