0x (ZRX) is sort of like the “Ethereum of decentralized exchanges” – a platform where third parties can launch their own decentralized exchanges. Its smart contract network only launched in August of 2017, and there are currently 15 0x (ZRX) relayers (projects that are using the protocol) already enabling token trades. On top of that, nearly $200 million in tokens has been traded using this technology.
There are more relayers currently still developing in beta. Augur (REP) and Request Network (REQ) are two pretty famous examples of projects that have been built on top of this protocol.
Soon, the 0x (ZRX) protocol will get several upgrades
Yesterday, the team behind this wide-spanning blockchain ecosystem dropped a massive news-bomb:
Yes, it’s true – there will soon be a second version of this protocol. This is what the team says in the blog post on Medium that served as the official announcement: “When we launched V1, the first ERC-20 tokens were just beginning to emerge. Since then, we’ve seen the ERC-20 token ecosystem explode and new assets like ERC-721 non-fungible tokens, tokenized securities, derivatives, and many more start to take form. Our core thesis is that the world’s value is becoming tokenized, and we need to build the tools that allow this value to flow freely.”
So, how will the Next 0x protocol be different?
Just based on the reaction from Reddit and Twitter, it seems like the overall 0x (ZRX) community is very excited what this new system can do. Here is what, piece by piece, the second version of this technology will offer (taken directly from their announcement):
- New smart contract architecture; seamlessly support new token standards. Support for ERC-721 at launch
- 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 on-boarding, abstraction of WETH, and trade widget support.
- Ability to create “filter contracts” for permissioned liquidity pools
- Bulk order cancellations with a fixed sized transaction
That all seems pretty cool – but remember that this is just an announcement. The technology won’t actually launch until late July. As more and more decentralized exchanges are jumping on the market, it will be interesting to see what happens to this coin’s price – as well as what happens when this new protocol goes live.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.