A Decentralized Protocol for Trading ERC20 Tokens
Of all the features in our Coin Index, the 0x protocol is one of the most distinct.
Why? Well, 0x is more than just a digital currency or blockchain network.
0x is a decentralized exchange that was built to allow people to trade ERC20 tokens between their peers. 0x is different from other decentralized exchanges because it allows for orders to be placed outside of the blockchain. They only have to be brought back onto the blockchain for settlement.
And that's pretty groundbreaking. It brings a higher level of efficiency to the decentralized exchange space.
But what exactly are the ERC20 tokens that 0x was built to trade? For some background, an ERC20 token is any token that has been built on the Ethereum network. Today, there are dozens of famous ERC20 tokens on the market, including Golem, Storj, OmiseGO, Basic Attention Token, and Stellar.
In the future, a platform like 0x could allow individuals to trade thousands of ERC20 tokens in a low-friction environment. If the number of ERC20 tokens there continues to grow, users will need a trustless and efficient way to exchange them.
And that isn’t all that 0x can do. By using Ethereum smart contracts, 0x could make it possible for anyone in the world to operate a decentralized exchange. Beyond that, the smart contracts that are used to execute trades are publicly accessible, free to use, and any decentralized application (DApp) can hook into it...
The History of 0x
0x is made up of a team of developers from all over the globe, which makes the network truly decentralized. The original project was founded in 2016 by Will Warren and Amir Bandeali. These founders built 0x on the vision that, one day, every asset in the world could be represented by an ERC20 token on the Ethereum blockchain. These assets could include anything from fiat currencies to gold to stocks to property.
And this premise turned out to be appealing to investors.
When the company launched its initial coin offering (ICO) in August 2017, it quickly raised its goal of $24 million. The money came from a group of 12,000 backers.
During the ICO, the 0x project also attracted the backing of several venture capital firms, including Blockchain Capital, Polychain Capital, and Pantera Capital. It also attracted the attention of two Chinese investment firms Jen Advisors and FBG Capital. Both of these firms contributed to a share of tokens during the sale...
The 0x Token
One of the cool things about the 0x Protocol is that it has its own Ethereum token: ZRX.
This token is a utility token within the protocol. Holders of ZRX also have a role in the governance of 0x's protocol upgrade system. This means that if you hold the tokens, you can have a say in the way the protocol is updated over time.
If you want to learn more about 0x, you can find more information about the protocol on its website.
You can alsocheck out its white paper here.
The 0x token can be purchased on a wide range of exchanges, including Huobi, Binance, and Upbit.
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