The 0x cryptocurrency is a special protocol that makes it possible to facilitate the exchange of ERC20 standard tokens. Using the 0x platform, each user can carry out decentralized exchange operations. Transactions of ERC20 tokens between users are carried out on the basis of smart contracts of the Ethereum network. As a result, any asset, including various goods, can be represented in the form of tokens. The proposed protocol allows efficient use of Ethereum blockchain tokens.
Features of 0x technology
To exchange coins, you can use centralized tools already available on the market - cryptocurrency exchanges. But they have vulnerabilities and are subject to hacking, malfunctions, there is a risk of sanctions from the regulator, and so on. The presented tools for decentralized exchange (for example, Etherdelta and Oasis) are extremely slow and do not have high liquidity. Performing an action on these platforms (placing an order, canceling it, and completing a transaction) requires paying a commission, and it also takes time. As a result, the process slows down and costs increase.
The 0x protocol eliminates these disadvantages, providing the ability to carry out transactions in a short time and with minimal commissions.
The essence of 0x decentralized trading is centered on off-chain order relay, which lowers gas prices and reduces network bloat.
Most decentralized exchanges operate using smart contracts based on the Ethereum blockchain. This means that all ordering functions and trades take place within these smart contracts, and users are always in control of their funds rather than trusting them to a third party, as would be the case with a centralized exchange (such as Binance or Bittrex).
This also means that traders must perform transactions on the blockchain every time they want to manage their funds, whether it is to deposit funds into an exchange's smart contract or to place, cancel or fill an order. This costs "gas", a fee charged on the Ethereum network to ensure that these transactions are processed on the blockchain by its miners.
For example, if you use EtherDelta, you will pay gas every time you want to deposit funds into the exchange's smart contract to place an order. And you'll pay another "gas" fee to complete that deal once your order is completed.
Between making a deposit, placing an order, completing a trade and withdrawing, gas fees can quickly add up. Decentralized exchanges offer security benefits, but they lag behind their centralized counterparts in both user transaction costs and accessibility.
This is where the 0x cryptocurrency offers its services. The 0x protocol improves decentralized exchanges by allowing an off-chain order to be broadcast by another user. Only value transfers are performed on-chain, leaving all other trading teams outside the chain of procedures. This way, transactions are only carried out through the network when a trade is made, allowing users to reduce the gas fees associated with trading operations.
To do this, 0x uses so-called “relays”. Relays are responsible for broadcasting orders through public or private order books. They bring liquidity to the network by hosting its order books, acting effectively like an exchange. However, unlike an exchange, a relay cannot execute a trade. It can only facilitate trade by presenting manufacturer orders broadcast to the network.
For the transaction to be fully executed, the buyer must complete the order by providing the manufacturer's signature along with his signature to the smart contract of the decentralized exchange. As compensation for facilitating such an exchange, the referral is paid a fee in ZRX for each transaction.
When trades are processed through a relay, they are called Broadcast Orders. Broadcast orders allow anyone to submit an order to the network, and in turn, they also allow anyone to intercept those orders and fulfill them.
0x also includes point-to-point orders, which are orders passed down by manufacturers with a specific customer in mind. These orders allow two users to directly transfer funds using a variety of messaging tools including email, Facebook messenger and more. When the sender's address sends an order relay in this way, only the specified recipient's address can fulfill it, protecting funds from theft by criminals.
Technical characteristics and features of the 0x project
The 0x project is an open software protocol for crypto exchanges with a decentralized structure. This protocol was created based on the Ethereum blockchain. The main goal of this platform is to create a basic building block that can be combined with other software protocols to create technically complex, branched software tools. All these steps will help make the process of purchasing and converting ethereum currency cheaper and faster, which, in turn, will attract an additional audience of users.
Cryptocurrency 0x: history of appearance
The idea to create the 0x protocol came from Will Warren and Amir Bandey, two crypto enthusiasts. They drew attention to the high pace of development of the Ethereum blockchain and the prospects it opens up. With the ability to tokenize any asset, over time, they believe, everything will be digitized.
Therefore, the market will require a simple and clear common standard for the exchange of such assets. This method should be the 0x protocol, which allows for fast and inexpensive exchange operations within the Ethereum network.
Work on the project began in 2016, and soon the first test smart contracts appeared, based on the 0x protocol. In 2022, work on the project continued successfully, and the protocol codes were modernized. In the summer of the same year, during the ICO, it was possible to collect almost $24 million in investments to promote the project.
Prerequisites
The Ethereum platform is becoming increasingly popular as a platform for deploying financial systems of varying degrees of complexity. Most of the assets on it are represented by tokens.
