It is defined in its platform as an open protocol that allows the exchange of ERC20 tokens in the Ethereum blockchain and will be used to boost the decentralized exchange.
0x is made using a protocol that involves Ethereum smart contracts that allows people from anywhere in the world to perform decentralized exchanges. This protocol was created to create customized decentralized markets, allowing the exchange of cryptocurrencies between users without cost and safely, providing the best possible combination of their features. The 0x team is certain that there will be many Ethereum tokens in the future and that 0x can provide an efficient and reliable way to exchange them.
The token of the project is ZRX and serves so that users can pay the fees of the Relayers. It is also a decentralized form of government for the 0x protocol update system. Those who have ZRX have contributions in the protocol and improvements that are proportional to the amount they have.
The total supply of the currency is one billion ZRX. During the launch that took place on August 15, 2017. The cast divided by 50% for the initial sale, 15% for 0x, 15% for the developer fund, 10% for the founding team and 10% for the advisors and early sponsors.
Coinbase, the most important market for the Western public, has expressed its desire to abandon the centralized model. A few months ago, the exchange included 0x in its wallet service, thus allowing to save funds in ZRX and make transactions.
Although 0x has been operating for some time, it was after Coinbase’s decision to use 0x for its market that it has put it in the spotlight, as well as the list of ZRX as the sixth token that could be bought and sold in Coinbase. It seems clear that Coinbase is going to greatly expand the number of assets it offers, and 0x is going to be the basis on which the new market is built. When this happens, it is very possible that other markets around the world imitate this, and we would have 0x as one of the pillars of the crypto world.
For now, 0x allows fast, secure and free exchanges between all ERC 20 and ERC 721 tokens, both built on Ethereum. The ERC 721 is an Ethereum protocol to design crypto assets where each token is absolutely unique, as if they were collector’s pieces. They have already announced that they will include tokens built under other smart contract platforms.
The team also created 0x consumer-oriented OTC that uses the 0x protocol. This product allows peers to exchange Ethereum tokens without the need for a Relayer, as long as they connect directly to the counterpart. Simple and instant. You just have to send a link to your counterpart to generate and send your order. You can send the order as you wish because it is relayed through the blockchain. In this way, you can use pencil and paper, email, social networks or any other method to send the order.
0x general advantages
This project seeks to improve the disadvantages offered by decentralized exchange platforms. It uses a standard protocol that can be applied to all orders retransmitted from the blockchain, these orders have to return to the blockchain when they are resolved instead of in each transaction. In this way, the process can be significantly accelerated and some of the unnecessary transaction fees are eliminated.