Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem
Blockchain platform Polkadot has launched a brand new cross-chain communications protocol, saying it can eliminate cumbersome bridging mechanisms which have price the crypto business billions in cyber assaults.
The newly launched XCM messaging system is meant to advertise Polkadot’s multichain ecosystem, which is being constructed on the premise of full interoperability. XCM channels are stated to be secured on the identical degree as Polkadot’s central hub, dubbed Relay Chain, and are additionally accessible to be used by parachains. In different phrases, XCM will allow communication between parachains themselves in addition to sensible contracts.
Future iterations of XCM will permit messages to be despatched between parachains with out having to be saved on the Relay Chain, thereby enhancing scalability and eliminating governance processes for particular person chains.
Bridge hacks have price the cryptocurrency business greater than $1 billion over the previous 12 months, underscoring main safety vulnerabilities of the brand new expertise, according to knowledge compiled by Chainalysis and reported by Bloomberg. Axie Infinity’s Ronin bridge exploit was maybe probably the most notorious assault, with the perpetrators draining greater than $600 million price of digital belongings in simply two transactions.
There was a safety breach on the Ronin Community.https://t.co/ktAp9w5qpP
— Ronin (@Ronin_Network) March 29, 2022
Citing knowledge from Dune Analytics, Bloomberg additionally reported that greater than $21 billion is locked on Ethereum bridges as of March 30.
When requested in regards to the greatest safety flaws of bridges, Peter Mauric, public affairs head at Polkadot developer Parity Applied sciences, advised Cointelegraph:
“Most bridges at this time depend on a couple of weak foundations, primarily over-reliance on centralized multisignature schemes, that means they aren’t trustless or spaghetti sensible contract code that opens customers as much as assault.”
He added that “communication between parachains on Polkadot keep away from these pitfalls.”
— Cointelegraph (@Cointelegraph) February 4, 2022
Associated: Wormhole hack illustrates hazard of DeFi cross-chain bridges
When pressed about “interoperability” being a standard business buzzword with out a lot software, Mauric defined that “actual interoperability is the power to trustless my compose functions throughout a number of chains, leveraging features from every.” He additional defined that “due to Polkadot’s modular shared safety structure, that is solely attainable between its parachains, beginning at this time with the launch of XCM.”