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Will Warren, the co-founder of the 0x Project, announced Monday via Medium that the next iteration of the 0x protocol is now live.
0x protocol v2.0 is live!https://t.co/ZNroZY31FM
— 0x (@0xProject) September 24, 2018
A Year in the Making
Warren claims the team at 0x has worked hard over the course of the past year developing the next version of their protocol and putting it through multiple rounds of intensive security testing, calling it “one of the most highly vetted systems on the Ethereum blockchain.”
Warren stated in his post that he and his team have incorporated feedback from the community into their new product, mentioning:
“Over the past year the 0x core team has not only been building, we have also been listening. To relayers, Solidity devs, UX designers, market makers, community members, dApp devs, and others. By gathering all of this feedback, we have been able to include features in 0x protocol v2.0 that will pleasantly surprise developers, bring a new wave of high-quality projects onto 0x, and set up the system for future upgrades and improvements through governance.”
An already hugely popular framework for building decentralized exchanges of nearly any blockchain-based digital asset on the Ethereum network 0x was announced as a future potential addition to Coinbase alongside other up-and-comers in the crypto space like Brave’s Basic Attention Token (BAT).
The San Francisco company recently added David Sacks, former COO of PayPal, founder of Yammer, and co-founder of investment group Craft Ventures, to its advisory board. Some of the relayers building on 0x include trading platforms Ethfinex, Radar, and Paradex, according to the 0x project website.
So what’s next?
According to the 0x project blog, a few of the main changes for version 2.0 include a new architecture for smart contracts, more efficient mapping of exchange orders, support for new types of digital signatures and identity verification, and the addition of “filter contracts” and “permissioned liquidity pools.”
The latter item only offers access to a pool of assets to Ethereum addresses that are able to meet certain criteria. Relayers can set these requirements themselves, opting in to apply sets of permissions.
0x will also change the way its protocol interacts with contracts–the current method of one proxy contract per exchange works well for ERC-20 assets but doesn’t scale, according to 0x’s Tom Shmidt. Version 2.0 will use different asset proxies for different asset types.
Schmidt says:
“This way we can add support for new token standards as they come out without having to redeploy a single Proxy — we just need to deploy a new AssetProxy for a particular standard.”
Currently, the 0x team has fifteen relayers facilitating trades with the company’s ERC-20 token, with more reportedly beta-testing the protocol.
0x, currently ranked #25 by market cap, is up 11.31% over the past 24 hours. ZRX has a market cap of $380.29M with a 24 hour volume of $22.96M.
Chart by CryptoCompare
0x is up 11.31% over the past 24 hours.
Cover Photo by Richard Gatley on Unsplash
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John Bogna is a freelance writer and journalist with seven years of experience covering everything from arts to tech.
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