Polkadot improves capabilities for cross-chain transactions across its several blockchains

The third version of Polkadot’s cross-chain messaging format, which it refers to as Cross-Consensus Messaging, has been launched.

In order to improve the level of interoperability that exists across the many blockchains that are a part of the Polkadot ecosystem, the firm Polkadot has published version 3 of its cross-chain messaging format known as Cross-Consensus Messaging (XCM).

According to an announcement made by Gavin Wood, co-founder of Polkadot, the code for the upgrade has been successfully merged into the master branch of the Polkadot repository hosted on GitHub. After 15 months of development, XCM version 3 is finally ready for production. It is interoperable with all application-specific blockchains (parachains) in the Polkadot ecosystem.

According to the Polkadot team, the capability of moving assets inside Polkadot between multiple blockchains has been improved with the implementation of XCM version 3, which has now been published. This will apply to both conventional tokens and non-fungible tokens (NFTs).

Increased programmability is the primary emphasis of the new version. This makes it possible to interact with tokens in a variety of different ways that are distributed over various blockchains. In this context, locking tokens on one chain and freeing them on another are examples of this kind of mechanism.

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