0x Protocol Decentralized Exchange and Atomic Swap Platform has 4 Key Features to Note
Four Major Ox Protocol Changes To Pave Way For Superior Distributed Exchanges
The Ox protocol is one of the protocols which has elicited a lot of interest to individuals who explore distributed exchanges as well as atomic swaps. As a result, there is need for the system to keep developing. An innovative version of the protocol will be launched in the near future. Some of the changes to expect are listed below:
4. Diverse Contract architecture
Among the key uses for Ethereum smart contract is the creation of tokenized properties. This is arguably the key reason why there are a myriad of ICO projects. Most firms want to raise funds within the shortest time possible. It ought to be noted that a number of developments can be carried out in the tokenized asset properties space by making use of the ERC-721 standard.
Consequently, the Ox group will come up with an innovative contract architecture which upholds the application of several token standards. Apart from just using the ERC20, the project will also utilize the ERC-21, including additional Asset Proxies for diverse asset categories. This empowers developers to establish support for new standards without the need to enforce redeployment of the current code.
3. New signature types
There are a number of things that make virtual assets to get very little attention, less than it should. The role played by signature types for Ox is to assist in establishing innovative orders. This is presently done via ECDSA, an Ethereum typical encoding structure. Ox strives to take things to new levels by supporting EIP-721, Trezor, as well as user-defined authentication purposes within smart contracts.
2. Batch settlement
In most cases, whenever the initial iteration of a new protocol is introduced, there are a number of things which are then made simple to carry out. The only challenge with the batch settlement is that it may need users to be in possession of upfront capital for them to complete their transactions. The Ox Team asserts that in the impending release, orders will be automatically matched, with users only requiring the necessary ETH to cater for gas costs.
1. Forwarding contract
Using the present execution of Ox, the protocol is integrated into ERC20-compliant WETH. Its adoption is not simple, coupled with the fact that unravelling the issue may take some bit of time. As a result, it will be vital to compact all the transactions into a single one, which will be accomplished within the network.