- 0x has announced 0x Improvement Proposal (ZEIP) voting period
- The main goal of the proposal is to integrate MultiAssetProxy into the 0x protocol
- The ZEIP-23 is also the first try of 0x at community governance
In its blog post dated February 11, 2019, 0x project has announced that it will be possible for token holders to vote for or against ZEIP-23 starting February 18, 2019.
Governed by the Community
In case the 0x Improvement Proposal (ZEIP) will be approved, the MAP protocol will be integrated into 0x and the version number of 0x will change from v2.0 to v2.1.
The project is keen to point out that it is the first time when 0x allows the community to make such a decision; the result will be determined by a simple majority of ZRX token-weighted votes. From now on, 0x will use community governance much more often.
How MultiAssetProxy (MAP) Works
The MAP contract performs via the array, reading the ID connected to each specific asset, and forwards the encoded payload to the appropriate AssetProxy contract. AssetProxy contracts are owned by the AssetProxyOwner contract, allowing it to control all changes to the 0x pipeline.
Currently, AssetProxyOwner is a Gnosis multisig, that has a two-week delay between the time any transaction is initiated and when it is executed, but in the future, it will be replaced by a range of truly decentralized systems.
Because the transaction is atomic, in order for it to be confirmed, all legs of trade must be completed successfully. Not only MAP contract is secure, it is also efficient, having been optimized to use as little gas as possible.
More technical information about MAP can be found here.
Atomic swap for Token Bundles
MAP has big practical value due to the nature of Ethereum-based Dapps. Many of them use non-fungible tokens (NFTs), and MAP allows bundles of assets to be traded in a single atomic swap, which was one of the most requested features.
Here are some examples of the possible token bundle swap use cases:
- Selling booster packs for ERC721 trading card game
- Buying a cluster of neighboring LAND parcels in Decentraland
- Opening a short position in a categorical prediction market, such as Augur or Veil
All in all, it is fair to say that MAP will make using Ethereum dApps more convenient for the end user.
