The latest version 3 of its cross-chain messaging format called Cross-Consensus Messaging (XCM) released will enhance interoperability between different blockchains, a high demand feature in the industry.
Polkadot, a leading blockchain interoperability platform, has released version 3 of its cross-chain messaging format, Cross-Consensus Messaging (XCM). The new version is designed to enhance interoperability between different blockchains in the Polkadot ecosystem, making it easier for them to communicate and interact with one another.
Gavin Wood, co-founder of Polkadot, announced the release of XCM version 3 on Twitter, noting that it has been in development for 15 months. The code for the update has been successfully merged into the master branch of the Polkadot repository on GitHub.
The Cross-Consensus Messaging (XCM) protocol is a key aspect of the Polkadot ecosystem, allowing for the communication between different chains and enabling them to interact with one another.
This new version of XCM is a major update that will have a significant impact on the entire ecosystem, and it will be interesting to see how it is adopted and used in the coming months.
One of the main focuses of XCM v3 is increased programmability. This allows for the decomposition of the functions of relay chains into different parallel chains, and the bridging of different chains so that certain applications can be built across parallel chains. This opens up many new ways of interacting with tokens across multiple blockchains, including concepts such as locking tokens on one chain and unlocking them on another.
This new version of XCM is compatible with all application-specific blockchains (parachains) in the Polkadot ecosystem. It enables bridges, assets movement between different blockchains within Polkadot cross-chain locking, exchanges, non-fungible tokens (NFTs), conditionals, context-tracking, and more. This means that different blockchains in the Polkadot ecosystem can now communicate and interact with one another more easily and securely.
The improved interoperability of NFTs within the DOT ecosystem is one of the most fascinating aspects of this upgrade. There will be no more lock and wrap plays, and the interaction between parachains will be significantly safer with XCM v3. This will pave the way for new and innovative use cases for NFTs across different blockchains.
This release of XCM v3 is a significant step forward for Polkadot, and for the entire blockchain industry. The improved interoperability of different blockchains will open up new opportunities for innovation and collaboration, and help to drive the mass adoption of blockchain technology.
It is expected that many projects will now start to leverage this feature to move their tokens and assets between different blockchains within the Polkadot ecosystem.