Polkadot supports parachain-to-parachain token transfer

Polkadot has implemented a new feature that allows parachains in this network to transmit data directly to each other, supporting token rotation.

Polkadot supports inter-parachain token transfer

Polkadot can be understood as a blockchain of many blockchains. This project will help users to build their own blockchain on the Polkadot system easily. Polkadot calls these parallel blockchains “parachains” and parachains can connect to the main network through slots – parachain slots. The winning projects of the parachain auction will get the right to “rent” this position for about 2 years before Polkadot holds the auction again. Polkadot investors can participate in supporting the project they want to win the parachain slot by locking the DOT according to this guide.

The Polkadot blockchain was officially launched in December 2021 with 6 parachains including 5 projects that won the first auction and the default parachain is Statemint. After that, 6 winning projects of the second round were also posted to Polkadot in March. Since then, this blockchain has identified 4 more names selected as parachains including 12/ Equilibrium (EQ), 13/ Phala Network (PHA), 14/ Unique Network (UNQ), and 15/ Literntry (LIT).

Polkadot will hold 4 more auctions in 2022, each will last for 12 weeks, and select 7 projects that receive the right to rent parachain slots.

In the latest developments, Polkadot on the evening of May 4 announced the launch of the Cross-Consensus Messaging (XCM) feature, which helps parachains built on that platform directly transfer data to each other without the need to use other interfaces. bridge solution.

XCM also makes it easier for parachains to exchange tokens with each other, further increasing the interoperability between these projects and creating a premise for smoother DeFi operations, liquidity coordination, etc.

Different from the single cross-chain bridge solutions in the current crypto market, which is becoming a “prey” targeted by hackers because of the concentration of a large amount of money, XCM will be the common format of the whole Polkadot, Link data to the main blockchain and then transfer it to the sub-parachains.

The developers claim that Cross-Consensus Messaging will generate funds for Polkadot to fulfill its goal of becoming a fully compatible multichain ecosystem with subnets within.

After the above announcement, many Polkadot parachains such as Moonbeam, Acala, and Astar said they have started using XCM to bring other tokens in the ecosystem to their platforms.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like