0X ZRX protocol is making key changes

0X ZRX protocol is making key changes

With the help of ERC standards and Layer-2 sidechain protocols working alongside Ethereum, it becomes possible to further scale the world computer platform with less hassle as work gets distributed among different projects and teams."0X ZRX protocol is making key changes"

0X ZRX protocol is making key changes

One of the best examples is the Zero X (0x) protocol, which is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain. In essence, you can build relays (like Bancor Network and so many other DEXs did) over the 0x protocol and easily connect to Ethereum to allow P2P transfers of Ethereum assets like most ERC-20 tokens.

The 0x coin project has a major update scheduled for Q3 of this year, and the upcoming V3.0 upgrade has been pinpointed as a possible price catalyst.

So now is a good time to check out to one of the most interesting features due in the update – meta transactions. In short, the developer's team may have found a new way to onboard new buyers to cryptocurrencies without them even knowing it.

0x and meta transactions

One of the new features set to arrive in the 0x V3.0 update is meta transactions. When we think about the interaction between users and dApps, the average person on the internet isn’t aware – and doesn’t care – about crypto, blockchain, or decentralization. One of the major problems faced by Ethereum dApps is that they require way too much onboarding. The Ethereum ecosystem needs to push toward mass adoption by allowing new users immediate access to functionality and interactivity without all the hoops to jump through.

Under Ethereum developer Austin Griffith’s proposed system, a pre-filled wallet would be ready and waiting in-browser. The gas fees for the first couple of transfers (user interactions) would be included to get the first-time user going.

“Key pairs will exist in your web browser first and will be generated automatically. The cypherpunks are really going to hate this one, but users shouldn’t be bothered with downloading a wallet up front. First of all, they need to use the product and provide value within the dApp for new users.”

Once the user has interacted with the app and received tokens of some kind, they can then be prompted to download a wallet and securely transfer their funds, for example.

Using ETH dApps without hassle

As a protocol on the Ethereum blockchain technology, the development of 0x protocol impacts the development of Ethereum. If meta transactions can be implemented on 0x, it will mean new users can interact with Ethereum without first having to go to an exchange and buy ETH.

If we take the blockchain arena as analogous to the early days of the internet, then solutions like these could be the equivalent to plug-and-play operating systems, browsers, and plugins, which the average person now uses without knowing a single thing about how they work. Throwing a ready-made cryptocurrency wallet into the mix only makes things more exciting.

Plus, this seems to be a smart way to onboard members without worrying too much about how blockchain technology or Ethereum works.

In ending, there is always be security concerns with pre-loaded sets of the key pairs. However, one cannot expect to bring more people to dApps without compromising to some degree on security, decentralization, or both.

I personally hope this upgrading news arrives sooner rather than later as it would be a great new feature for 0x zrx and Ethereum ETH

Post a Comment