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0x (ZRX) Logo
$ 896.10 M
ZRX 19.73 M
~ 1.00 B
Total Coins Mined
~ 1.00 B
*General last updated 10/22/18 10:07:33 PM
0x was built as a decentralized exchange protocol for the Ethereum network. A protocol is essentially a set of governing rules that outline how something is to be followed. In light of that, 0x offers the possibility to exchange ERC-20 tokens without the associated risk of centralized exchanges, or on-chain decentralized exchanges. Unlike other decentralized exchanges, 0x offers off-chain order books, which circumvents Ether gas fees, and also additional gas fees for cancelling or augmenting other orders. It was founded in October 2016 by Will Warren and Amir Bandeali.
The 0x token ZRX has a current circulating supply of 1,000,000,000 tokens. The 0x team conducted an ICO in November 2017, releasing 500,000,000 initial coins, with the remaining 50% locked for the founding team, developer fund, and other initiatives.
0x’s founding team based their design on the need to create a safe and trusted platform for the exchange of ERC-20 tokens. They placed their bets that the future of the development world, and trajectory of the financial community was heading towards heavy tokenization. Thousands of different DApps launched on the Ethereum network with different project goals, and targeting different industries and demographics. A universal ether token standard will be necessary going forward.
0x was co-founded by William Warren (CEO), and Amir Bandeali (CTO). Other team members include Fabio Berger (Senior Engineer), Alex Xu (Director of Operations), Leonid Logvinov (Engineer) and Ben Burns (Designer).
0x works as a trustless exchange. Leveraging the resistance to censorship consensus and a universal storage standard, trades can be settled with virtually zero downtime or counterparty risk. A standard API allows relayers to easily aggregate liquidity pools, and then create network effects around those liquidity pools as more relayers compound and come online. The smart contract is written on Solidity, with two underlying simple functions: fill or cancel.
An outline of off-chain relay and on-chain order settlement is outline below:
Relayers essentially conduct the hosting and maintenance of the off-chain order book in exchange for transaction fees. The process is outlined below:
Although the 0x was not built as a cryptoeconomic protocol, its intention is to serve as the gold standard for launching, maintaining and communicating between DApps. By doing so, it moves towards harmonizing this mechanism with tokens that also support exchange functionality. The open and decentralized nature of the protocol contributes to coordination problems for relevant stakeholders. With operational overhead and different needs and financial invectives being prevalent, the protocol nature of the coin was designed to offset associated costs.
The ZRX token issuance is for partnering DApps with 0x, alongside future end users. Both transaction fees and contributing to decentralized governance such as a sophisticated DAO rank among the long-term goals for the 0x protocol team. In lieu of a DAO, simple multi-signature smart contracts will serve as placeholders (current ZRX model).
It is important to note that the ERC-20 smart contract has become the de-facto standard for all other DApps within the greater blockchain community, and the desire to move transactions off of centralized exchanges due in large to their predatory nature and variable listing fees contributes to the rise of functional decentralized exchanges such as 0x.