Polkadot Improves Interoperability with XCM Version 3

  • January 25, 2023

Polkadot, a leading blockchain platform, has released version 3 of its cross-chain messaging format, called Cross-Consensus Messaging (XCM).

This Polkadot update aims to improve interoperability between different blockchains within the Polkadot ecosystem.

Interoperability refers to the ability of different systems or platforms to work together seamlessly. In the context of blockchain, it means the ability of different blockchains to communicate with each other and share data.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

The CEO of Polkadot, Gavin Wood, tweeted about the recent update on Jan 17 and stated that the new XCM version 3 has been in development for 15 months and has now been successfully merged into the master branch of the Polkadot repository on GitHub.

This means that it is now ready for production and can be used by all application-specific blockchains or parachains within the Polkadot ecosystem.

According to the update notes, one of the key features of XCM version 3 is its increased programmability. This allows for increased flexibility in how tokens, including non-fungible tokens (NFTs), can be moved and used across different blockchains. Further, the feature allows for tokens to be locked on one blockchain and then unlocked on another.

This opens up new possibilities for how assets can be used and shared across different blockchains.

It was expressed that the release of XCM version 3 is a significant step forward for Polkadot and the wider blockchain community. It allows for grander interaction and communication between different blockchains.

In other news, four people have received their sentences following an extensive probe by Lancashire Constabulary into a £20 million Bitcoin scam.

Aaron S. - Expert Reviewer

by Aaron S. – Expert Reviewer, BitDegree

#Polkadot #Improves #Interoperability #XCM #Version