IBC and XCMP: A Comparison of Interoperability Protocols

Figure 1: IBC packet flow, source: ibcprotocol.org

Comparing IBC and XCMP

  • Security
  • Generalizability
  • Extensibility
  • User experience
  • Developer tooling

Security

  • Teleporting: token transfers in the form of burning an asset on one chain and minting an equivalent amount on another chain. Reverse-Based Transfers also make use of the token transfer application.
  • Remote transfers: similar to Interchain Accounts where an account on a ‘local chain’ can control an account on a ‘remote chain’. XCM messages in this case will contain the local and remote account information along with the action to be performed by the local chain on the remote chain.
  • Platform-specific functions: XCM is also intended to allow for a parachain (or any Substrate-based chain) to dispatch a remote call to one of its numerous pallets to leverage a specific feature or functionality.
Source: Messari

Conclusion

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