Polkadot founder Gavin Wood says XCM v3 merged

• XCM works with chains, smart contracts and non-fungible tokens (NFTs).
• It also supports communication between networks with different consensus mechanisms, such as between Bitcoin and Polkadot.
• Gavin Wood, founder of Polkadot, announced on Tuesday 17th January 2023 that XCM v3 was finally merged..

A scalable heterogeneous blockchain ecosystem, Polkadot is currently one of the most robust networks in the cryptocurrency industry, with new capabilities to launch.

According to Polkadot founder Gavin Wood, the Interoperability Blockchain Cross Consensus Message Former (XCM) version 3 has finally been rolled out. Wood, who is also the founder of Kusama, Ethereum and Parity Technologies, announced on Tuesday that he has introduced XCM v3. development 15 months.

Exactly 15 months after development, @Polka dot XCM version 3 is merged. This allows for bridging, cross-chain locking, exchanges, NFTs, conditions, context tracking, and more. https://t.co/dqcLXOmDa9

Gavin Wood (@gavofyork) January 17, 2023

How does XCM work?

XCM It started with cross-chain communication between different chains before moving to cross-consensus messages. The purpose of cross-consensus messages is to make use of the language in which different consensus systems can communicate.

The XCM design provides instructions on how to create, send, and interpret messages throughout the chain. A destination chain supports programmable, trustless, rich data to execute instructions.

Essentially, XCM is a standard that allows protocol developers to define what data and origins a particular chain can send and receive. For example, a developer leverages her XCM to use Bitcoin (Proof of work network) and polkadot (Proof of Stake Network).

But the deployment of XCM v3 does more than just enable cross-consensus communication between chains. It works with smart contracts, bridges, pallets, exchanges and non-fungible tokens (NFTs).

As an example, message formats may allow interoperability between parachains, eliminating the need to use bridges.