0x (ZRX): Since the advent of blockchain technology in 2009, people have been able to transfer assets across accounts without the need of a third party to facilitate the payment. This trustless function of blockchains has been derived to also transfer value across boarders as seen with Ripple Inc. technology. The last two years has seen an exponential growth of the blockchains and cryptocurrencies. Crypto exchanges have also increased in number significantly since 2009. However, the latter’s security breaches and hacks witnessed on Mt. Gox and BitGrail exchanges has raised questions on the centralized platforms.
[Centralized exchanges hold the private keys of all their wallets which poses a big risk in case of any hacks on their system. Nevertheless, there exists some pretty secure platforms such as Binance who store the keys on a cold wallet increasing the safety of your assets.]
The 0x protocol in brief
0x (pronounced ‘Zero X’) is a protocol that enables the decentralized exchange of assets (ERC 20 tokens) on the parent blockchain, Ethereum. A protocol is basically a system of rules that explains the correct conduct and procedures to be followed, used by 2 or more parties to make communication easier and more effective. 0x serves as an open standard and blockchain that allows users to create their decentralized applications (dApps) and connect them with other decentralized exchanges.
Using the smart contract technology, the protocol executes ERC20 token trades on Ethereum platform reducing the risks associated with centralized exchanges. DApps built on top of the protocol can access public liquidity pools or create their own liquidity pool and charge transaction fees on the resulting volume. Currently, transactions carried out on Ethereum are charged using gas costs that are expensive at the moment. With 0x protocol however, the transaction fee is zero with only the relayer dApps able to charge little fees in ZRX.
India’s Unocoin accepts trade of ZRX
The Indian based cryptocurrency exchange, Unocoin launched its own decentralized exchange, Unocoin Digital Asset Exchange (UNODAX) in May and has announced the 0x as a trading pair on the platform. The company announced on their Twitter page that they now accepted the trading of 0x (ZRX) on the platform.
“Unodax is now supporting the holding of 0x (ZRX). In the 0x protocol, orders are transported off-chain, massively reducing gas costs and eliminating blockchain bloat.” – @Unocoin official Twitter account confirming the addition of 0x to the exchange.
0x (ZRX) is currently trading at $1.03 USD, trading above the dollar mark for the first time since the start of June. This represents over 20% increase in price over the past 48 hours as the whole market rebounded from an all-time yearly low. The token is currently ranked 28th on the Coinmarketcap listings with a total market capitalization of $530,628,551 USD. The coin has seen a bump in the overall daily traded volumes in the past week with peak volumes hitting $40 million USD. The current volume stands at $24.5 million USD worth of ZRX being traded in the last 24 hours.