Polkadot Testnet Launches First Cross-Chain Message Passing Transaction
- The most successful XCMP transaction is now available on Polkadot Testnet.
- This successful XCMP will improve interoperability, lower costs and make transactions less expensive
- Acala plans to host its next crowdsourcing event after Kusama announces the process of Crowdloans.
In a piece of essential news, the relationship between the Polkadot Testnet parachain and Acala has produced the inaugural cross-chain message passing transaction-based (XCMP) connection, and it was successful – this is an extraordinary crypto history.
There have been constant connections and communication between the developers from both firms on the parachain. It is a very welcome development as it aligns with their goal of realizing compliance status with Polkadot and Kusama parachains soon.
The Acala network utilized a definite plan to achieve this cross-chain connectivity and, in the end, developed what is known as the xtoken. The primary function of the xtoken is to transfer tokens between the environment of the Polkadot and Kusama parachains. Since the operations of the xtoken are on an open-source platform, other blockchain projects can utilize this cross-chain feature without experiencing any problems.
The cross-chain message transfer feature allows token transfers between the Acala Testnet and the laminar Testnet. The plasm network led by Aleksandr Krupenkin put the system through a thorough test, and all technical problems discovered were promptly resolved. The next phase of the test was to transfer tokens across chains. This phase was successful, and the excitement on everyone’s faces knew no bounds because their efforts were not in vain.
The next step for the firms’ auctions and launches
The next landmark achievement the organization aims to accomplish is for the Kusama parachains to be live. When Kusama announces the Crowdloans process very soon, Acala will likely use it for crowdsourcing and hosting its KSM event. Acala would do this crowdsourcing through the Karura network (Kusama’s Defi hub). There is a waitlist of over 19,000 persons on the Karura parachain auction.
Acala should launch the mainnet after participating in the parachain’s slot auction. Acala is expected to host a DOT-focused crowdsourcing event, and the funds from hosting that event will be used to attend Polkadot’s parachain auction process. The blockchain industry is in dire need of passing messages between multiple blockchains, and the growth potential for this sub-industry niche is enormous.
Interoperability remains an undeniable benefit of passing messages across multiple blockchains. Hence, transactions become less expensive because costs are lower, allowing more people into the industry.
What you need to know about Acala
Acala is a Stablecoin of Polkadot – a highly convenient medium for building financial applications; it is time-efficient and enhances trade effectiveness. Most financial apps use Acala’s open-source platform for smart contracts. Some of them utilize its inherent features for innovative chain functionalities and strong security.
What you need to know about the plasm network
Plasm is an interconnection of scalable-smart contracts on Polkadot, which enhances state-of-the-art Ethereum virtual machine and 2-layer solutions. It’s purposed to be a Polkadot parachain since it’s based on a substrate. Through this interconnectivity, developers can prioritize their DApps since they now have an excellent smart contract platform and a robust infrastructure.
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