Review on 0x by Saleh Bayramli

0x is an open-source protocol built on the ethereum blockchain that allows peer-to-peer exchange of ethereum-based tokens. It is also known as a Decentralized Exchange (DEX).

The 0x platform provides a way to trade a wide range of tokenized assets such as stocks, gold, real estate, video game commodities, and more. and seek to promote interoperability between decentralized applications (dapps) including exchange components.

Will Warren and Amir Bandeali co-founded 0x in 2016 with the intention of providing a standard protocol on the ethereum blockchain that would allow any ethereum token to be traded as well as anyone operating an exchange. centralized (DEX). The parties that operate the exchange and rely on 0x are called freight forwarders, and they store the backlog offline and can choose to charge a fee for their work, although 0x does not require users to pay a fee. to do it. Platform. The private ethereum token

0x (ZRX) has two main use cases in the protocol. The first is to pay a transaction fee to the Relais for its services. The second and most important use is to allow ZRX token holders to influence the governance of the blockchain. This means that holders have the right, in proportion to their capital held, to give their opinion on the evolution of the protocol over time. How does

0x work?

Vision

0x is a Decentralized Exchange (DEX) designed for the purpose of trading assets and cryptocurrencies using smart contracts on the 0x platform. The 0x platform was founded in 2016 by Will Warren and Amir Bandeali with the aim of providing a standard protocol on the ethereum blockchain that facilitates the exchange of any ethereum token. The native protocol token

0x (ZRX) is used for two main reasons. The first is to pay a fee to Relayers - the creators of a decentralized cryptocurrency exchange using the 0x protocol. The second use case concerns the decentralized governance of the protocol. This means that ZRX token holders have full control over how the 0x protocol changes over time. Launch and Release of

0x finalized an Initial Coin Offering (ICO) on July 16, 2017 and raised $ 24 million in ether - the cryptocurrency of the ethereum network - from a group of 12,000 people.

Much of the support for this project has come from venture capital firms, including Polychain Capital, Blockchain Capital, and Pantera Capital, as well as Chinese investment firms Jen Advisors and FBG Capital.

Network Design and Security The

0x model is based on the ethereum protocol. The main problems that 0x addresses are solving the expensive, slow and illiquid exchanges of other decentralized exchanges. Instead of recording every transaction (new orders and adjustments) on the blockchain, the 0x protocol waits for all transactions to be settled outside the blockchain before sending the on-chain orders to settle.

Monetary and Token Policy

0x capped ZRX's supply at 1 billion tokens. 500 million ZRX tokens were sold to the public via an initial coin offering with a total ETH value of $ 24 million.

Transaction Processing

According to White Paper 0x, a fixed supply of ZRX tokens is delivered to partner dapps and future end users. In order for freight forwarders to be paid with ZRX tokens, they must store, maintain, and order the offchain chain in exchange for transaction fees. These charges are transferred from the creator and / or user of the smart contract to the freight forwarder upon settlement of the transaction.