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Polkadot (DOT) Founder Gavin Wood Announces First-Ever Interchain Swap With New Mechanism

Polkadot (DOT) engineers have delivered a new type of cross-asset bridge on top of their network

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Cover image via polkadot.network

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.

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.

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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.

👉 MUST READ Polkadot (DOT) Breaks Into Top 5, Aave Protocol (LEND) Surpasses Maker, DEX Trading Volume Over $8,000,000,000 In August: DeFi Market Updaterelated article image

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).

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Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)