Developed by the Web 3.0 Foundation, Polkadot (DOT) cross-chain infrastructure is among the most technologically advanced products in the crypto segment right now. The team behind it shared a sample of its brand new cross-asset swap.
One network, many chains
Dr. Gavin James Wood, co-founder of Ethereum (ETH) and inventor of Polkadot (DOT), displayed how two para-chains can interact using XCM protocol on the Polkadot network.
First successful inter-chain asset transfer on @polkadot using the new XCM format/standard/protocol. Left is one parachain, right two windows are the other (index 300). @kusamanetwork $DOT $KSM pic.twitter.com/0Cj9pjTshK— Gavin Wood (@gavofyork) September 12, 2020
In a demo video attached to his recent tweet, he swaps digital assets between two para-chains in a matter of clicks. The entire process took less than two minutes.
XCM format refers to Polkadot cross-consensus messaging protocol, an abstract design that allows interaction between different types of blockchain consensuses. It covers messaging between smart contracts and their environment, between different blockchains (popular "cross-chain bridges") and between several shards within one consensus.
According to official specifications, messaging in XCM should be characterized by four "A's": asynchronous, absolute, asymmetric and agnostic. This guarantees accurate and instant execution of bridges between all sorts of blockchain systems.
Polkadot (DOT) is gaining traction
The year 2020 is crucial for Polkadot's (DOT) progress. After three years of development, the mainnet release was delivered. The denominated Polkadot (DOT) token was listed on major exchanges, both in spot and leveraged suites.
Soon after launch, DOT found itself among the leaders of all assets on Binance Futures by trading volume. It also broke into the Top 5 crypto list by market capitalization.
Despite DOT's being mocked by prominent trader and Bitcoin (BTC) maximalist Tone Vays, it is very popular among crypto enthusiasts. For instance, to meet enormous interest, Bitfinex added leveraged trading on DOT a few days after the initial listing.
Further, former Monero (XMR) leader Riccardo Spagni named Polkadot (DOT) among the potential dApps platforms to replace Ethereum (ETH).