0x Protocol a protocol that makes trading on a decentralized exchange (DEX) easier. So…
- What is 0x protocol? What is ZRX token?
- Should I invest ZRX token or not?
- Buy and sell ZRX Where is the reputation?
- ZRX token wallet Which should be used?
If you are looking to find out 0x Protocol and potential investment ZRX token, this article is what you need to find
What are you waiting for, let’s start the article!
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What is 0x? What is ZRX token?
0x is a decentralized open source protocol that enables peer-to-peer trading of tokens on the Ethereum blockchain. Several projects have been developed on 0x, such as Radar, ParaDex and DeversiFi.
With 0x, developers can build trading platforms, decentralized applications (dApps) on protocol. As for users, ordinary traders can use it 0x as one decentralized exchange (DEX) to trade ERC standard tokens.
The special thing is that you can use the protocol 0x in a free way. You didn’t get it wrong, it’s completely free.
What is the problem and solution of 0x Protocol?
Currently in the crypto space, exchanges are centralized (CEX – Centralized Exchange) such as: Binance exchange, Bitfinex exchange, etc. have a very large scale and play an extremely important role. The advantage of CEX exchanges is that there is always a large, well-organized organization behind to operate. So it works very stable.
However, CEX exchanges reveal disadvantages such as: high transaction fees, difficulty in connecting with each other, and targets for hackers to attack. And on top of that it threatens the decentralization that the crypto market wants to be. So the solution is decentralized exchanges (DEX – Decentralized Exchange) born.
Launching a DEX is often technically difficult, so 0x provides a standard protocol for transactions that can take place right on the blockchain. With 0x you can place orders and cancel orders without spending gas like some other DEX exchanges. Besides, 0X allows dApps to interact with each other, boosting the liquidity of networks.
Features of 0x Protocol
0x Protocal is an open source protocol built on the Ethereum blockchain according to the ERC-20 standard. 0x Protocol allows trading of ERC-20 and ERC-721 standard tokens in a decentralized manner through dApps integrated on it.
Maybe you don’t know: What is ERC20? Learn more about ERC20 tokens and ERC20 wallets
Decentralized applications (dApps) that apply the 0x Protocol will be integrated into the network and act as DEXs.
And Order Book in 0x Protocol is done off-chain (outside the Blockchain), so it will need a party to store and maintain these Order Books.
What is ZRX token?
ZRX token is a utility token of 0x Protocol. It plays an important role in maintaining stability, security and creating economic incentives for network participants.
Present ZRX token is operating on the Ethereum blockchain according to the ERC-20 token standard.
Basic parameters of ZRX token
|Maximum total token supply||1,000,000,000 ZRX|
|Total tokens in circulation||655,127,320 ZRX|
0x – What is the ZRX token used for?
As a utility token in the 0x protocol, ZRX token is used for the following purposes:
- Fees for transactions on 0x Protocol
With 0x can be seen as a DEX and ZRX token will be used to pay the fee. Both order creators and matchers need to use ZRX to pay transaction fees.
- ZRX token plays a key role in governance in the decentralized model of 0x
- Use ZRX to vote for projects that want to switch to 0x Protocol
When you own ZRX token is that you are in the vote for any project that wants to switch to the 0x protocol. first ZRX token corresponds to 1 vote. When participating in voting, you do not need to move ZRX token or the ZRX number will not be cancelled.
Should I invest ZRX token or not?
Attention: no investment is 100% safe and every decision carries risk. In any case, it’s up to you to invest or not. Here is some useful information that can impact the return on your ZRX token investment.
0x Protocol development team
The 0x development team are capable people, each with a knack for their own areas such as a shared passion for blockchain technology. The leader of the group is Will Warren and Amir Bandeali. Both are Co-founders of the project, holding the positions of CEO and CTO respectively.
Besides that 0x is being sponsored by Fintech Blockchain Group, Pantera, Polychain Capital, Jen Advisors and Blockchain Capital. Having a competent team and supported by many organizations shows the potential of 0x very noticeable.
