What is 0x (ZRX) ?

What is 0x (ZRX) ?

What is 0X (ZRX)?



0X (ZRX) is a protocol that supports exchanges without intermediaries (Decentralized Exchange: DEX) to trade ERC-20, ERC-723 standard cryptocurrencies and other assets on Ethereum Blockchain.



0x has a utility token called ZRX, which drives various activities in the system, both as a trading fee and holdings to participate in voting for platform development.



0X was created by Will Warren and Amir Bandeali, launched in 2017 and is said to be the “Craigslist for cryptocurrencies”, meaning developers can easily advertise for trading cryptocurrencies anywhere, a metaphor for Craigslist, an online community that offers listings, job searching, etc.



The purpose of 0X is to increase the efficiency of decentralized exchanges by running it on Ethereum as decentralized exchanges originally have expensive fees, slow responsiveness, lack of liquidity, and are not compatible with other decentralized exchanges because different protocols are used simultaneously.



Every time a trade is made, a smart contract is created to execute its order. Every contract created will cost a fee. This means that you will have to pay a fee for depositing into the exchange platform, exchanging cryptocurrencies, and fees for withdrawal.



0x came in to solve these problems. First of all, 0x allows the platform provider to record trading orders from different locations and charge their own fees by calling them “Relayers”, which 0x does not collect any additional fees, after that  0x will match the order.



For transactions processing, 0x creates separate channels known as “State Channels” which act as intermediary to store data before transaction data is imported into the blockchain or known as “Off-chain”, which help users by not having to pay fees  for  the operations on the blockchain and faster operations.





Pros of 0X



1. Fast transaction processing

0x allows exchange platforms to link orders, which makes their execution to be matched faster.



2. Low fees

0x has simplified the process of dealing with blockchain procedures by creating a channel for recording transaction data to prepare for importing into the blockchain. This allows developers and users to pay lower fees.





Interesting Technology



0x is a protocol that can help developers by implementing it on their own exchange platforms to increase efficiency and transaction processing responsiveness. On the user's side, they can trade cryptocurrencies conveniently, while also paying less fees. 0x is considered as an interesting technology for decentralized asset trading.

In reference to statistics from Coinmarketcap on October 14, 2021, ZRX is ranked as the 107 highest in terms of market capitalization, with around 872 million U.S. dollars or around 2.8 billion Thai baht. ZRX’s maximum supply is fixed at 1,000,000,000 ZRX with a current 845,341,601 ZRX in circulation. 

Additionally, FTT once made an all-time high at 83.93 baht and is hovering around the price of 34.17 baht at the time of writing.





Reference:



Investopedia coinmarketcap 0x 0xproject 0xproject - Beginner Exodus - 0x bitcoin-news gemini blockgeeks

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