0x or sometimes known as District 0x is an Ethereum blockchain-based cryptocurrency that works on a low friction peer-to-peer privacy system. The 0x functions on the principle of an open protocol system and allows a free and decentralized mechanism for sharing of data between its users. The basic functionality of 0x is simple; it will enable users to develop or build their DApps using the system’s protocol and share that with other users using the Ethereum blockchain network. The DApps can be after that divided into various categories depending on their utility and functionality; these categories or division are called “districts.”
The cryptocurrency on the 0x is based on ERC20-currency system, and it is called as 0x protocol token or the more popular ZRX. Unlike other types of cryptocurrency in circulation at present, the number of 0x protocol token (ZRX) is fixed. The number of ZRX tokens in circulation is set at 1,000,000,000.
0x was first released back in 2017 and was founded by Will Warren and Amir Bandeali. The 0x success story has been a massive boost to the cryptocurrency market encouraging more people to invest in it. The 0x token aka ZRX is the Ethereum’s platform-based token's most popular and successful token to have ever been developed and the growth only seems to be increasing.
This success is significant because unlike any other kinds of cryptocurrencies available in digital payment market; the 0x offers something much more than just a purchase and exchange token. 0x functions more like a set of protocols for transferring or sharing of data rather than only operating as a normal crypto coin.
Before the actual 0x project was officially released, it was first tested on the Ropsten Testnet in 2016. The test saw tremendous success and gained immense popularity and was formally released on April 15th, 2017. Within a year of its official release date, the 0x token took the market by storm, and its capitalization was valued at more than $100 million. By January 2018, it was already estimated to be valued at $1 Billion.
You can think of ZRX as being a safe and secured “path” or route for transferring data. The primary focus of 0x is to provide a safe route for transferring or sharing tokens between the different users on the Ethereum blockchain network. Thus, 0x helps enables the users to share all kinds of tokens available on the Ethereum platform with minimal fee charges and also more time efficient.
The 0x doesn't have its dedicated platform; instead the 0x token make use of the already existing platform in the form of Ethereum blockchain. This means the basic functionality of 0x remains identical to all the other cryptocurrencies that work on the blockchain platform. The only difference lies in their core behavior, whereas another cryptocurrency allows you to make purchases or sell as an alternative to your standard fiat currency, the 0x tokens (ZRX) are used primarily for hosting and transferring of all kinds of tokens from one user to another. The open protocol platform also gives users complete freedom in choosing their service or application. For example, some of the latest cryptocurrencies have already started building their system around the 0x token system.
All the records of 0x token transactions are maintained in a separate platform rather than storing them along with the existing Ethereum blockchain. This reduces the memory consumption and also the friction, hence, allowing an easy and convenient way for the user to become a “relayer” or a “miner.”
At present, there are more than 4.2 Billion tokens that are based on the Ethereum blockchain platform. It should not come to anyone’s surprise that the number only intends to grow in the future. The amount of people investing in 0x has only grown since its inception, and the fact that any Ethereum based cryptocurrency works in 0x adds to its popularity and success.
Since 0x makes the use of a traditional Ethereum blockchain platform, it aids in the stability of the system. Without having to use a new platform that may be problematic and also the performance of the newly developed platform can never be guaranteed. Hence, using the already tested and highly stable Ethereum blockchain allows 0x to execute its function with ease and ultimate stability.
The 0x open protocol system allows an easy and convenient way of interoperating and interact between the different DApps that are developed by the users. Using its advanced and smart contractual based agreements, the 0x has a high potential for transformative actions. This, in turn, helps the Ethereum platform immensely by allowing higher rates for the platform tokens.
The 0x enables the user to convert/exchange the 0x tokens (ZRX) or any Ethereum blockchain tokens from each other. The 0x network ensures that all that process take place in the most straightforward and convenient time possible. This ensures that the process of conversion is executed in the fastest time possible, but it suffers a large demerit in the form of imposing high exchange rates. However, the 0x team have been working to reduce the high costs, and so that's a positive update to look forward to.
Buying 0x tokens involves a two-step method. The first step consists in purchasing either a Bitcoin (BTC) or Ethereum (ETH) from an exchange that accepts the banking cards as a valid payment option. The second step is to transfer all that BTC or ETH tokens to the 0x wallets, and from there you can proceed to use the 0x tokens effectively. You can first purchase the BTC or ETH from coinbase (or any other exchange) by signing up.
For transferring BTC or ETH from your Coinbase wallet, you can use these exchanges: Binance, Bter, Bithumb, or Liquid. To store the 0x tokens aka ZRX, you can use any of the following wallets: Exodus, Ledger wallet, Trezor, My Ether Wallet, Ethereum Mist DApp.
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