0x (ZRX)

The 0x project is very often mistakenly considered a decentralized cryptocurrency exchange. Nothing could be further from the truth, 0x is a developer platform for creating decentralized exchanges to exchange tokens based on Blockchain Ethereum. So it is a decentralized protocol designed to guarantee decentralized exchange within the Ethereum blockchain. The reason for starting work on the project was the desire to create a decentralized platform that enables exchanges using smart contracts.

Thanks to the 0x solution, developers have the opportunity to create their own exchange and exchange digital assets through it, thus avoiding ever higher commissions from external exchanges and minimizing the risk of hacking attacks. The project includes its own ZRX cryptocurrency, which is used for online transaction fees. 0x is often described as an Ethereum project written in another language.

History of the creation of 0x

Responsible for the project are Will Warren and Amir Bandeali, who began working on the protocol in October 2016. They were prompted to do so by noticing the enormous potential of Ethereum and the systemic risk associated with using centralized exchanges. This is mainly about the Mt.Gox stock exchange hacked in early 2014. The full version of the project debuted on May 18, 2017, so before the planned ICO.

The collection took place on August 15-16, 2017. Half of a billion issued tokens were sold on it, which was then the equivalent of $ 24 million. The remaining half of the ZRX was distributed as follows: 10% went to the creators, another 10% to the advisor, 15% to the external development fund and the remaining 15% was left for future project purposes. Another important date in the life of the project was July 30, 2018, when an important update to Protocol 2.0 was released. - the stability of operation has been improved, the possibility of compatibility with the newer type of Ethereum blockchain tokens - ERC721 has been added, and the possibility of paying transaction fees using WETH has been introduced.

Principle of operation

0x is an open source protocol running on the Ethereum platform. There are a billion ZRX tokens in total, of which almost 750 million are currently available for sale. ZRX itself is an Ethereum smart contract written in Solidity. This makes it possible to use it to support decentralized applications, predictive market virtual collectors and, for example, to handle decentralized loans. In the case of ZRX, mining does not work, so the only way to obtain project tokens is to buy them on the cryptocurrency exchange.

Wallet for ZRX

The ZRX cryptocurrency is based on the most popular standard of ERC20 smart contracts. This gives you a wide range of options when it comes to choosing the right storage wallet. Undoubtedly, the most popular is MyEtherWallet, which can be additionally secured by synchronization with the MetaMask wallet, which functions as a plug-in for the most popular web browsers such as Chrome, Firefoxe or the very well-known Brave cryptocurrency community.

When it comes to ZRX desktop wallets, you can choose from the most popular ones, such as Exodus, Jaxx, Trust Wallet, Coinomi, imToken. The most popular hardware wallets also have no problem handling the 0x protocol token. Both the Ledger in their Nano S and Blue models, as well as the Trezor One and T, both store the ZRX.

ZRX quotes

The ZRX cryptocurrency had its highest price, ATH, on January 9, 2018, and it was $ 2.53. Currently, the token is in 53rd place in terms of capitalization of all cryptocurrencies. The daily coin turnover of the 0x project is around $ 60 million. The ZRX itself is listed on as many as 90 exchanges, of which the CreekEX exchange is responsible for over 40% of the turnover, the next 10% is on Coinbase, and the next 8% on Binance. In addition, we will buy the ZRX token on Huobi, Bitfinex, Bittrex, Poloniex or on the "Polish" BitBay.