Moonbeam, the Polkadot parachain, has implemented LayerZero

Moonbeam, the Polkadot parachain, has implemented LayerZero.

To better support Web3, Polkadot’s parachain Moonbeam, which uses the LayerZero cross-chain communications protocol, launched on August 29, 2022.

The Moon, and Turning It Into a Bustling Center of Activity

Moonbeam, Polkadot’s parachain, has adopted LayerZero. Moonbeam is a layer-1 blockchain protocol.

In spite of the fact that this is not the first instance of a messaging service being used on Polkadot, the integration with the cross-chain protocol is meant to increase the accessibility and use of messaging services on all chains.

Polkadot introduced its messaging platform in May; it is based on the Cross-Consensus Messaging standard (XCM). In line with Polkadot’s mission to create a fully interoperable multi-chain environment, all blockchains based on Polkadot can now link directly to one another.

The CEO of PureStake, Derek Yoo, who also created the Moonbeam smart contract platform, thinks that the partnership would increase adoption of Moonbeam among programmers. Yoo believes that these developments, together with others, will cause Moonbeam to become a hub.

Polkadot was developed by the Web3 Foundation and is freely available to everyone. It foresees Web3 multi-chain actions that will bring about a decentralized web where everything works together seamlessly. With a goal of universal blockchain interoperability, the Polkadot network allows for the transfer of data and assets between blockchains.

Polkadot’s hope for a future with several blockchains inspired the 2020 launch of the Moonbeam project. As a smart contract, Moonbeam facilitates the development of natively compatible blockchain applications. Moonbeam is an autonomous network that uses the Glimmer token as its medium of exchange (GLMR). It’s a specialized layer 1 blockchain that replicates several of Ethereum’s Web3 RPC, keys, accounts, logs, subscriptions, and more.

Interoperability with Blockchain Technology

As blockchain technology develops and multiple platforms offer different solutions based on the technology, interoperability becomes more crucial. It is necessary for different chains to interact with one another. Data movement and interactions between chains are made possible through interoperability between blockchains. The smoother this connection, the happier the user will be.

The trend is being driven by this necessity, which has spurred a wide range of activities in several crypto domains. The importance of interoperability in the blockchain space is growing as evidenced by recent developments such as Flare Network’s initiative to address blockchain interoperability issues, Revault’s adoption of Orbs layer 3 to promote interoperability, the emergence of Elrond (EGLD), the public blockchain for greater interoperability, and the launch of various cross-chain interoperability bridges and the Wrapped Ethereum (WETH).

LayerZero has made a name for itself in the field of cross-chain problems. Several companies have partnered with LayerZero, an Omnichain interoperability protocol that facilitates the execution of cross-chain apps, to support cross-chain transactions on their respective platforms.

DappRadar unveiled a cross-chain staking platform in conjunction with LayerZero in July, while in June, Holograph and LayerZero worked together to encourage the adoption of holographic Omnichain NFTs.

According to Etherscan, there have been roughly 9.6 million transactions on Moonbeam since its launch. LayerZero’s integration with BNB Chain, Polygon, and Ethereum, which will streamline its messaging service, will increase its usability and, by extension, its transaction volume.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.