Overview

15/10/18 10:00 UTC-4

0x: development and prospects

Work principles of 0x
Work principles of 0x

Today, cryptocurrencies are not just accounting units, but entire platforms based on blockchain technology, with which you can even implement your own projects. Among the most popular cryptocurrency in our time is the cryptographic asset 0x.

In this article we will talk about what is 0x, what principles of the work of this crypto-coin, and in detail we will consider the characteristics and features.

 

Characteristic

0x is an alternative form of a cryptocurrency unit, which is based on the Ethereum (ERC-20) blockchain protocol. The innovation of 0x is that it is not just a digital money asset for payment and money exchange, but also an effective tool for creating new platforms. Modern makers and tracers use 0x to reward those network users who regularly update their data (in other words, relays).

Interesting in the section: Basic principles of work of Tezos

Today, many people confuse cryptocurrency applications and protocols. So, 0x is not an application, but a protocol, which is primarily intended for carrying out transactions and saving information in the form of Solidity's code.

Developers of the 0x platform have created a distributed open source protocol that provides decentralized barter with a cryptocurrency over the chain of blocks in the Ethereum network. As we know, the Ethereum shell provides ample opportunities for asset exchange through the blockchain technical process, so 0x greatly simplifies the sale of tokens on the basis of smart-contracts outside the mother platform. 0x is a free protocol whose coins, by the way, cannot be mined with the help of computing power. Emission of coins is a way of supporting transactions.

In addition to the standard toolkit, the following functions are also available:

  1. Free development of commercial offers;
  2. From the semiotic point of view: storage of information over the protocol;
  3. Possibility of independent creation of a small exchange platform DEX with further receipt of commissions for transactions made by users;
  4. Provide a broad information flow and advanced tools.

 

Work principles

The 0x operation is the implementation of transactions without creating a classical chain of blocks, thereby reducing the network load and reducing the overall commission fee for the performed manipulations. In the 0x network, repeating elements "outside the system" are used, which, together with algorithmic calculations, translate ready-to-run transactions. In the chain of blocks only values ​​are transferred, and the remaining add-ons are executed outside the blockchain network.

The platform's proprietary module is the repeaters, through which the network operates, and the exchange of cryptocurrency is carried out. For each successful transaction, a payment is made in the form of a ZRX digital asset. Using 0x, users can make transactions even through e-mail or messenger. In addition to traditional features, the ZRX marker acts as a plug-in for decentralized dApp applications. To date, there have been several new blockchain projects based on the 0x protocol.

 

Capitalization

On the 0x network, a token registration database has been built (with the ERC-20 marker), which includes complete information about each coin and its rate compared to other currencies. A crypto-monetary register can be used by absolutely all network participants and, if necessary, operated for decentralized exchange.

Now, the purchase and sale of ZRX is possible on the Binance and Poloniex trading floors. Also, the currency is available in some small exchangers where it can be bought for Bitcoin or Ether. To store coins, you can use any of the Ledger Nano S or My Ether Wallet wallets.

Interesting in the section: Zcoin: security and privacy

Recently, you can see the active development of the network. The introduction on its basis of JavaScript, which makes possible the effective operation of applications and approvals, significantly influenced the level of popularity and relevance of 0x. The 0X model was able to combine the best of the two different control systems. So, the centralized exchange, due to connection to the chain of blocks, has acquired the necessary level of security. At the same time, all the advantages of working in the decentralized ecosystem of Ethereum remained.

According to experts' forecasts, 0x has good prospects of increasing the level of capitalization to $ 500 million, and even has the chance to enter the TOP 30 of the largest crypto- platforms of 2018.

Editor: Yuliya Soroka

#zrx #0x #cryptocurrency #blockchain #ethereum

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