0x V2 Update to Support Ethereum ERC-721 Token Swaps

The decentralized exchange protocol, 0x, announced a significant update in the form of V2. With a projected launch of July, the newest version brings some exciting features for trading tokenized assets.

The Ethereum-based protocol acts as a communication layer for DEXs, known as decentralized exchanges, to facilitate a standardized trustless P2P token exchange layer without the need of a third party.

The 0x protocol brings a level of industry standardization to exchanges unseen in the current climate.

Since all cooperating exchanges using the 0x protocol operate on the same infrastructure, the network provides networked liquidity that would not be possible with all entities using proprietary exchange software.

The recent trend of tokenized non-fungible assets, such as the collectible tokenized assets of CryptoKittes and EtherCraft lead the 0x protocol to provide the exchange of such assets through the ERC-721 standard.

While version 1.0 of the 0x protocol focused primarily on the burgeoning ERC-20 token ecosystem, the latest update has placed a significant focus on the economy of unique collectible assets.

To help facilitate the new standard and streamline the exchange protocol for other later updates, 0x has revised its proxy contract into Asset Proxies, enabling users to deploy a new proxy contract for each unique asset type.

Asset Proxies allow 0x to support future token standards without having to redeploy a single proxy, thereby creating a modular architecture for the protocol.

0x version 2.0 also brings support for new signature types, expanding beyond Ethereum ECDSA scheme allowing the exchange to support EIP-712, Trezor and will provide users the ability to define their verification functions within smart contracts.

The 0x project looks to be a valuable tool in the helping to provide a reliable and secure exchange networked exchange platforms.