Polkadot founder Gavin Wood says XCM v3 merged

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XCM works throughout chains, sensible contracts and non-fungible tokens (NFTs).
It additionally helps communication between networks with totally different consensus mechanisms, like between Bitcoin and Polkadot.
Polkadot founder Gavin Wood introduced XCM v3 had lastly merged on Tuesday, 17 January 2023.

Polkadot, the scalable heterogeneous blockchain ecosystem, is presently one of many crypto trade’s most sturdy networks, and has a brand new characteristic as well.

According to Polkadot founder Gavin Wood, the interoperability blockchain’s “cross-consensus message” formar (XCM) model 3 is lastly deployed. Wood, who additionally based Kusama, Ethereum and Parity Technologies, introduced on Tuesday that XCM v3 had been in development for fifteen months.

After precisely 15 months in growth, @polkadot XCM model 3 is merged. This allows bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking and extra. https://t.co/dqcLXOmDa9

— Gavin Wood (@gavofyork) January 17, 2023

How does XCM work?

XCM began with cross-chain communication between totally different chains at its core, earlier than the shift to cross-consensus message – the purpose of which is to avail a language by which totally different consensus techniques can talk.

The XCM design affords directions on compose, ship, and interpret messages throughout chains. The vacation spot chain is the one which executes the directions, with assist for programmable, trustless and wealthy information.

Basically, XCM is customary by way of which protocol builders can outline information and origins that their specific chains can ship to or obtain from. For occasion, a developer can leverage XCM to permit for communication between Bitcoin (a proof-of-work community) and Polkadot (a proof-of-stake community).

But XCM v3 deployment does extra than simply to allow cross-consensus communication between chains. It can work throughout sensible contracts, bridges, pallets, exchanges, and non-fungible tokens (NFTs).

An instance is the place message format permits interoperability between parachains, eradicating the necessity to use bridges.