Blockchain platform Polkadot has launched a new interconnect protocol. According to the company, it will rid developers of cumbersome bridge mechanisms that have cost the crypto industry billions of dollars in cyberattacks.
The launched XCM messaging system is designed to promote Polkadot’s multichain ecosystem, which is built on the basis of full interoperability.
The developers reported that XCM channels are protected on the same level as Polkadot’s central hub, dubbed Relay Chain.
In other words, XCM will provide connectivity between the parachains themselves as well as the smart contracts.
Future iterations of XCM will allow messages to be sent between parachains without the need for retransmission chain storage, thereby improving scalability and eliminating management processes for individual chains.
According to Chainalysis, bridge hacks have cost the cryptocurrency industry more than $1 billion in the last year.
Holpop News
Holpop News
Polkadot launched a cross-network messaging system to address bridge hacking
posted on May 4, 2022 by holpop in Blockchain
