0x (ZRX): What is 0x? (ZRX) (EXPLAINED)

0x was co-founded by Will Warren and Amir Bandeali in October 2016. 0x (ZRX) is a token trading platform complete with it's own ERC-20 token operating on the Ethereum network, that is intended to providing a mean of exchanging variety of tokenized assets, like Real estate, jewelry, games, etc. The platform’s decentralized design facilitates p2p trading and eliminates the need for a third-party exchange. Various projects are currently being built using the 0x framework including Augur, Aragon, and district0x. The developers of 0x have described it as “an open and non-rent seeking protocol”. In essence, this means that 0x can facilitate a trust-less exchange of Ethereum assets. 0x is “an open protocol for decentralized exchange on the Ethereum blockchain, that enables anyone to use smart contracts to operate a decentralized exchange. The team believes that there will be thousands of Ethereum tokens in the future and there will be a need to have a trustworthy and efficiently exchange for them. The primary downside to many existing decentralized exchanges is that they are illiquid, slow, expensive, and inoperable with one another. Meaning you have to wait hours to fulfill your order, with not the best price available either. This is mostly due to the fact the current decentralize exchanges operate order books on the blockchain. So every new order or adjustment to order has to go through the blockchain. This incurs network transaction fees for every single transaction and complete reliance on block times. 0x tries to solve for these inefficiencies by creating a standard protocol of orders being relayed off of the blockchain and only having them brought back onto the blockchain when the order needs to be settled. 0x doesn’t charge any fees to use the protocol but anyone who decides to build a decentralized exchange on top of the protocol can decide to charge their own fees.

2022-09-09

0x (ZRX): What is 0x? (ZRX) (EXPLAINED)