Competitors and Future of ZRX Token
0x Protocol aims to become the critical infrastructure for the crypto economy. As more assets are tokenized, public blockchains provide the opportunity to establish a new financial solution that is more efficient, transparent, and fair than any system of the past.
With this orientation, the solution of 0x Protocol is urgent and very noticeable to the community. However, it also faces a lot of challenges when there are so many competitors. Some can be mentioned such as: Kyber Network (KNC), Bancor Network (BNT), ….
Despite facing formidable opponents, with thousands of ERC-20 and ERC-721 tokens on the market, the “piece of cake” that 0x Protocol aiming is still very lucrative. As there are more dApps, more DEXs use 0x Protocol then the need to use ZRX token will increase thereby increasing investment potential ZRX token.
ZRX token price
Currently, at the time of writing price ZRX token is trading at 0.34 USD. Level Highest price of ZRX so far is set at $2.53 (January 2018). That is, compared to the peak price, then ZRX token price Currently dividing nearly 7 times.
Meanwhile, ZRX’s all-time low of $0.103 was set on January 5, 2019.
Where to buy and sell ZRX tokens?
At the present time, investing in cryptocurrencies as well as buying and selling cryptocurrencies has become much more popular. It is considered one of the most popular ways to make money online. That’s why, the buy ZRX, sell ZRX has also become much simpler.
In this article, I will introduce to you the 2 most popular and simple ways to buy and sell at the moment.
How to buy and sell ZRX tokens in VND
Currently, there are many exchanges that support cryptocurrency trading in VND, but separately buy ZRX For prestige, I think the best currently is the Bitmoon exchange.
See more articles: What is Bitmoon? Bitmoon Exchange Basic Guide for Newbies 2020
The advantage of Bitmoon is low fees, high liquidity, support for many coins and can store coins right on the exchange. Besides, Bitmoon has been operating for a relatively long time and the reputation level is guaranteed.
Bitmoon has high liquidity and reputation, so I believe that for basic trading needs, cash out in VND, Bitmoon is enough to apply.
International reputable ZRX token trading platform
The advantage of all international exchanges is that they support many types of coins, besides also supporting other forms of trading such as Margin, Futures.
For those of you who have traded a lot and have experience, you can use and trade regularly on international markets.
Below is the name of the exchange and a comparison table of transaction fees for your reference.
If you want to learn about which floor, you can click on that floor’s name in the table, there will be a detailed article on that floor.
|Okex||0.060 – 0.150%|
|Kucoin||0.080 – 0.100%|
Although the international exchange has the advantage of trading volume as well as high liquidity, the disadvantage is that you cannot trade in VND. Almost every transaction buy and sell ZRX tokens Your transaction uses USDT or BTC for transactions.
Wallet 0x tokens should use
Depends on usage ZRX token your wallet that you will choose for yourself the appropriate wallet.
Suitable for those who want to store ZRX long term and few transactions.
The advantage of cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to to choose from are: Ledger Nano S, Ledger Nano X.
Maybe you are interested: What is ledger nano S cold wallet? Latest User Guide and Security 2020
The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.
Maybe you are interested: What is Trust Wallet? How to create a Trust Wallet and use details
Since ZRX is an ERC-20 token, you can completely use current popular supporting web platforms such as: MyEtherWallet nice MetaMask.
Maybe you are interested: What is MyEtherWallet? Instructions on how to create a MyEtherWallet wallet and how to use it
This wallet is suitable for those who regularly trade.
Some Reputable trading platform that you can refer to are: Bitmoon exchange, Huobi exchange, Binance exchange…
This article has summarized the most basic information you need to know about 0x Protocol and ZRX token. With this article, I hope that readers can grasp some of its investment potential.
Although it will take some time to read the entire article, I hope that your time will not be wasted.
If you find the article interesting and useful, do not hesitate to share it with your friends.