A cross-chain messaging mechanism called LayerZero has purportedly been implemented into the Polkadot parachain Moonbeam, according to a recent report. The network wants to maintain Web3 interoperability with this.
The Web3 world has been encroaching on the entire planet. The majority of people think it’s the present and the future, thus many businesses have started launching efforts that are in line with that belief. The interoperability of Web3 blockchains has been a goal of a wide range of cryptocurrency initiatives. The Polkadot [DOT] network has been pursuing the same goal and has recently increased its visibility on Web3.
It should be remembered that the network has tried launching an internal messaging service before. It should be recalled that Polkadot released the XCM cross-chain communications protocol back in May of this year. The messaging system was designed to encourage communication between smart contracts and parachains.
“Heterogeneous blockchains that are connected to Polkadot” is what parachains are. One of them just so happens to be moonbeam. It has LayerZero incorporated, but it has also been using the XCM for a while.
LayerZero for more than simply Polkadot’s blockchain
LayerZero’s integration on Moonbeam is anticipated to improve messaging services not just for Polkadot but also for other chains. The integration is anticipated to result in more comprehensive messaging services through Ethereum, BNB, Polygon, and other platforms.
When discussing how Moonbeam would become a “centre of activity,” Derek Yoo, CEO of Purestake, Moonbeam’s parent business, remarked,
“These messaging systems and this ability to network means your app is going to become quite prevalent [across chains].”
In addition, it appears that Polkadot wants to become a Web3 leader. The previous few months have seen a lot of interest in cross-chain messaging. The Open Chat Alliance was recently created by Solana-based projects.
Solana is an open-source blockchain that supports decentralized applications, smart contracts, and non-fungible tokens (NFTs) (dApps). The SOL token, a native to Solana’s blockchain, provides value transfer and internet security through staking.
There are presently 349,120,156.69 SOL in circulation, according to Solana. On November 6, 2021, SOL hit an all-time high of $260. Currently, it is trading at $36.18, down 86% from its peak.