The 0x platform is a system that provides the participants on its network with an avenue to trade ERC-20 tokens, as well as a series of other assets based on the Ethereum blockchain while the reliance on third-party intermediaries is eliminated.
The platform is able to carry out its decentralized functionality by making use of an open-source and generally suitable smart contract system that works together with other protocols on the platform to produce low friction and flexible protocol. This allows the developers on the platform to easily weave its system into their products for maximum efficiency.
0X is powered under the ERC-20 specification via its utility token known as ZRX. On the platform, relayers host an off-the-chain order book, in addition to their offering of user-facing applications that present the information. As a result of this, participants on the network fill or cancel transactions as they are paid in ZRX tokens.
Who are the Founders of 0X (ZRX)?
The 0x system was founded by Amir Bandeali and Will Warren in 2016. Over time, the two founders continued to actively participate in the platform with Warren serving as the CEO and Bandeali serving as its CTO.
The platform’s official launch was as a result of a previously concluded initial coin offering that was held in 2017 and successfully raised a total of $24 million. The platform was able to earn such a major start due to a series of major investment firms which were backing it. Some of these include Pantera Capital, FBG Capital, and Polychain Capital.
Before the initial coin offering was sold out in the early days of the project, the platform’s CEO, Warren worked in several organizations in different capacities. Some of these included his services in Basic Attention Token as a technical advisor and researcher. His partner Bandeali similarly is a graduate with a BSc in Finance from the University of Illinois. He is also vastly experienced in the business and financial world and has held several executive positions before co-founding the 0X platform.
Currently, the 0X team has grown exponentially and comprises over 30 professionals such as researchers, designers, and engineers who work closely to see the platform running smoothly, and constantly updated.
What is 0X (ZRX) used for?
Practically, the 0X system provides a series of services that cut across both the blockchain industry and the financial industry at large. Because its base protocol is designed following the Ethereum network’s ERC-20 specifications, the platform allows its participants to easily trade several other Ethereum based tokens. This process essentially removes the reliance on third-party middlemen like traditional exchange platforms.
The platform’s dedicated cryptocurrency ZRX also affords the participants some special advantages. One of these is its store of value which allows it to be tradable with other cryptocurrency pairs to make a profit for its holders. In addition to that, it also gives the ZRX holders governance powers on the platform which allows them to be able to suggest changes and vote for them on the platform.
In 2019, there was a public announcement from the 0X network which stated an overhaul of its ZRX tokens. This also created room for the addition of new functionalities that allows the delegation of ZRX tokens by its holders for staking purposes to earn them passive rewards while their voting power is retained.
What Is the Unique Point of 0X (ZRX)?
The 0X platform is different from most of the regular decentralized Ethereum protocols in that it supports both non-fungible (ERC-723) tokens, as well as fungible (ERC-20) tokens. Because of this, the platform can be used in permissionless trading for a large variety of digital assets. This in turn gives its participants the avenue to buy, sell and exchange a large collection of Ethereum assets via over a dozen different applications.
The 0x protocol can also be applied across a variety of real-world platforms, such as the eBay-style marketplace used for the sale of digital goods and services, a functional exchange for Defi systems, an OCT trading desk, and the regular decentralized exchange function.
Apart from its application in the creation and design of a collection of flexible products, the0x system can also be incorporated into products that have exchange as their secondary feature. Examples of this application include in-game purchases, as well as portfolio management platforms.
Individuals that require liquidity through the 0x system are required to pay a fee in ZRX tokens, which is used to incentivize the node liquidity. The users are also obligated to pay a protocol fee in the form of Ether. This in turn is used to facilitate transactions by being used to settle gas fees on the network. Being that the 0X system is an open-source platform, it does not get any share of this revenue, instead, the platform is supported by ZRX tokens which are released as incentives for the developers and team at large.
How many 0X (ZRX) coins are in circulation?
Just like most of the available digital assets, the 0x system has a capped total supply of digital assets that can never be exceeded. The supply was set at 1 billion ZRX. Currently, a total of three-quarters of its total supply is already in circulation. As such, only a small fraction of this is reserved to be used for staking rewards.
Also, in a different path from most protocols, the 0x system has never publicly divulged its emission process for new ZRX tokens which makes it difficult to determine how long it will take until the current circulating supply will be exhausted. However, it was stated that 50% of its total tokens were released upon its launch in August 2017 and 75% was released in October 2020. This implies that the system may attain complete dilution in early 2021.
According to an early blog entry by WILL Warren, the CEO of the 0X system, after the sale of ZRX tokens through an ICO in 2017, 15% of its supply was reserved for the development of the 0x system, as well as an external project development fund. A furher10% was kept in reserve for the founding team and was placed under a 4-year vesting schedule. A leftover 10% was kept for early investors and advisors.
Is the 0x (ZRX) Network secured?
The 0x network is built on top of the Ethereum ecosystem, as such, it is under the protection of the joint efforts of both the massive Ethereum miners and the network of nodes.
On the underlying smart contract system, its third version has been audited by a series of third-party firms which inspected to see if it had any vulnerabilities, redundant functions, or backdoor access. However, no major issues were found by the firms.
In version 2.0 of its smart contract system, a vulnerability was found and was later patched by the 0x core team. It was initially detected by an independent researcher who chose not to exploit it but report it to the platform’s developers. The system is continually operated by a generous bug bounty which helps to discover and patch any issues In the system before they can be exploited.
How do I buy 0X (ZRX)?
The 0X system is significantly different from most of the available cryptocurrency platforms in several ways, with one of its major differences being its incentive system for its participants. This has led to more people adopting its use and increasing its availability across several platforms. To buy ZRX tokens, the steps below provide the right direction to purchasing its tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy ZRX through your trading account.
Which Cryptocurrency Wallet Supports 0X (ZRX)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as 0X (ZRX). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their 0X wallet because offers a simple and interactive interface making it easy for people to navigate its system.