• XCM version 3, a feature of Polkadot’s blockchain ecosystem, has been merged after 15 months of development.
• XCM works across chains, smart contracts, and non-fungible tokens (NFTs). It also enables communication between networks with different consensus mechanisms, like between Bitcoin and Polkadot.
• Polkadot founder Gavin Wood announced the merge of XCM v3 on Tuesday, 17 January 2023.
The Polkadot blockchain ecosystem has taken a giant leap forward with the successful merge of XCM version 3. XCM, or cross-consensus message, is an interoperability blockchain designed to allow different consensus systems to communicate. The merge of XCM v3 was announced on Tuesday, 17 January 2023, by Polkadot founder Gavin Wood.
XCM has been in development for fifteen months, and it has been designed to work across chains, smart contracts, and non-fungible tokens (NFTs). It also enables communication between networks with different consensus mechanisms, like between Bitcoin and Polkadot. This will help to create a more seamless experience between different blockchain platforms.
XCM also offers instructions on how to compose, send, and interpret messages across chains. The destination chain is the one that executes the instructions, with support for multiple consensus algorithms and specialized native contracts. This helps to ensure that the message reaches its intended destination in a secure manner.
The merge of XCM v3 is a major milestone for the Polkadot project, and it marks a new era for the blockchain ecosystem. The new feature will make it easier for developers to create applications that span multiple blockchain platforms, and it will also help to bridge the gap between different consensus systems.
Gavin Wood, who also founded Kusama, Ethereum, and Parity Technologies, said that the merge of XCM v3 is a “major milestone” for Polkadot. He also said that it will “enable bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking and more.”
The merge of XCM v3 is a major step forward for the Polkadot project, and it has the potential to revolutionize the way that blockchain platforms interact with each other. This will enable developers to create more powerful applications that have an even broader reach.