0x Reviewed

What is 0x?

0x is an open protocol which allows for the peer-to-peer (P2P) exchange in assets on the Ethereum blockchain. In addition to this, 0x is also used to power a variety of Decentralised Exchanges, or DEXs.

0x Live Price

Key Features and Takeaways of 0x

0x and its native token, ZRX, are in the top 100 protocols and crypto in the world, with the following key features and takeaways:

• The founders of 0x, Amir Bandeali and Will Warren believed in a future where assets could be traded publicly as tokens on a blockchain.
• Ethereum is one of the most versatile blockchains in the world and it has a wide scope of decentralised applications (DApps), making it the perfect medium to accommodate the revolution that Bandeali and Warren had imagined.
• The crux of 0x is that it focuses on off-chain ordering relays which cut back on the prices of Gas in addition to reducing network traffic.
• The Relayers that 0x uses are responsible for broadcasting orders through either public or private order books.
• These Relayers ensure liquidity to the network by hosting the various order books which act as an exchange. Unlike any other exchange, however, Relayers cannot execute trades, they can only facilitate trading by presenting various market orders which are broadcasted by the network.
• For trades to be executed, takers must fulfil their orders by submitting the maker’s signature in addition to its own to the DEX smart contract. As compensation for the facilitation of the exchange, the Relayer is paid a fee in ZRX for every transaction executed.
• When Relayers process trades, it is referred to as Broadcast Orders. These allow for anyone to submit their order to the network. In return, they allow for anyone to intercept such orders and to subsequently fill them.
• In addition to this, 0x also accommodates Point-to-Point Orders that are submitted by makers and which feature a specific taker. These orders grant two users the ability to transfer funds via several messaging mediums including email, Facebook messenger, and numerous others.
• Once a maker address sends an order relay through this manner, only the specified taker address can fulfil it, thus protecting funds from being hijacked.
• The ZRX token is also used to facilitated decentralised governance on the 0x platform. Stakeholders use ZRX to vote on decisions pertaining to the blockchain including protocol integrations, upgrades, and other changes, without causing a disruption in the network.
• The 0x protocol is application agnostic and the smart contracts employed are open-source and publically accessible, allowing for development teams to build on 0x if they should need an exchange function either for their own token or platform.
• 0x also has a “Token Registry Contract” which is used to store a variety of ERC20 tokens with their associated metadata for each token including its name, symbol, contract address, and the number of decimal places required to represent the token’s smallest unit.
• The 0x registry serves as an official on-chain reference which can be used by various market participants if they wish to verify token addresses and exchange rates before they execute a trade.

0x Mining

ZRX is a token based on the Ethereum ecosystem and for this reason it cannot be mined. Ethereum uses the Proof-of-Stake algorithm, so ZRX can be staked directly from the 0x platform by following these steps:

• Users can visit the official 0x website and select “auto stake” followed by connecting whichever wallet the user wishes to use, with Metamask and Trust Wallet being two of the most popular options.
• The user will be asked to provide a percentage of ZRX in their wallet that they want to stake.
• The user will be given a suggested pool, with the top pools being Pool 41 and Volleyfire, each of which give a typical 33% rewards to stakers in the pool.
• The user can confirm the transaction and their ZRX will be staked.

Users must note that Gas must be paid to enter in addition to separate Gas costs to withdraw ZRX and rewards, which are denominated in Ether/ETH. With Gas prices, users can expect to pay 2 831.54 ZAR, at the current exchange rate between the US dollar and ZAR at the time of writing.

Pros and Cons

Transaction Fees

Should you buy 0x?

0x is a fierce contender in the cryptocurrency protocol and platform space, with several high-profile DApps that are already using its protocol, including Aragon, Maker, Melonport, and more. There is already a significant amount of Relayers on the network, with this number increasing steadily.

The 0x protocol has done more for the Ethereum ecosystem than any of the other applications that are based on the Ethereum blockchain. 0x is set to play a vital role in the rise of non-fungible tokens (NFT) in addition to the process involved with the tokenisation of assets such as securities, bonds, and others.

Another factor that has made 0x worth the investment is that it enables more use cases including decentralised margin trading, stable coin conversion, decentralised sports betting, synthetic stock futures, and more.

0x has a bright future and the protocol will play a vital role in the adoption of distributed ledger technology across industries around the globe.

How to buy 0x (ZRX)

Step 1 – Register an account with Gate.io

Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.

Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.

Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.

Log into your account using your credentials and complete the reCAPTCHA.

Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.

Before you can use the platform to purchase 0x/ZRX and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.

Click on “KYC Now” at the bottom of the webpage to start the process.

Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.

Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.

Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.

Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.

Once you have done this, click on “Confirm and Submit”.

Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.

On the new page that loads, select “Click here” to set up Two-factor Authentication.

Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.

Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.

Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.

Step 2 – Deposit funds

You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.

ZRX can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.

Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.

You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.

Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ZRX.

Step 3 – Explore your trading options

Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.

To start trading ZRX, select the option from the “Trade” Menu. Enter “ZRX” into the search bar to see which trading options are available.

For spot trading, for instance and as an example, select ZRX_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ZRX/USDT.

Here, you will see that you have the option to buy or sell ZRX either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.

Step 3 – Buy ZRX through via Limit Order

To buy ZRX and create a limit order for it, you can enter the amount of ZRX you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.

Step 4 – Sell ZRX through via Limit Order

To sell ZRX, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ZRX that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.

Step 5 – Withdraw funds

To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.

Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.

Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.

FAQ

When was 0x first launched?

0x was founded in 2017.

Who founded 0x?

Will Warren and Amir Bandeali founded 0x.

What is “ICO”?

It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.

When was 0x’s ICO and how much did it raise?

0x’s ICO was held in 2017 and raised 339 million ZAR.

Is 0x legit?

Yes, 0x is legit.

What is 0x’s total supply?

There is a total maximum supply of 1 billion ZRX.

What is the purpose of 0x?

To make token trading with off-chain transactions more efficient by employing smart contracts.

On which blockchain is 0x based?

0x is based on the Ethereum blockchain.

Does 0x work with smart contracts?

Yes, 0x works with smart contracts.

Does 0x have potential to become more valuable?

Yes, as there is more adoption of decentralised and distributed ledger technology, both 0x and ZRX are set to increase in value.