This review will consider a project called 0x, which last summer collected an impressive amount during the ICO and won the competition by consensus.
The 0x project basic information
The 0x system is represented by a special protocol aimed at simplifying the process of exchanging cryptocurrency that meets the ERC20 standards. Each user, whether an ordinary member of the network or a company, can use the 0x platform functionality to work with decentralized applications.
The peculiarity of the protocol integrated into the 0x system is the provision of the ability to transfer ERC20 type tokens to each other in the conditions of increased security and confidentiality with the use of the Ethereum blockchain contract smart technology. The specificity of the 0x system allows you to consider all assets that can be represented both by fiat means, and goods, valuable shares, as a token. The main task of the 0x site protocol is to maximize the efficient use of any Ethereum tokens.
Considering the exchange resources working on the principles of centralized management, which are represented by such projects as Poloniex, GDax, Bitfinex, it is necessary to mention their vulnerability for hacker attacks, attempts of hacking, and also possible failures in the system operation. All exchange services also face the problem of downtime at different levels due to the increased popularity of cryptocurrency in recent times.
When reviewing such decentralized sites as Oasis or Etherdelta, it is worth noting their low rates of speed and liquidity. Each operation carried out within these systems involves time costs for waiting for confirmation, which significantly affects the trading process. Such characteristics not only reduce the efficiency of work, but also strongly overload the general blockchain network.
The 0x platform collected the best criteria for the blockchain system – the developers of the project took pains to eliminate possible problems in the exchange process, which enabled them to retransmit without the involvement of a block-account with consecutive calculations. Before the actual exchanges of coins, all transaction steps are carried out outside the network.
Full information about the product 0x can be found on the official website of the company https://0xproject.com.
The system 0x degree of perfection
The 0x project was founded by Will Warren and Amir Bandeyli – the system was created in October 2016 year. In January 2017, the alpha version of the 0x platform was already released, which was tested.
March of 2017 was marked by the closure of the financing phase by the protocol – this stage was headed by Polychain Capital. And in May 2017, the project 0x was given leadership in the competition for consensus.
1.0 The version of the protocol implies the transition to the canonical block system Ethereum upon completion of the 0x audit stage and before the public launch of the ZRX coin. The operation of the 0x protocol will also be implemented during the official release of the ZRX token.
Despite the fact that 0x also represents the protocol, the developers of the 0x project also released a product called 0x OTS – it allows demonstrating the functionality of this protocol in operation.
The ability to earn on a 0x token
The 0x ZRX altcoin system is characterized by such basic functions:
- Protocol management – ZRX coin holders are able to influence the operation of the system protocol as a result of fair voting. Due to this critical feature, it is possible to receive protocol updates using smart contracts, as well as to increase liquidity indicators. The project management scheme 0x minimizes the probability of fork output, optimizes the update of smart contracts, and also provides effective interaction between network users;
- Repayment fee – repeaters place orders outside the exchange and also work schemes for data processing in the system. The protocol functionality 0x is paid in the equivalent of ZRX coins.
The value of the ZRX token is provided by a large number of transactions and commissions on the 0x network.
The functional of the system 0x
The 0x system was designed to solve a number of problems and provide users with effective functionality:
- Minimization of risks that are typical for projects with centralized management, which makes it possible to more effectively integrate blockchain technologies and cryptocurrency into various areas of human activity. Prevention of hacker attacks and hacking system provides increased security and comfortable conditions for working with digital assets within the system;
- The use of the network effect in the 0x system allows providing the value of its token. That is, the more operations are performed and the more involved the protocol is in work, the higher the ZRX-coin values;
- Organization and implementation of ICO – as of May 2018, the 0x system was able to attract investments of impressive volumes. The official session of the ZRX token began on August 15 last year, and the starting value of the token was $ 0.048. The capitalization of the project was $ 24 million. At the time of writing, the price of the ZRX is $ 1,25 with a daily trading volume of almost $ 11 million. The coin emission indicators are 1 billion units;
- The protocol provides the interaction of the 0x system with such projects as Melonport, Ethfinex, Augur, District0x;
- Work with the Bitfinex platform allows you to effectively expand the user audience of the system 0x;
- Expansion of the partner base and its replenishment in the face of large venture companies suggests that the 0x system is already trusted and it can be a reliable source of investment.
- In doing so, it is worth considering some of the nuances that some users are concerned about:
- A possibility of restriction of the project 0x by SEC norms;
- Operation of the 0x system exclusively with the ERC20 markers;
- The question of supporting the protocol by the leading exchange services of the cryptocurrency community.
The 0x project team
In the list of organizers of the system 0x there are such professionals of blockchain-technologies:
- Will Warren – co-founder, holds the post of executive director at 0x;
- Amir Bandeyli is a co-founder, he is the technical director of the project;
- Fred Ersam is a consultant;
- Olaf Carlson is a consultant;
- Joey Krug is a consultant;
- Linda Xie is a consultant.
Conclusions about the 0x project
Summing up the results of the 0x project, it can be noted that the system has both a long-term potential and all the necessary functionality for performing exchange operations. The organization of the system based on the Ethereum blockchain system allows the 0x product to be promising and win the trust of users when working with smart contracts.
Advantages of working with 0x functionality consist in improving the efficiency of the market environment, a partnership with leading cryptocurrency services, guarantees of the value of the ZRX token, solving problems of centralized projects.