Full description of 0x
0x (ZRX) is an open protocol that provides infrastructure used to build
Decentralized (?) exchanges on the Ethereum blockchain. The 0x project utilizes off-chain transaction relayers and smart contracts to accomplish this. Users of the protocol pay relayers with the native ZRX token. In addition, the ZRX
Token (?) is used for decentralized governance over the protocol’s upgrade system. ZRX token holders have a voice in how the protocol should be improved over time depending on how many tokens they own.
ZRX is an ERC-20 token and as such can be stored in any Ethereum wallet.
0x aims to solve the inefficiencies of decentralized
Cryptocurrency (?) exchanges. Although decentralized exchanges are great at security, they lag behind centralized exchanges in user operational costs (higher gas fees) and accessibility (slow).
The 0x protocol makes decentralized exchanges better by employing off-chain ordering relays together with on-chain settlements. This allows users to broadcast an order off-chain that another user can fill. It is only after a value transfer is executed that it is written on-chain, leaving all other trading commands to off-chain procedures. Transactions are only run on the network when a trade is performed, allowing users to decrease their gas fees when trading.
The 0x Core Team, co-founded by Will Warren (CEO) and Amir Bandeali (CTO) in October 2016, leads the 0x protocol project. Before 0x, Warren conducted applied physics research at the Los Alamos National Laboratory while Bandeali worked as a fixed income trader with DRW. The 0x Core Team is headquartered in San Francisco with members distributed throughout the world.
The team created 0x OTC, a web app that allows users to trade ERC-20 tokens directly on the Ethereum
Blockchain (?) using the 0x protocol. In addition, they’ve created 0x.js, a JavaScript library that simplifies the process of building web apps on top of the 0x protocol.
The
ICO (Initial Coin Offering) (?) was held on August 15th, 2017 and raised $24 million dollars. There is a fixed supply of one billion ZRX of which 500 million (50%) were sold in the ICO. The other 50% was released with 15% retained by the 0x team, 15% going to the developer fund, 10% going to the founding team, and 10% going to advisors and early backers. The tokens set aside for founders, advisors, and team members are gradually released over the course of four years. Tokens bought during the launch event were immediately liquid.
0x is backed by the Fintech Blockchain Group, Pantera Capital, Polychain Capital, Jen Advisors, and Blockchain Capital.
- Exchange symbol (?): ZRX
- Cryptocurrency type (?): Token (?)
0x for developers
0x social sites
Source: NOMICS
