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0x Protocol

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About 0x Protocol

The 0x protocol is an open source, permissionless protocol designed to facilitate low friction peer-to-peer exchange of Ethereum-based tokens. By serving as a common infrastructure for relayers, 0x enables anyone to operate a decentralized exchange.

The Problem 0x Solves

Centralized exchanges have been the primary method for exchanging cryptocurrencies. However, they present a number of issues. Exchange downtime can prevent users from trading at critical moments. Centralized exchanges are also susceptible to security vulnerabilities like hacking, as they represent a single point of failure. High fees and limited access for some users further compound these issues.

Decentralized exchanges help resolve the issues inherent to centralized models. However, early decentralized exchanges faced liquidity issues and poor user experiences. This is the problem 0x sought to address.

How 0x Works

The 0x protocol combines off-chain order books with on-chain settlement to facilitate exchange without relinquishing control of funds. Users can place orders via a relayer. 0x allows relayers to pool liquidity and enables sharing of public order books.

When an order is matched, 0x uses an Ethereum smart contract to atomicly swap the tokens between counterparties. This ensures exchange is instant and trustless. No funds are held by relayers at any point.

0x Token (ZRX)

The 0x protocol employs its native token ZRX to incentivize market makers to add liquidity. Owners of ZRX can vote on protocol upgrades and help govern the ecosystem. ZRX is also used to pay trading fees to relayers.

The token captures value as the network grows. With increasing use of 0x for decentralized exchange, demand for ZRX will rise. This will be fueled by its value in community governance and ability to access liquidity.

0x Protocol Features

Some key features of the 0x protocol include:

Permissionless – anyone can integrate with 0x to build relayers and other services
Multiple relayers – 0x allows different exchanges to tap into shared liquidity
On-chain settlement – trades occur via smart contracts, keeping funds secure
ERC-20 compatible – supports exchange of major Ethereum tokens
Modular design – custom plug-ins enable features like order books
Governance – ZRX tokens let holders vote on upgrades

0x Protocol Use Cases

There are many potential use cases for 0x:

Decentralized exchanges – Build relayers for trustless, low cost token trading
Lending platforms – Instant exchange enables efficient loan funding
Payments – Facilitates transactions between different tokens
Token issuance – Projects can distribute tokens through 0x relayers
Prediction markets – Event derivatives can be created and traded
Gaming & NFTs – Fast swaps enhance usability across many applications

The modular nature of 0x allows it to be leveraged creatively in many spheres involving Ethereum assets.

The 0x Team

0x was founded in October 2016 by Will Warren and Amir Bandeali. Warren previously applied learnings in real-time trading markets working at Scaleform and Trulia. Bandeali’s background is in fixed income trading.

The project is funded by investors including Pantera Capital, Blockchain Capital and Fintech Collective. The 0x core team is based in San Francisco and comprises engineers with backgrounds at Facebook, Google, Pinterest and other leading technology companies.

The Future of 0x Protocol

0x aims to become the standard infrastructure for decentralized exchange. By enabling shared liquidity pools, 0x could help realize the vision of a global open financial system.

Upgrades like staking are planned to further incentivize liquidity providers. There are also proposals to add support for lending and derivative markets. Community governance will allow 0x to evolve new capabilities aligned with user needs.

Interoperability with networks like Polkadot could greatly expand the reach of the protocol. As decentralized finance matures, 0x is well positioned to play a foundational role powering markets and exchange.

Conclusion

The 0x project demonstrates how purpose-built cryptographic protocols can solve problems faced in traditional finance. Permissionless exchange helps realize the possibilities of an open, trustless economy. With its network effects and focus on efficient markets, 0x looks set to become a key component of tomorrow’s decentralized financial infrastructure.

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FAQ

0x Protocol (ZRX) ist ein offenes Protokoll, das den Peer-to-Peer-Austausch von Vermögenswerten auf der Ethereum-Blockchain ermöglicht. Es erlaubt jedem, dezentralisierte Börsen zu bauen oder Börsenfunktionen in Anwendungen zu integrieren.

0x Protocol wurde im Oktober 2016 von Will Warren und Amir Bandeali gegründet. Warren arbeitete zuvor bei Google, während Bandeali bei ConsenSys war. Die beiden erkannten einige Schwachstellen bei bestehenden dezentralen Börsen und schufen 0x als Lösung.

Das 0x-Protokoll funktioniert durch den Einsatz von Off-Chain-Order-Relay mit On-Chain-Abwicklung. Dies ermöglicht die Übertragung von Aufträgen außerhalb der Blockchain, während das Ethereum-Netzwerk weiterhin für die Abwicklung von Geschäften zuständig ist. Relayers können Orderbücher hosten oder Marktplätze entwickeln, während 0x die Börsenabwicklung übernimmt.

Das 0x-Protokoll wird zum Betrieb von dezentralen Kryptowährungsbörsen und Plattformen verwendet, die Austauschfunktionen anbieten. Zum Beispiel ermöglicht es den Peer-to-Peer-Kryptohandel oder kann Liquiditätspools für dezentrale Finanzanwendungen (DeFi) bereitstellen.

0x Protocol’s nativer Token ZRX kann unter anderem auf den großen Börsen wie Coinbase, Binance, Kraken und KuCoin gekauft werden. ZRX ist ein ERC-20 Token, der auf der Ethereum-Blockchain läuft.

Es gibt ein paar gute Möglichkeiten, ZRX sicher aufzubewahren. Eine beliebte mobile Geldbörse ist IronWallet, die es Ihnen ermöglicht, die Kontrolle über Ihre privaten Schlüssel zu behalten, während Sie auf DeFi-Anwendungen zugreifen. Hardware-Wallets wie Trezor oder Ledger bieten Offline-Speicherung. Sie können auch eine Software-Wallet wie MetaMask verwenden.

Ein wesentliches Unterscheidungsmerkmal von 0x ist, dass es die Entwicklung von Drittanbietern auf der Grundlage seines Protokolls ermöglicht. Dadurch entsteht ein Ökosystem von Entwicklern, die auf 0x aufbauen. Im Gegensatz zu einigen anderen DEX-Plattformen enthält das Kernprotokoll keine Orderbücher.

Der ZRX-Token von 0x Protocol kann nicht abgebaut werden. Alle 1 Milliarde ZRX-Tokens wurden bei der Gründung durch einen Token-Verkauf geschaffen. ZRX schafft Anreize für Netzwerkteilnehmer, ist aber nicht wie Proof-of-Work-Münzen abbaubar.