Gnosis Announces Launch of DutchX Smart Contracts 2.0 to the Mainnet for Its Open Protocol

Gnosis, a DApp-built prediction market platform, has just announced that they have successfully finalized installing the latest DutchX 2.0 Smart Contracts to Mainnet. Via a blog post, the open-source, decentralized Ethereum Blockchain-powered prediction market termed the new DutchX smart contracts as the ‘first version.’

The fact that DutchX is an open-source project means that this decentralized trading protocol is essentially a work-in-progress project. Anyone can still be part of the development of this backbone structure designed to suit interfaces and integrations in the predictions market.

According to Gnosis, deploying them to Mainnet will effectively force them to surrender their “auctioneer powers” forever. It also means that no entity – not even Gnosis themselves, will have the privilege to change the logic or parameters of the contracts in any way whatsoever.

DutchX Smart Contracts Passed Security Tests

This latest DutchX smart contracts will, however, run and manage operations of the DutchX open protocol. These smart contracts have been twice ‘tested to the limit.’ The first test was done by Gnosis’ internal peer reviews before Solidified gave it an extensive external audit. From the two tests, however, no bugs were reported, although the Bug Bounty program that’s still active means the tests are still happening.

Focus On dxDAO And The “Auctioneer Powers” Bestowed On It

Their main aim of the new positioning is to arm dxDAO with the relinquished “auctioneer powers” so that it can alter modifiable parameters like the whitelisted tokens. Once it is fully armed, dxDAO will be working independently and without any outside interference and will thus deliver fair governance for all.

Work on dxDAO, a community-supported, Blockchain-powered and self-governing organization whose role will essentially involve altering the updated DutchX smart contracts, are ongoing. As for now though, interested and compatible projects can commence the process of getting integrated on the ultimate DutchX 2.0 platform.

Some Of The Changes Made On DutchX 2.0 Smart Contracts Are:

  • Liquidity contribution collapsed to 0.1%
  • Magnolia token can now be unlocked in one go
  • To start any side of the auction, one will need a minimum of $1,000
  • When posting SellOrders, one can close any theoretically closed auctions
  • There a new Claim and Withdraw functionality
  • Magnolia token now have proxy contracts
  • The re-entry functionality has been fixed
  • There’s a new Extract functionality
  • One can now remove Auctioneer check to upgrade the Price Oracle and Master Contract
  • Adding Linter for solidity is now possible
  • It’s possible to extract getter functions from Smart Contracts
  • They have upgraded to Solidity 0.5
  • They have solved the BadTokenProblem

Was Upgrading DutchX Really Necessary?

As explained by on the Blog, upgrading the Smart Contracts was a decision mooted, despite an apparent clashing on its benefits and demerits. Gnosis decided to conduct the upgrade so that they could eliminate any bugs on the contract logic. They knew the adjustments would change the regulatory frameworks of the whole platform.

For others, however, all these upgrades would potentially enhance the susceptibility of the project to malicious attacks. They say all the changes made on the core protocol may end up being a lot more malicious in the long run.

However, according to Christiane Ernst, the merits of this upgrade carry more weight compared to the disadvantages. According to him, the protocol is a “global liquidity pool” where bidders, sellers, and trading bots collectively make the platform a buzzing with a beehive of activity. He says all the user interactions happening in it end up in ‘pooled liquidity’ and if it were not for the upgrades, the platform would have delivered poor customer experience.

What’s There For Those Who’ve Already Integrated?

‘First Time’ and ‘Last Time’ traders, teams or projects that are currently in partnership with any batch of DutchX smart contracts are notified that:

  1. They will have to re-add their tokens to the platform before trading.
  2. Their integrations will also have to align with the upgraded DutchX smart contracts.
  3. Now is the right time to commence trading on the newly upgraded smart contracts.

dxDAO To Be Launched Soon

Gnosis expects dxDAO, an entity that will operate independently having been bestowed all the “auctioneer powers” to be launched soon. dxDAO, right now, is a project, jointly owned by DAOstack and Gnosis, although part of the agreement is that, once it starts to work, both owners will let it be wholly run by the dxDAO community.

Meanwhile, dxDAO vote staking has just kicked off and will run until 4th April 2019 when it will be launched officially.

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