Introducing 0x (ZRX)
0x ZRX coin – AS stated on its website, “0x is an open and unauthorized protocol allowing ERC20 tokens to be negotiated on the Ethereum blockchain” and will be used to “feed the decentralized exchanges”.
When they founded 0x in October 2016, Amir Bandeali and Will Warren were betting on the disruptive trajectory of blockchain technology. They believe in a future where assets of all kinds, from stocks to currencies to precious metals, are traded publicly as a pledge on the blockchain. Given the versatility of Ethereum’s platform and the extent of its decentralized applications, they believe that the Ethereum blockchain is the ideal medium to accommodate this revolution in asset exchange.
To summarize the protocol 0x: It is a protocol that wants to rationalize crypto trading with off-chain orders via smart contracts powered by Ethereum.
Where to buy 0x (ZRX)?
The platform on which we recommend you buy RRX if you ever want to own it is Binance. Binance is by far the most used platform because its fees are extremely low.
It is good to know that it is not possible to pay fiduciary currencies (EUR, USD, GBP, …) on Binance, you must first go through another platform to buy BTC, LTC or ETH before send them on Binance to finally acquire altcoins such as ICX. For this, we recommend the unbeatable Coinbase , it is the gateway to the world of cryptocurrencies on which you should start.
How does ZRX – 0x Protocol work?
The core of decentralized trading of 0x focuses on an off-chain command relay that reduces the price of gas and reduces network congestion. For those of you who have experience with a decentralized exchange like Delta Ether, you can already see the benefits of off-line orders.
Otherwise, here is a small explanation. Most of the decentralized exchanges operate using smart contracts powered by the Ethereum blockchain. This means that all order functions and transactions are executed as part of these smart contracts, and that users always have control of their funds, rather than entrusting them to a third party as they would with a centralized stock exchange (eg Binance and KuCoin ).
It also means that traders must execute blockchain transactions whenever they want to manage their funds, whether to deposit funds in an intelligent stock exchange contract or to place, cancel or execute an order. It costs GAS, a tax paid by Ethereum to ensure that these transactions are processed on the blockchain by its minors.
For example, if you used Ether Delta, you would pay GAS (network transaction fees) each time you want to deposit funds into the smart exchange contract to make an order, and you would pay other network fees. (GAS) to execute this transaction once your order is completed.
This is where 0x comes into play. Protocol 0x aims to improve decentralized exchanges by using off-line scheduling relays in conjunction with the regulations in the chain. Essentially, this allows users to broadcast an off-line command to be completed by another user. Thus, transactions are executed by the network only when a transaction is executed, which allows users to reduce the gas costs associated with trading operations.
For this, 0x uses what he calls relays (Relayers) . Relayers are responsible for the distribution of orders through public or private order books. They bring liquidity to the network by hosting their order books, effectively acting on the stock market. However, unlike a purse, a torchbearer can not execute a transaction. He can only facilitate the trading by presenting the orders and diffusing them on the network. For a transaction to be fully executed, a lessee must execute the order by submitting the signature of the order maker as well as his own to the smart contract of the decentralized stock exchange. In return for the facilitation of this exchange, a torchbearer is remunerated with his own currency 0x, the ZRX, for each transaction.
When transactions are processed through a relay, they are known as Broadcast Orders. Broadcast orders allow anyone to submit an order to the network, and in return, they also allow anyone to intercept those orders and fulfill them.
0x also supports Point-to-Point Orders, which are orders transmitted by contractors with a specific taker in mind. These orders allow two users to directly transfer funds through a variety of messaging methods, including email, Facebook messenger and more. When an order-maker’s address sends the relay a command in this way, only the address of the specified payee can execute it, thus protecting the funds from being diverted by malicious third parties.
Some additional features of 0x
In addition to the clearing relays for issuing order books, the ZRX token is used to facilitate decentralized governance on the 0x platform. Stakeholders will use the currency to vote on decisions that affect the blockchain, including protocol integrations and upgrades, without disrupting the entire network.
In addition, protocol 0x is agnostic and its smart contracts are open source and publicly available. This allows any development team to build on 0x if they need an exchange function for their token or platform, so the protocol serves as a plug-in for other Ethereum powered apps. . Its agnosticism of application and shared protocol layer also allow the interoperability of dApps, creating a “shared infrastructure for a variety of applications.
There are already a number of crypto projects that rely on 0x, including Augur, Status, District0x, Blocknet, Request Network, and many others.
Finally, 0x has a “cryptos registry agreement” that will be used to store a list of ERC20 tokens with associated metadata for each token: name, symbol, contract address, and the number of decimals needed to represent the smallest unit. a token (needed to determine exchange rates). The registry will serve as an on-line official reference that market participants will be able to use to independently verify address locations and exchange rates before executing a transaction. Owners of 0x will be responsible for managing this information by adding, modifying and deleting data as needed.
After a peak of $ 0.50 at the end of its ICO, 0x slowly declined to support of ~ $ 0.20 in the month of September. It remained at this level during the month of October and had a relatively quiet month of November at a time when most of the altcoins were gaining ground.
As of December, 0x has jumped to the skies, reaching a new record high of $ 1.30 on January 5th. It was quickly corrected from this summit and, at the time of this writing, it is about $ 2.30.
How to store its 0x
0x is an ERC20 token, so the Meta Mask browser extension, Ledger Nano S, and My Ether Wallet will support 0x with any other ERC20 compatible wallet. If you are looking for a software portfolio, look to Exodus.
Roadmap of 0x and roadmap
In September 2017, the 0x team published an updated roadmap on their blog. In late November, they released a development update that addresses some of the objectives of the roadmap for the fourth quarter of 2017. These include:
- Progress on 0x v. 2 and asked for comments/contributions from the community.
- By the second quarter of 2018, the team hopes to have reusable layer components and 0x v. 2 live on the main network. They also intend to publish a white paper detailing the details of the governance system of 0x.
Conclusion – Should I buy TRX?
With his protocol, 0x takes the forces of centralized and decentralized exchanges while leaving their weaknesses behind him. Off-line order relays allow the same low-cost operations as centralized trading without sacrificing personal asset management and fund security. Chain transaction settlements, in addition, provide users with all the benefits of decentralized trading, so that transactions are only offset once the two counterparties have their share of the market. And both processes are managed via smart contracts for enhanced security.
Given the whirlwind of hackers that swept centralized trading funds in 2017, the cryptocurrency community needs decentralized trading. As crypto becomes more important and more money enters the market, opportunities for malicious actors to benefit vulnerable investors will increase. Decentralized exchanges offer a panacea for such community malaise, and perhaps the new design of 0x will do its part to usher in a new era of secure and decentralized commerce.