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Liquidity Liquidity
Flexible Integration Flexible Integration
ERC-20 ERC-20

0x is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.

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What is 0x ZRX?

Cryptocurrency 0x (ZRX) is an open-source protocol created on the Ethereum smart-contracts basis. Developers can create their own decentralized exchanges (DEX) and take fees for their services. In other words, the 0x project isn’t an exchange platform, but the core for their creation.

The key objective of the project is to eliminate the inconvenience during the tokens exchange created on the Ethereum blockchain. Many users believe that 0x is a decentralized exchange, but it’s not true. 0x Protocol offers users a platform that provides tools for creating their own decentralized exchange. All operations in the 0x Protocol environment are performed through Ethereum smart contracts. The project offers very interesting ideas.

Smart contracts in 0x allow you to bypass the difference between Ethereum tokens and create a single-layer network for crypto assets exchange. The project toolkit was implemented in three main areas:

  • Smart-contracts network that allows you to create orders for the tokens exchanging
  • List of tokens available for integration into 0x-based trading
  • Javascript library that offers a set of API dAPPs for implementing their own trading

All 0x software is free. Any user can create a decentralized exchange and set a commission for each transaction.

What is 0x Protocol?

ZRX - 0x protocol token of the ERC-20 standard. On the 0x network, there are three types of participants who interact with ZRX:

Makers - are transaction creators who send them to the network and pay a processing fee. Recipients (Takers) - are market participants who accept payments. Relayers - are transaction verifiers that verify and process them.

In addition, the 0x protocol will support the voting function through ZRX tokens. Coin holders will be able to vote for the introduction of network updates.

0х Protocol History

The founders of the 0x protocol are Will Warren and Amira Bandeali. They both were a part of the Coinbase exchange development team. The name “0x” translates as “zero exchange”, which is a reference to the fact that transactions on the 0x network are practically free.
The idea of ​​creating the project came in 2016. At that time, there were only a few decentralized services providing secure and cheap exchange. Even in 2020, the market is dominated by centralized cryptocurrency exchange platforms. They are insecure and do not offer good conditions for buying and selling tokens because of huge transaction fees.

The developers set the task to implement two useful functions in their decentralized project: Create a decentralized network for the exchange of ERC-20 tokens and made the infrastructure for creating dAPPs based on the unique protocol.

WhitePaper was presented In January 2017. Later, in August 2017, 0x team successfully conducted an ICO. $24 million was raised and over 12,000 users became a part of ZRX crowdfunding.

0x was supported by many investment funds and venture companies such as Pantera Capital, Polychain Capital, Jen Advisors and Blockchain Capital. In addition, the 0x project has won the Consensus 2017 Stamp Competition.

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How does 0x Protocol work?

The main 0x protocol is a trustless network (which doesn’t require trust between the parties), where you can exchange any ERC-20 and ERC-721 token without involving a third party.

Other decentralized exchange tools (e.g. Etherdelta or Forkdelta) are too slow. This is due to the fact that the orders book is stored in the main chain of blocks (on-chain). This leads to a decrease in the block throughput and to the blockchain's network slowdown.

In addition, a huge drawback is the transaction fees amount. Traders spend additional funds to carry out each action on the trading platform (when creating, canceling or changing an order).

The 0x protocol provides the ability to conduct all trading operations quickly and cheaply. Like the most decentralized exchanges 0x uses smart-contracts based on the Ethereum blockchain. All transactions are carried out under the terms of these smart-contracts. Users control their funds, without providing access to a service provider.

Usually, any user action (placing, canceling or changing an order) is recorded in the main blockchain. Each manipulation is worth the "gas". Gas is the fee charged on the Ethereum network to ensure that these transactions are processed on the blockchain by network miners.

The 0x protocol combines two interesting technologies:

1

Automated market-makers

This is a special type of smart-contract that allows you to change the order book of the main blockchain into a scheme capable of flexible changes based on the cost of various crypto assets.

2

State Channel

With its help, such transactions as placing an order, canceling an order or changing an order go beyond the on-chain boundaries. Traders get the opportunity to exchange cryptocurrencies among themselves without publishing intermediate actions in on-chain until the moment of exchange.

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The 0x protocol improves decentralized exchanges by utilizing off-chain ordering relays in conjunction with on-chain settlements. This allows you to broadcast an order off-chain that another user fills. Only value transfers are executed on-chain, leaving all other trading commands to off-chain procedures.

0x uses what it calls “relayers.” They are responsible for broadcasting orders through public or private order books. Relayers bring liquidity to the network by hosting its order books, acting effectively as an exchange. Relayer can only facilitate trading by presenting maker orders broadcasted to the network. For a trade to be fully executed, a taker must fulfill the order by submitting the maker’s signature along with its own to the decentralized exchange’s smart contract. In compensation for facilitating this exchange, a relayer is paid a fee in ZRX.

This allows users to significantly reduce commission costs and increases network speed.

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