It can be noted that in general, the modern economy is moving towards tokenization of values, be it IT products, fiat money or other goods. That is why the development and implementation of technologies that facilitate their interaction in the market become extremely important.
Today, the 0x team’s main goal is to increase the efficiency of using ERC20 tokens, but in the future the prospects for its development seem unlimited.
Video: 0x protocol announcement
Benefits of the 0x protocol and the ZRX token
The 0x cryptocurrency was developed to solve current problems and provide users with a convenient functional tool. Advantages of the project:
- Reduce the risks associated with centralized platforms. This makes it possible to talk about more effective integration of blockchain and cryptocurrencies into all spheres of life. Safety when working with the system and comfortable conditions are guaranteed by eliminating the risk of hacker attacks and platform hacking.
- The network effect maintains the value of the ZRX token. With an increase in the number of transactions and increased activity in the use of the protocol, the ZRX coin will increase in price.
- The protocol supports work and ensures interaction with other projects (Melonport, Ethfinex, Augur, District0x), cooperation with the Bitfinex platform is supported;
- With the increase in the number of project partners and the involvement of venture capital companies in it, interest in the token will grow, which indicates profitable investments in ZRX.
But at the same time, we cannot ignore some questions that cause caution:
- There is a possibility that the work of the 0x project will be subject to SEC restrictions;
- The protocol's capabilities are limited to working exclusively with ERC20 standard coins. Consequently, if a more successful project than Ethereum appears on the market for working with smart contracts, interest in ZRX will be lost.
Is it worth buying 0x now?
The number of ERC20 standard crypto tokens is increasing every day. If we also take into account the possible beginning of tokenization, this process will only accelerate. In such conditions, the need for the 0x protocol will begin to grow rapidly. This is due to the slow emergence of new tokens on exchange platforms, which is why many of them will never appear on free sale.
Crypto exchanges based on the 0x protocol are more resistant to possible hacks due to the fact that they do not store information about ongoing transactions and traders on their balance sheet.
Also, such trading platforms have almost no influence from official authorities. As the creators of this project assure, they continue to plan to introduce new functions into it, improving its functionality and stability.
The token is now available for trading on some large and small exchange platforms, which indicates its prospects and the existing interest in it from investors.
Based on existing factors and the general direction of movement of the crypto market, we can expect a subsequent increase in the value of ZRX, as well as an increase in the size of the capitalization of the 0x project.
At the same time, the project actually has no competitors. Other similar sites offer slower transaction processing speeds while charging higher fees. Therefore, you should not be surprised by the outflow of users towards ZRX.
The popularity of Zero-X is supported by the popularity of Ethereum. This is good news as ETH has no problems with constantly expanding its user audience.
Cryptocurrency 0x: project creators
The development team consists of experienced professionals in the creation and promotion of blockchain projects.
The project team includes experienced programmers, designers, and blockchain technology specialists. The most famous members of the team are:
Will Warren is Chief Executive Officer and Co-Founder. Has experience working at Los Alamos Nat Lab in the field of applied physics. Studied mechanical engineering and PhD in San Diego.
Amir Bandeali is the technical director and co-founder of the project. Experienced successful trader with a constant income on DRW. He studied finance at the University of Illinois, Urbana-Champaign.
Leonid Logvinov is an engineer with experience in developing blockchain projects at Neufund. Diploma in Computer Science from the University of Warsaw.
Where to buy ZRX
The 0x protocol does not provide for the possibility of mining ZRX tokens. All coins were issued during the ICO period, and their number is 1 billion. You can buy this cryptocurrency on one of the exchanges that included it in the listing.
Today ZRX trading is carried out by the following platforms: Coinbase, BigONE, Binance, Bitbns, Bithumb, BitMart, Bittrex, C2CX, Cobinhood, Coinone, CoinTiger, Crex24, DDEX, Ethfinex, FCoin, Gate.io, Gatecoin, GOPAX, HitBTC, Hotbit, Huobi , IDEX, Koinex, Liqui, Livecoin, Mercatox, OKEx, OTCBTC, Poloniex, Radar Relay, Upbit, Tokenomy, Vebitcoin, Zebpay.
Recommendations for buying cryptocurrency
The daily trading volume using this coin reached $7 million. Most trading operations with this coin are carried out on the Binance and Huobi exchanges. The most popular trading pair among traders is ZRX/BTC.
Also on exchanges it is possible to exchange crypto coins for fiat money. Exchange platforms Ethfinex and Livecoin provide users with a similar opportunity. At the same time, the possibility of exchanging for fiat currencies is limited, as for now Zeroix can only be exchanged for American dollars.
