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0x project is a free-access protocol created to offer decentralized currency exchange. It functions as a part of the Ethereum blockchain, involving smart contracts that encourage 0x network around the world. The team of developers behind 0x believes that thousands of ETH and 0x tokens will provide efficient and cost effective exchange opportunities. Also, 0x combine the best features of centralized and decentralized exchanges to provide an efficient service.
The 0x (ZRX) tries to cope with the main problems of decentralized exchanges such as high prices, low speed, illiquidity, etc. Every time a new line is added to a blockchain, be it a new order or an adjustment, it takes time for a system to process the operation. Moreover, every interaction comes with an additional fee.
To solve these problems, 0x works on a standard protocol applied to all orders inside the blockchain. Due to this protocol, orders come back to the blockchain after they are settled and there is no need for them to accede to every transaction. This makes the process cheaper and faster.
Therefore, 0x doesn’t rely on the blockchain and users don’t have to pay fees for transactions. Also, 0x doesn’t take fees for the protocol usage – it is a free service. It means that every user may create a decentralized cryptocurrency exchange on the basis of 0x protocol for free. However, as a relayer, he may charge fees for using the created service later.
Also, the 0x developers have created OTC, which allows users to exchange ETH tokens without a relayer. It means that peers connect directly and make deals without any third parties. One person sends a link to his partner and the partner generates and sends the order back.
0x project has a unique token based on Ethereum, known as ZRX. The current price of a ZRX token is $1.23. With the help of this token, users pay fees required by a relayer. This is a type of decentralized currency that supports the 0x system and allows its proper functioning. The ZRX owners have input in the protocol.
ZRX was launched in 2017. The fixed ZRX supply us one billion tokens. 50% of all tokens were released when it was launched 15% of which withheld by 0x, 15% by the developer fund, 10% by the founding team, and 10% by the advisors. The tokens assigned to advisors, staff members and founders will be released in the next 4 years and those purchased during the launch were liquid at that moment.
0x aims to make a step forward and take care about many problems of decentralized exchanges. The availability and versatility of the protocol allow 0x grow fast and provide the basis for new exchange services to appear.