Polkadot Strengthens Cross-Chain Functionality

Completed implementation of XCM v3

On the 18th, the cryptocurrency (virtual currency) Polkadot (DOT) blockchain completed the update of the cross-consensus messaging format (XCM), a communication protocol between networks.

With the implementation of “XCM Ver.3”, which took 15 months to develop, crypto assets (virtual currencies) and NFTs (non-fungible tokens) between all blockchains (parachains) in the Polkadot ecosystem Enhanced interoperability.

After exactly 15 months in development, @polkadot XCM version 3 is merged. This enables bridges, cross-chain locking, exchanges, NFTs, conditionals, context-tracking and more. https://t.co/dqcLXOmDa9

—Gavin Wood (@gavofyork) January 17, 2023

Polkadot co-founder Gavin Wood said the updated program code was successfully integrated into a repository on GitHub.

XCM enables communication between individual blockchains (parachains) connected to the Polkadot network, not only between cryptocurrencies and NFTs, but also between smart contracts, dApps (decentralized applications), and various modules.

Source: | Polkadot Decoded 2022

XCM Ver.3 improves programmability. For example, assets can be transferred between parachains without the use of bridges. It has the advantage that dApps can easily deploy services across multiple parachains.

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polka dots and parachains

Polkadot is a project led by Dr. Gavin Wood, co-founder and former CTO of Ethereum, aiming to build a more fair and user-sovereign decentralized web (Web 3.0). A PoS (Proof-of-Stake) blockchain developed by the Web3 Foundation.

Polkadot features high interoperability and scalability. It has a unique network structure centered on the main chain “Relay Chain” and the shard chain called “Parachain”.

According to Parachains info statistics, there are 33 Polkadot parachains with 128 tokens traded at the time of writing. Typical examples include Acala, which has DeFi (decentralized finance) hub functions such as liquid staking, Web3 game Ajuna Network, and Japan’s first smart contract hub Astar Network. According to DotMarketCap, the market capitalization of the entire Polkadot ecosystem is at least 150 billion yen.

Polkadot’s native token DOT is trading at -5% compared to the previous day due to the decline of Bitcoin (BTC) and Ethereum (ETH), and it seems that it is not affected by the implementation of XCM v3. DOT has a market capitalization of 840 billion yen at the time of writing, ranking 12th in the cryptocurrency market.

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