0x is basically an open protocol that seeks to enhance the operations of decentralized exchange of the Ethereum based tokens. Third Party developers could make use of the 0x token to build their own specially designed decentralized applications with tons of user features. The 0x token is used by takers and makers to pay for transaction fees.
Launched in 2016 by Will Warren and Amir Bandeali, 0x is a permissionless open protocol that allows for the trading of ERC-20 tokens on the Ethereum network. Also, it will be used to power decentralized exchanges. The 0x trading focuses primarily on off-chain ordering relay that is able to cut back on the price of gas as well as reduces network bloat. The 0x protocol seeks to improve the way decentralized applications function. How does it do so? It ensures that only the transfer of value on decentralized exchanges is done on-chain. All other processes and activities are done off-chain. This allows users to reduce the amount of gas that is paid for transaction and operation fees
If you have made use of decentralized applications, you would definitely know that although they are secure, they lag behind in operation cost. The 0x protocol seeks to solve this problem by reducing the number of transactions that is carried on-chain. To do this, the 0x protocol has what is referred to as “relaxers”. They are responsible for the broadcasting of orders on both the private and public order books.
Features of 0x
- Relayers; these are those that are responsible for the broadcasting of all orders.
- Open smart contracts; the 0x protocol’s smart contract can be publicly accessed. This affords all third-party developers the opportunity to build on the 0x protocol when they are in need of an exchange for any of their tokens or platforms.
- Token registry contact; the 0x protocol has a token registry contact that will serve as an on-chain reference that market participants may use to verify the addresses of as well as exchange rates before they execute trades.
- Users will be able to upgrade the 0x protocol through a decentralized governance system.
- Price $0.295
- Market Cap