On Wednesday 13 March, we will migrate over to V2 of the 0x protocol, bringing a wide array of improvements and a host of exciting new possibilities to Ethfinex Trustless.
From the beginning... Why 0x?
Whilst Blockchain’s ultimate promise is decentralisation, the primary way to trade tokens is via centralised exchanges. This makes sense because to trade efficiently, there needs to be liquidity - something decentralised exchanges traditionally faced difficulties with.
Key issues arise with users needing to trust these exchanges with funds and personal data. And whilst exchanges are generally safe, there have been a number of cases where funds have been lost due to hacks or corruption.
We began using the 0x protocol as a sophisticated solution to solving this problem, allowing us to build a decentralised exchange that offers the liquidity of one of the world’s largest cryptocurrency exchanges - Bitfinex - next to the matchless security of trading directly from your own wallet, effectively bringing users the best of both worlds without requiring deposits, sign-ups or KYC details.
As highlighted when introducing Ethfinex Trustless over 5 months ago, we built the launching architecture, using 0x V1, in such a way that we would be ready when 0x’s V2 smart-contracts had successfully passed testing and were ready for implementation. Today is the day we upgrade our architecture.
What improvements come with V2?
With V2 comes an array of improvements to users of Ethfinex Trustless.
- ERC721 compatibility, allowing for greater scope and flexibility with which tokens we introduce to the exchange in the fast approaching future.
- Increased reliability and speed with new, streamlined order-data formatting.
- The inclusion of a new signature type, bringing with it two main end-user improvements; More (human readable) data shown in Metamask when confirming/signing a message. In addition, contracts of all types will now have much more flexibility in creating orders.
- Easier for us to integrate, and interact, with more exciting projects in the 0x and wider Ethereum ecosystem.
IMPORTANT: As we migrate Trustless to V2, all open orders will be cancelled. Users will need to place their orders again once the migration has completed on 13.03.2019. Please prepare accordingly and for any questions, head over to our support page, or reach out to us on reddit, telegram or twitter. To learn more about 0x and V2, check out their blog.
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