While online exchangers do not support working with ZeroEx, crypto exchanges are the only way to obtain this coin.
To store the received crypt, a branded wallet from the creators of Zeroix or any other wallet that supports working with currencies based on the ERC20 protocol is suitable.
Cryptocurrency 0x: main events of 2018
On May 16, 2022, 0x presented the V2 protocol, which introduced a new smart contract architecture and many other updates.
One of the most important aspects of the innovative architecture was its modular approach. The new architecture allowed the 0x team to add token support without changing existing smart contracts or forcing users and developers to update to the latest version.
Former PayPal COO David Sacks joined 0x on September 7, 2022.
Sachs announced that he had joined the 0x Protocol advisory board and also provided the Harbor service, which would enable the 0x Protocol to address regulatory compliance issues and also make it easier for issuers and investors to comply with existing regulations in different jurisdictions.
On September 25, 2022, it became known that the over-the-counter investment platform Circle Invest had added four new tokens. In addition to 0x, Circle Invest clients can now invest in EOS, Stellar and Qtum.
On October 11, 2022, Coinbase announced that Coinbase Pro had listed 0x (ZRX). In an official announcement on the Coinbase blog, it was stated that “ZRX trading will be available to users in most jurisdictions, but will not initially be available to New York State residents.” 0x trading will also not be available on the regular Coinbase website or app.
However, on October 15, Coinbase announced that the 0x cryptocurrency had become officially available for purchase both on Coinbase.com and in the Coinbase mobile application.
On November 27, 2022, cryptocurrency exchange Korbit announced that it has added two new coins to its platform: 0x and Status.
Prospects for the development of ZRX in 2022
Experienced users and crypto market analysts are concerned about the recent drop in ZRX exchange rate quotes. This happened against the backdrop of a general correction in the crypt. At the same time, experts claim that the ZRX will soon regain its former positions and begin to conquer new heights.
By the end of the year, the cost of one such token should increase to 2-2.5 dollars per coin. Thus, the cryptocurrency has every chance of reaching its historical maximum and even exceeding it. In 2022, this trend is expected to continue with temporary periods of decline in the ZRX rate. In general, the forecast for 2022 for this coin is positive, which should please potential investors.
In the longer term, due to the likely increase in popularity and demand for the 0x protocol, we can expect the token price to increase to $10-12. Thus, this crypto asset is more suitable for fans of long-term investments, as it can bring good profits to the investor over a long period of time.
Cryptocurrency 0x (ZRX): prospects for 2022
Currently, there is a process of converting traditional assets into digital form. One way is tokenization. Taking into account the current trend, we can say that the 0x project appeared on the market in a timely manner and is striving to occupy a sought-after niche. Using the protocol allows you to simplify and reduce commission costs when exchanging tokens. We can say that the project has prospects if the team continues to work on its development and popularization.
The 0x cryptocurrency has built its community organically, without unnecessary unnecessary noise, which in the short term can lead to the growth of the asset, but in the long term, on the contrary, will greatly harm it. Most people who have invested in 0x have a technical background, so they are well aware of what exactly they have invested their money into.
One of the main reasons why people still use 0x cryptocurrency to create DEXs is because its protocol significantly lowers the barriers to entry for developers who want to create a decentralized exchange.
Many believe that decentralized exchanges have a bright future. Even the owner of Binance, one of the world's largest centralized cryptocurrency exchanges, believes that DEXs will become more common in the coming years. This is why Binance is working on its own decentralized exchange.
If DEXs really take off, 0x could become one of the major players in the crypto market. Its compatibility with dApps and relays could be the key to providing higher liquidity, one of the main problems with DEXs. 0x relays allow for low-cost transactions and give users complete control over their funds.
DEXs are still far behind centralized exchanges in terms of adoption and performance. However, this gap will narrow every year, and 0x can play an important role in this.
If predictions about the promising future of decentralized exchanges turn out to be true, this stage could be a great time to invest in projects like 0x.
Advantages of the 0x project
The main advantages of crypto platforms planning to start using the ZRX token in the future include:
- the ability to exercise full control over your own funds. Unlike similar platforms, centralized digital exchange platforms can temporarily or permanently block user funds;
- use of global order books. Each user, regardless of his place of residence, can use them;
- no need to go through the registration procedure. You can engage in trading from the very beginning;
- convenient work with decentralized software tools;
- automatic support for new tokens. The user no longer needs to wait for an official message about the start of support for working with a new digital currency.
Despite the youth of this project, due to its prospects, it managed to attract the attention of investors, which will have a positive impact on the exchange rate of the coin and the size of its market capitalization.
