Here’s a protocol that aims to give users the privacy of decentralised cryptocurrency exchanges, together with speed of a centralised one. Find out more about this protocol that is going to streamline the way we exchange digital tokens in the long-term.
What is 0x?
The Ethereum platform has long been viewed as a game changer in the world of asset exchange.
That’s why the developers of 0x, Amir Bandeali and Will Warren, banked on its disruptive prowess and came out with a protocol that is based on the Ethereum blockchain. 0x is built on the belief that there will be a digital token for everything – gold, bonds, stocks and more – in future. And there needs to be a trustworthy platform to exchange these tokens, especially ERC20 tokens. 0x protocol gives one such decentralised platform.
Technology behind 0x
What sets 0x apart from the rest in the market is definitely its development team. An interesting mix of financial geniuses and blockchain experts and engineers, the team had the foresight to objectively dissect the limitations of token exchanges happening today.
A centralised exchange ( like Coinbase) may offer for a single point of transaction, thus largely simplifying the process for users, but it also means high vulnerability to attacks. In a decentralised exchange on the other hand, while there is a high level of privacy, transactions can be problematic and slow. In decentralised exchanges every transaction has to go through the blockchain, slowing it down.
It also leads to transaction fee every time an order is executed. Ox addresses these issues in an interesting way. With Ox protocol, every order does not have to go through the blockchain, unless it is a settlement transaction. That speeds up the process and reduces the transaction fees as well.
0x has its own OTC that allows exchange of tokens. However, their protocol is an open-source and allows relayers to build other decentralised exchanges using its base. Ox also has its own coin. Here is more about it.
Value of the 0x Coin
The 0x coin is also called the ZRX. During its initial coin offering in August of 2017, the coin had a value of just $0.50. Today, the coin has a value of approximately $1.10, and the highest the coin has ever been was $2.37. The market cap of 0x is $387,547,239. There are currently 528,166,015 ZRX in circulation. The value may seem low but as the number of transactions is set to increase over the long term, the coin value will proportionately increase in value, too.
The simplest way to buy ZRX is through Ethereum. It can be purchased through common cryptocurrency exchanges like Binance and stored in your wallet. Know more about doing that first trade.