This update is basically the cyanogenmod version of Android.You can enjoy more features from Cyanogemod custom rom.
No more lectures, let me move on to how to install custom rom on xiaomi mi3.before moving make sure you have the following pre requiremnts.
Pre requirement before installing Cyanogenmod custom rom on Xiaomi Mi3
Make sure you have an working Custom recovery like CWM/TWRP Recovery
Backup all your Sms,Contacts & apps
Ensure you have above 75% battery
How to install Cyanogenmod Custom rom on Xiaomi Mi3
Place it on your SD Card
Now reboot to recovery mode
How to reboot to recovery mode on xiaomi mi3
Once you landed on recovery mode.select backup and restore to backup your current rom.If something wrong happened you may revert to stock rom.
Now do factory reset. (wipe data/rest)
Now move to install zip from SD card–>choose zip from Sd card–>the download zip
Wait the CWM flashes the cyanogenmod rom on xiami mi3.
Once installation gets completed,Reboot the phone.
The first boot will take time,dont panic.Wait few mins..
After successful reboot you will be in Cyanogenmod rom.If face any difficulties while insatlling custom rom on xiaomi mi3 leave acomment below.