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0x version 2 is happening

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... in July 2018. Assets’ tokenization has started already and will continue happening at an increasing pace. When V1 was launched, the first ERC-20 tokens were just emerging. Since this happened, new assets such as ERC-721 non-fungible tokens, derivatives, tokenized securities etc. there is a belief to build what is modular and flexible. Feedback is valuable and we continue to execute suggestions from our community. Some features are described bellow:


A new contract architecture that supports ERC-721 and other token standards

Two smart contracts were majorly used by V1 of Ox which is our Exchange contract handled the logic of cancelling trades, while our Proxy contract interfaced with ERC-20 contracts to modify token balances when trades were executed. It is necessary to re-extend the Proxy contract to support new standards, token balances will be adjusted as everyone will be forced to set their allowance on the new Proxy contract.

In V2, new Asset Proxies are extended for each distinct asset type. This can help to add support for new token standards without being re-extended to a single proxy. To begin, the ERC-721 as well as ERC-20 will be launched. Ethmoji, Cryptokitties, Fan Bits and LAND or any unique assets can be traded with the use of 0x. 


Support for EIP-712

Remco Bloemen and Leonid Logvinov software engineers at 0x, wrote EIP-712 (new user and safety experience for Ethereum wallets) and 0x is adding its support in V2.


Taker Abstraction

The taker of an order has always been a message sender in V1 of 0x. The taker will default to message sender in V2, it can be from another Ethereum address, if there is a signature from that address. This enables uses of 0x easier to be executed and also opens up a number of new use cases which includes creating orders that can be filled by whitelisted addresses only, creating Trade Execution Coordinators, and relayers utilizing the Order Matching model.


Support for New Signature Types

To create orders in V1 of 0x, a message needs to be signed by utilizing the standard encryption scheme for Ethereum. 

New signature schemes are supported in V2, these schemes include Trezor and EIP-712, and users are also allowed to define their verification functions within smart contracts; with this, orders are created utilizing BLS signatures, multi-sig etc. with the utilization of a custom signature verification function, 0x orders can now be developed with smart contracts.


Forwarding Contract

Wrapping ETH into ERC-20-complaint WETH, has posed a big issue towards user adoption of 0x that may not go away anytime soon. There has been a search for solutions to make it less stressful for long –tail of users to start tapping into the 0x networked liquidity pool.  


Atomic Order Matching and Batch Settlement

Users could batch fill transactions in V1 of 0x automatically, under the circumstance that there is upfront capital to fill the transactions in the first place.

Orders can be matched and filled together, and asides ETH needed to cover gas costs, there’s no need for capital.

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