This good news for Crypto Polkadot: Here’s why XCM is a huge step forward for blockchain interoperability!

Finally, the highly anticipated launch of Polkadot’s breakthrough technology called Cross-Consensus Messaging (XCM) is just around the corner. With the launch of XCM, Polkadot’s native currency called DOT will finally be ready to exchange, send and multiply on all parachains in the Polkadot network.

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This means that users will finally be able to trade and share their DOT on StellaSwap, Moonbeam’s main DEX.

The DOT that will be launched on Moonbeam is called xcDOT.

The XC-20 is a unique asset class in Moonbeam. It combines the power of substrate assets (native interoperability) but allows users and developers to interact with them through the familiar ERC-20 interface via pre-compiled nodes (Ethereum API) XC-20s and an asset overview via a chain of Moonbeam

Here are the details of launching the DOT farm at StellaSwap:

Farms to be launched: xcDOT-GLMRFarms Open for Deposit: May 4, 4:00 PM UTC Live Bonus Farms: May 5, 4:00 PM UTCReward Codes: STELLA & GLMRBridge: None! Feel the power of gateless transfers on Polkadot.

DOT finally arrives at Polkadot. why are you late

Prior to the launch of XCM, the benefit of using the original DOT was limited to the collective contributions of ambitious parachute auctions. In order for parachains to be offered live on Polkadot, they must gain community support by participating in an auction to rent a spot on the net. The more crowds a parachin gets, the more likely he is to get a parachin slot. The primary DOT that investors provide to a group loan is secured for the duration of the facility, which is about two years. In return, the investors get an allotment of the base tokens of Parachin.

Other than the crowds, it didn’t make sense for DOT to be available on the network prior to XCM’s launch. Indeed, XCM opens up a fundamental introduction to Polkadot’s enormous potential: interoperability.

Why is XCM a giant leap for blockchain interoperability?

To understand the potential of XCM, one must know that one of the main limitations of blockchain networks is interoperability; This means that it is difficult for one blockchain to interact with another blockchain because it is made differently. For example, it is difficult for the Ethereum blockchain to interact with the Ripple network. So imagine that each blockchain network is a silo unto itself, and the lack of interoperability between networks hampers the potential of blockchain networks and shifts dependencies to central bridging solutions to transfer value. Below are the benefits of interoperability.

Having multiple blockchains of applications communicating with each other through a decentralized hub increases efficiency, as specialized blockchain networks can instead focus on their business logic rather than the underlying security infrastructure. This is how Polkadot was designed. In addition, having a global framework for interaction between different networks reduces dependence on existing gateway solutions, which are often centralized. Several portal hacks have occurred, resulting in hundreds of millions of dollars in lost money.

#1: Create more powerful products that simplify the complex user experience

authorship ability; This powerful concept of DeFi that enables the creation of products and services simply by combining various interoperable components to create greater value, just like Lego blocks. For now, installation is limited to specific blockchain networks, such as Yearn Finance on Ethereum.

#2: Improve cross-channel collaboration

Interoperability between organizations, digital applications, and communities that do not normally interact with each other can make information exchange easier and more efficient, leverage each other’s strengths, and cultivate innovation.

Polkadot is a network of heterogeneous parachains connected to a single decentralized main chain called the relay chain, where security, finality and communication are shared, while parachains are free to focus on what matters to them, i.e. their specialized business logic.

XCM is the technological framework that enables the interoperability of blockchain networks, whereby messages can be sent between different parachas in a transparent and decentralized manner.

StellaSwap is the first and pioneer of Moonbeam DEX to provide an integrated portal to the world of DeFi. Users can trade, earn and produce returns, settle assets, explore new projects and participate in NFT transactions, all from one unified platform. StellaSwap products are designed to facilitate decentralized governance for STELLA holders, while continuing to innovate on a collective basis by design.

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Thomas Estember
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