1 Level
6 Review
8 Karma
Review on 0x by MINH LE
0x is an open protocol that facilitates operation of the decentralized…
0x is an open protocol that facilitates operation of the decentralized exchange of Ethereum-based tokens and assets. Developers can use 0x to build their own custom exchange Dapps with a wide variety of user-facing applications. Their 0x token (ZRX) is used by Makers and Takers to pay transaction fees to Relayers (entities that host and maintain public order books). ZRX tokens are also used for decentralized governance over 0x protocol’s update mechanism which allows its underlying smart contracts to be replaced and improved over time.
Pros
- 0x functions as a modular building block that can be assembled and reconfigured. It is an open and non-rent seeking protocol that enables trustless, fast exchange of Ethereum-based assets. In economics, rent seeking is the idea of attempting to increase one’s share of existing wealth without creating new wealth. Rent-seeking has been shown to result in lost government revenue, increased income inequality, and overall reduced economic efficiency. 0x’s mission, in contrast, is to create a tokenized world where all value flows freely.
Cons
- 0x is an open protocol for decentralized exchange on the Ethereum blockchain. Its goal is to become the foundation for other protocols to develop increasingly sophisticated decentralized applications (DApps). It does this through its publicly accessible system of contracts. A decentralized and trustless protocol for exchange, it is not subject to a central party that can be hacked, steal customer funds or be subject to government regulations.
