Review on 0x by gregori cordova
a very powerful enhancer in ethereum smart contracts
One of the most innovative and efficient projects on the current market, it was created in 2016, and I live to represent a significant advance in the way decentralized exchanges are created. This project is called 0x, and its main objective is to create an interoperability environment between decentralized applications that incorporate the functionality of exchanges, through smart contracts on the ethereum blockchain, offering a powerful ecosystem in which any ethereum token can be traded on any exchange that uses the 0X protocol. With the 0x protocol, developers create dapps, with extensive capabilities and functionalities that allow more secure and scalable transactions. The basis of its operation are certain characteristics already known, such as relayers for example, which are computers that run the 0x software, which consist of intermediating between 2 users (p2p), and by transmission order, which means taking the orders that are displayed and wait for other users to accept them, while allowing them to keep the order book of the network.
Of course, it uses its own erc20 ZRX token, which facilitates the use of the 0x protocol, offering a powerful structure for the creation of decentralized exchanges and which also serves to grant rewards to users who are part of the network. This token has 2 clear objectives, which are to help coordinate and improve liquidity problems in the network and to maintain a fully decentralized governance where votes also count for decision-making in the project.
In conclusion, I can say that it is a project that came to offer a huge innovation for decentralized exchanges to enhance their functionalities and in which dapps use the zrx token to interact with the 0x ecosystem quickly and safely
Pros
- They use a unique protocol that allows interoperability and functionality by creating decentralized exchanges very easily
- It is open source and does not depend on any centralized authority
- Offers fast and secure transactions when performing any conversion
- It offers a large ecosystem of communications and interlocking smart contracts that facilitate the needs of the developer
- It uses its own token with which the platform is prevented from being used in a malicious way and with which its users have voting power.
- Users' funds always remain in their wallets, and the problem of centralized exchanges of being exposed to hacks is avoided
- With this protocol, dapps can improve their economic capacity and security
- Smart contracts are totally free and publicly accessible
Cons
- just as a recommendation I would like that they were not only limited to projects on the ethereum network
