Blockchain technology seems to move at lightning speed, even during the deep correction we find ourselves in.
In times like these, investors following the work of their favorite coins can look forward to announcements surrounding mainnet upgrades, and that’s something 0x project investors can celebrate about this week.
0x Protocol v2.0
Following the release of the v2.0 beta, the 0x team announced they’d be offering up to $100,000 in rewards for successfully finding and rewarding critical exploits in their system.
The bounty was announced on September 5, 2018, and roughly 3 weeks later, the good news was released. The official announcement on the mainnet release of 0x Protocol v2.0 was made on September 24, 2018 on the 0x project blog.
Will Warren, co-founder of 0x, explained that the upgrade took their core development team over a year, with multiple rounds of testing and security audits. He conveyed his confidence that 0x is “one of the most highly vetted systems on the Ethereum blockchain.”
Key Updates in 0x Protocol v2.0
In the first version of the 0x protocol, developers were able to create user interfaces, access liquidity pools, and lower trading costs on the platform.
In v2.0, perhaps the biggest improvement is the redesigning of their smart contract system, which were upgraded in order to support new Ethereum token standards.
Included with the launch of their new smart contract infrastructure is support for the ERC-721 token, which is best known for its usage in CryptoKitties. To accomplish this, there will be Asset Proxies for each ERC token type, instead using a single proxy for all tokens on the platform.
0x’s v2.0 mainnet update was originally announced back in May 2018, with an estimated launch date of July 2018.
Although slightly premature, here are the key updates that hold true today:
- More efficient order matching and cross-relayer arbitrage
- Support for new signature types and custom verification logic
- Open source framework for “forwarding contracts.” Easy user onboarding, abstraction of WETH, and trade widget support.
- Ability to create “filter contracts” for permissioned liquidity pools
- Bulk order cancellations with a fixed sized transaction
Wrapping Up
In his announcement post, Warren expressed the importance of 0x v2.0 within the long-term mission of their project, which is one based on principles that allow for “a tokenized world where value can flow freely.”
He also expressed his gratitude for everyone involved with the manifestation of 0x, mentioning developers and community members alike.
He described a mutually beneficial scenario of development and feedback, stating:
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.
If you’re looking to integrate 0x functionality with your dapp, contact 0x at chat.0xproject.com or email them at [email protected]. Also, check out the resources available at the end of this blog post.
