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0x Protocol Version 2.0 Is Coming Soon. What Changes And New Features It Brings?

18 august 2018, 20:51 by Tim Jackson

Important 0x Protocol Cryptocurrency News

0x Protocol 2.0 Upcoming

The whole community around 0x Protocol is waiting for September, as that's when the Protocol 2.0 is scheduled to be released. While there will be many new features, there are also some improvements over the already known solutions. Let's take a look at what we can expect from the new version.

Atomic Swaps

Version 1.0 of the protocol introduced atomic order matching, which is basically a "a nearly instantaneous exchange of one cryptocurrency to another which does not require a middleman or third party to oversee the transaction." This swap worked only in cases when the user had enough capital to fill the transaction completely beforehand. The update expands the atomic swap feature to work without the requirement for upfront capital. The only thing the user will need to satisfy is to have enough ETH to cover costs of gas.

New Type Of Encryption

Another feature is the addition of encryption scheme which will be added to the already existing Ethereum's ECDSA, expanding significantly the security and possibilities offered by the protocol. 0x protocol 2.0 supports EIP-712 and Trezor signatures, while also making it possible for users to define their own verification functions in smart contracts such that multi-sig, BLS, and ring signature schemes, among others, can all be used.

New ERC Standards

0x will be able to support the variety of new ERC token standards with the initial focus on the ERC-721, which is a non-fungible token (NFT) standard used for example in a very popular Ethereum dApp - CryptoKitties. Moreover, new Asset Proxies can be added without altering existing ones, therefore it will be possible to support new token standards without the need to change the original smart contracts, making the whole process a lot simpler and much more efficient.

There are also ERC-231 and ERC-777, which are improved version of the most popular ERC-20 used by most of the ICOs and new tokens in past months.

Wrapped ETH

There is a problem with swapping ETH with other Ethereum-based tokens, as Ether existed before ERC-20 was introduced. Therefore, one had to come up with an idea how to do this. The process was called WETH, which basically uses a smart contract to exchange ETH for an equal portion of an ERC-20 compliant version of itself. 0x Protocol 2.0 will improve this method and introduce a new forwarding contract to make the process faster and less complicated.

0x Price

There is a high chance that the release of Version 2.0 of the protocol will significantly impact the price of 0x. It will also open up opportunities for new dApps to be built upon this technology and benefit from new features. We will be looking forward to new updates and information about 0x Protocol.

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