0x offers out-of-chain transactions
The platform presents new methods for more secure and less costly transactions. To do this, it performs off-chain operations, uses relayers and adds the Point-to-Point system. The price of the 0x is of 0.160458 €, cryptocurrency is winning more and more the hearts of investors and developers.
Presentation of cryptocurrency
According to its website, 0x consists of an open protocol which ensures peer-to-peer exchanges within the Ethereum blockchain. In other words, it is a decentralized exchange which authorizes the exchange of ERC-20 tokens, more details in these paragraphs.
What is 0x?
Overall, 0x is defined as a decentralized network which enables information and values to be exchanged between individuals. This exchange takes place under smart contracts. ZRX tokens are the platform tokens. The 0x course stands today at 0.160458 €.
Transactions take the form of smart contracts, in this way, users have the possibility to keep total control of their funds. Financial transactions in no way require the intervention of an intermediary, reducing transaction costs.
The team behind 0x
The project was created in October 2016 by Amir Bandeali and Will Warren. The team members include six engineers and several professionals who are responsible for recruiting procedures and various operations. The project is powered by Fintech Blockchain Group, Jen Advisors, Blockchain Capital and Pantera Polychain Capital.
The 0x foundation has taken the initiative to use the Ethereum blockchain, because it is the best option to conduct the operation under the best conditions. The two founders have the ambition to carry out a whole series of exchanges of all kinds, be it currencies, stocks or precious metals.
The 0x protocol
The protocol was designed to be an open source plug-in for decentralized applications on the Ethereum blockchain which requires an exchange function. These applications can easily integrate this function in order to connect to other applications that make use of the protocol.
Using the Ox Protocol makes it easier and faster for tokens in these applications to trade on the Ethereum blockchain. These procedures ensure more liquidity within the platform. Liquidity refers to the positive impact of buying and selling an asset on its price.
Users use ZRX tokens to pay for transactions and to allow network members to decide on decisions regarding the development of the protocol. Moreover, the platform uses the Proof-of-Stake algorithm, allowing token holders to put their assets at stake to obtain a vote on the development of the network.
The platform has fixed a limited number of ZRX tokens of one billion. The official launch of the token was orchestrated on August 15, 2017. It should be noted that the tokens paid to the founders, staff members and advisers are released over an interval of 4 years, but the tokens to buy are immediately available.
How does cryptocurrency work?
The objective of the platform is to establish a decentralized exchange site where transactions are carried out off-chain. Here’s how the platform works.
The decentralized exchange site
Buy and sell orders are made using smart contracts on the Ethereum blockchain. This method avoids you having to use exchange sites like Binance or Bittrex as an intermediary. Traders must also use the blockchain to make a transaction.
As part of a transaction in a traditional platform, each operation involves gas costs (the IT work time required for the transaction). These costs are nevertheless high to reward the miners of the network. The platform offers to perform certain off-chain operations in order to reduce gas expenses.
To perform off-chain operations, the protocol uses a relay or a relay. They are responsible for the distribution of orders. Their function is to facilitate operations by integrating contractors on the network.
The relay is rewarded in ZRX tokens with each validation of a trading and each successful transaction. The protocol also developed a system called Point-to-Point Orders. These are orders that are sent to users who wish to trade.
The pros and cons of this cryptocurrency
The price of the 0x amounts to 0.160458 €. The 0x protocol is used in transaction procedures in order to improve exchanges and reduce costs. Despite this advantage, the platform raises some drawbacks.
To avoid unnecessary spending on gas, the platform offers off-chain transactions with the help of relayers. To become a relay, you must use 0x Launch Kit. The Point-to-Point system enables specific sales and purchase orders to be made for one person.
Token holders are allowed to participate in the development of the platform through a vote. Developers external to the team can use the protocol for their own benefit while enjoying cost reductions.
Transparency is not the priority of the team. Moreover, it is difficult for Internet users to obtain information concerning their experience and their skills. The platform offers affordable transaction fees, however, the fees charged by decentralized exchanges are not that high.
How to buy this cryptocurrency?
The 0x course is of 0.160458 €. An investment can pay off in the long run. If you want to buy ZRX tokens, here are the procedures.
Buy ZRX tokens
To buy ZRX, you have to go to Binance, Gate.io, HitBTC or Bittrex. Certainly, other sites ensure the purchase of ZRX tokens, but these 4 platforms remain the most secure. If you choose the Binance platform, start by buying BTCs on Coinbase before exchanging them for ZRXs.
Gate.io is also a secure trading platform for buying ZRX tokens. The website supports hundreds of currencies from the USDT, ETH and BTC markets. To make the purchase on this site, you must buy ETH or BTC before transferring and making the exchange.
Store ZRX Tokens
To keep your ZRX tokens securely, the best option is to use a hardware wallet. It is an electronic wallet that takes the form of a USB key. Among the many portfolios on the market, Trezor and Ledger Nano S remain the best known.
As an ERC-20 token, ZRX tokens can be stored on wallets like MyEtherWallet. Today, the official token storage wallet is not yet available.