0x is an open, trustless protocol that offers a decentralised exchange for all ERC20 token on the Ethereum Blockchain. 0x is built on Ethereum's smart contract that allows anyone around the world to run a decentralized exchange. 0x has a very different design from the current decentralised exchanges operate that hugely reduces network bloat and transaction costs.
0x tokens are traded with symbol ZRX.
The 0x platform addresses the inefficiencies of the decentralized exchanges and also the inability of various other exchanges to work together. In most of the decentralized exchanges, the transactions are completed using smart contracts powered by Ethereum blockchain, that means every time a transaction takes place, it goes via blockchain and that costs GAS which ensures transactions are processed on the blockchain by its miners. This results in higher transaction costs at every instance and increases network bloat which increases the transaction time.
0x addresses both the issue by deploying standard protocol in which transaction orders are relayed off the blockchain for settlements which allows the user to broadcast orders off-chain to filled by another user. Only value transfers are executed on-chain which significantly cuts down on transaction time while reducing the transaction cost (GAS) at every transaction.
The 0x project is an open source platform which is useful and accessible for both end users and developers.
0x OTC: It is a web application that allows users with ERC20 tokens to trade directly on the Ethereum blockchain using 0x protocol. It facilitates the private over the counter trades between known counterparties.
The 0x platform is currently used by many successful blockchain projects such as Blocknet, Status, Augur, Aragon, district0x etc.
Trustless Exchange: The 0x platform is built on Ethereum platform with no centralization, point of failures and downtime. Each trades are settled automatically without any counterparty risk.
Shared Liquidity: By sharing standard API, relayers can combine liquidity pools and create network effects around liquidity that compound as more relayers get added to the network.
Open Source: 0x is an open source and trustless platform that allow users trade directly with known counterparties at a fraction of the cost or paying relayers with ZRX to access their liquidity pool.
The ZRX tokens are used for compensating the relayers for broadcasting order books and also to facilitate the decentralized governance on the 0x's platform. The ZRX token holders will vote on the decisions on the blockchain including upgrades without disrupting the entire network or users.
Total supply of ZRX tokens is kept at 1 billion coins and is distributed in the following pattern:
Through its ICO, the 0x project has raised $24 million from just over 9000 participants.
The 0x project is founded in October 2016, by Will Warren ( CEO & Co-founder) and Amir Bandeali (CTO & Co-founder). The advisors to this projects belong to well-known blockchain and cryptocurrency projects like Coinbase, AUGUR, Polychain Capital and Scalar Capital.
The 0x project is funded by Fintech Blockchain Group, Pantera, Polychain Capital, Jen Advisors and Blockchain Capital.