Blockchain platform Polkadot has launched a new cross-chain communications protocol, saying it will do away with cumbersome bridging mechanisms that have cost the crypto industry billions in cyber attacks.
The newly launched XCM messaging system is intended to promote Polkadot’s multichain ecosystem, which is being built on the premise of full interoperability. XCM channels are said to be secured at the same level as Polkadot’s central hub, dubbed Relay Chain, and are also available for use by parachains. In other words, XCM will enable communication between parachains themselves as well as smart contracts.
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