Seaport protocol is being introduced

Today, we are excited to announce Seaport, A brand new Web 3 Marketplace protocol for buying and selling NFT securely and efficiently. We’re incredibly excited to be able to build on it, and when we’ve created the first iteration of the seaport, this protocol is not just for OpenSea – but for all builders, manufacturers and NFTs collectors. The original Smart Agreement is open source and inherently decentralized, with no contract ownership, upgradability or other special benefits.

Seaport Deep-Dive

Most current NFT marketplaces only allow listings where one party agrees to provide an NFT and the other agrees to provide a payment token. Seaports take a different approach: Offerers may agree to deliver multiple ETH / ERC20 / ERC721 / ERC1155 items – this is an “offer.” In order for that offer to be accepted, a number of items must be accepted by the recipients indicated by the offer – this is “consideration.”

Each seaport list consists of the same basic structure, including an advanced EIP-712 signature payload that clearly outlines what can be spent and by whom the key will be returned. However, there are several ways that fillers can choose to fill out the list.

The most straightforward completion option involves choosing a specific list and creating an underlying “mirror” of that list, where the filler accepts all the offer items and delivers all the consideration items. Seaports support the option to fill in any number of lists at once through a set of “completions” – each completions match a single item transfer and indicate a group of offer items that match the depositor’s respective consideration items. As long as each consideration item on each listing is fully submitted after all completeness has been applied, the offers can take advantage of their on-demand coincidence and complete their transfer. This enables the elimination of unnecessary transfers (usually the most gas-intensive component of the protocol) and allows for fancy and efficient transactions.

Offers can optionally nominate both a “zone” and a “drain” on any list. Anyone can create a new zone or set up a new conduit. A territory is an account (usually a contract) that performs additional validity before fulfillment and it may cancel the listing on behalf of the proposer.

A drain is a contract where the proposers set the token approval. The owner of the channel can add and remove “channels” for the channel and the registered channels can instruct the channel on how to transfer tokens. These two concepts enable scalability and upgradability in a fully “opt-in” fashion, giving manufacturers, collectors and platforms the additional power to make their own choices about how to use seaports while maintaining wide integration with other lists of protocols.

Each item in a list can optionally specify that certain “criteria” will be met instead of specific token ID requirements, enabling collection-level and feature-level offers. In addition, each item can specify a unique “Start Quantity” and “End Quantity” that are compared to the current time to start the list and to find a current quantity with the end time – this enables upward and downward quantum mechanics such as reverse Dutch. As the auction.

In addition, any list may choose to support partial fulfillment of the proposed items, where fillers may spend a portion of each of the total proposed items and return an equivalent portion of each considered item as long as the relative proportions remain the initial offer. Offers can combine partial fulfillment with benchmark-based items to create standing offers for buying or selling multiple NFTs that all share a specific feature.

Finally, the seaport protocol supports “tipping” – a supplement may include additional consideration items when filling out a list unless they “tip” more than the original offer. This allows alternative interfaces to include their own fees and can be integrated with the zone to support dynamic amounts and recipients as well as other fancy applications such as on-chain English auctions.

Open source

This is just the beginning for the seaport. We created the initial version of the protocol for use and to unlock the optimizations that developers and collectors expect from a modern Web3 Marketplace. However, what we have really created is a foundation for empowering the developing community to work together on this primitive issue. OpenSea does not control or manage seaport protocols – we will be one of many on top of this shared protocol. And so, as adoption growth and developers create new developed uses, we are all responsible for protecting each other. We urge all interested Smart Contract developers to help optimize, simplify, and review potential areas of security concern.

Seaport agreements emphasize efficiency and contain a significant amount of low-level assembly code. We have included the implementation of a reference that replicates the validity of an optimized agreement without any assembly code to increase readability. To familiarize yourself with the code (or even as an educational resource!) We recommend the opposite of two implementations and encourage you to directly review and ask questions on the GitHub project – ongoing community participation and participation is an important protocol for ongoing security and evolution.

On that note, we’re launching a two-week audit competition with code4rena for a পুল 1 million prize pool – the largest pool size in their history – from today!

Audit

OpenZepelin conducts a security review of the seaport protocol early in the development process and conducts an audit of the protocol near the completion of the current trail of bits. No major weaknesses were discovered as part of both reviews. The full report from the Trail of Beats is available here.

The seaport would not be what it is today without the efforts of many talented foreign contributors and reviewers, including Dillon Kellar, transmissions11, samczsun, Riley Holterhus, brockelmore, and Fiveoutofnine.

For more technical details and to start diving deeper into the protocol, visit the GitHub repository and interface documentation page.

The post is being launched on the first OpenSea blog of the seaport protocol.

https://ift.tt/1clCk0T

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