Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem
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. Future iterations of XCM will allow messages to be sent between parachains without having to be stored on the Relay Chain, thereby improving scalability and eliminating governance processes for individual chains. Bridge hacks have cost the cryptocurrency industry more than $1 billion over the past year, underscoring major security vulnerabilities of the new technology, according to data compiled by Chainalysis and reported by Bloomberg.