Polkadot’s parachain Moonbeam, implemented LayerZero, the cross-chain communications protocol, on August 29, 2022, to improve Web3 compatibility.
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Moonbeam And Making It A Hub Of Activity
Polkadot’s parachain Moonbeam implemented LayerZero. Moonbeam is a layer 1 blockchain protocol.
While this is not the first time a messaging service has been utilized on Polkadot, its integration with the cross-chain protocol is intended to expand messaging services and make them more widely across other chains.
Polkadot released its messaging system in May, based on the Cross-Consensus Messaging standard (XCM). For the first time, all Polkadot-based blockchains may connect directly, in keeping with Polkadot’s objective of establishing a completely interoperable multi-chain ecosystem.
Derek Yoo, CEO of PureStake, the inventor of the Moonbeam smart contract platform, feels that this collaboration would encourage developers to use Moonbeam. Yoo anticipates that these innovations, along with others, will combine to make Moonbeam a focus of activity.
Polkadot is a Web3 foundation-created open-source protocol. It envisions Web3 multi-chain activities that will result in a completely interoperable decentralized web. In keeping with its vision of full interoperability, the Polkadot network supports cross-blockchain transfers of any form, including data and assets.
The Moonbeam project began in 2020, in keeping with Polkadot’s vision of a multi-chain future. Moonbeam, as a smart contract, makes it simple to create natively interoperable blockchain apps. Moonbeam is a decentralized platform powered by the Glimmer currency (GLMR). It is a highly customized layer 1 chain that mirrors Ethereum’s Web3 RPC, keys, accounts, logs, subscriptions, and more.
BTC Tech and Interoperability
Interoperability in the blockchain is becoming increasingly important as the technology matures and different platforms provide varying solutions based on the technology. Interaction between distinct chains is required. Interoperability across blockchains enables data transfer and interaction between chains. The more seamless this link is, the better the user experience.
This necessity informs the trend, which has resulted in diverse actions in various crypto areas. From Flare Network’s move to solve blockchain interoperability issues, Revault’s integration of Orbs layer 3 to foster interoperability, the emergence of Elrond (EGLD), the public blockchain for greater interoperability, to the launch of various cross-chain interoperability bridges and the Wrapped Ethereum (WETH), interoperability is becoming increasingly important in the blockchain space.
When it comes to cross-chain issues, LayerZero has built a name for itself. LayerZero is an Omnichain interoperability protocol that enables the execution of cross-chain applications, and several companies have collaborated with it to facilitate cross-chain transactions on their platforms.
In June, Holograph collaborated with LayerZero to promote the use of holographic Omnichain NFTs, and in July, DappRadar announced a cross-chain staking platform in collaboration with LayerZero.
Moonbeam has had around 9.6 million transactions since its debut, according to Etherscan. This connection with LayerZero, which will simplify its messaging service with chains like BNB Chain, Polygon, and Ethereum, will undoubtedly boost its usability and, as a result, its transaction volume.
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