Polkadot Releases Version 3 of Cross-Consensus Messaging

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!

What is Curve Finance in Crypto? (Animated Explanation)

SUBSCRIBE

ON YOUTUBE

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., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts