About 0x

0x Review: Mining Guide, Price & amp; Analysis of the 0x Cryptocurrency

0x is a decentralized exchange for exchanging Ethereum based tokens. It is a versatile project that runs on the Ethereum blockchain. The goal of this project is to create an environment where value can flow freely between users.

There is no denying the benefits of decentralized exchanges. They come with many social and economic benefits. In such exchanges, there is no need for a central institution to help power transactions. Therefore, users have total control of their assets and the evolution of the network. Moreover, there are no hefty fees to pay.

0x provides precisely that. It allows users to trade any kind of item. This includes cryptocurrencies and real-world tokenized items. Therefore, you can trade bonds and commodities on this platform. It does not matter what it is. As long as you can tokenize it, you can trade it.

This blockchain is going up against bigger projects like Synthetix and Uniswap. They are better-established and have higher trading volumes.

How 0x Works

0x uses a unique architecture to handle transactions. The developers call it off-chain order relay with on-chain settlement. Here, 0x relays transactions off-chain for processing. This allows the network to be very fast and scalable. It works in the same way that Lightning Networks work. It allows on-chain processing to have less load.

To facilitate this process 0x uses smart contracts. There are two types of smart contracts on this network. They include the exchange contracts and the forwarder contracts. These smart contracts are robust, allowing the network to be extensible. Additionally, each component is extensible individually.

The team ensures to audit each of the smart contracts. They use external audit teams for the exchange contracts. Vulnerabilities in the exchange contracts would mean bad news. This is because they are the entry point to the network.

On the other hand, the auditing of forwarder contracts is internal. This is because these contracts are less vulnerable to attacks. They are optional extension contracts that users can opt-in and out of. Additionally, they do not need user approval of user funds.

In any case, these smart contracts make the network to be robust. Consequently, it allows developers to launch their decentralized exchanges on it.

Can Investors Mine on 0x? 

No, it is not possible to mine ZRX coins. 0x does not use a consensus mechanism that supports mining. For security, it uses Ethereum’s Proof of Work. However, 0x does support staking. Users can stake their coins to help support the liquidity of the network.

Further, the 0x team shows a lot of dedication in supporting users in the staking process. They want to ensure that the process is entirely secure. Consequently, they use two independent auditing teams for auditing the system. Additionally, their staking vault has a fail-safe in case anything goes wrong. This allows stakers to withdraw their ZRX tokens under all conditions. Therefore, there is a low risk involved in this process.

Further, 0x supports pool staking. Here, the team provides users with a convenient list of staking pools that they can join.

The Team behind 0x

0x has a great team behind it. This is one of the reasons it is performing reasonably well in the markets. These people have enough experience to spearhead any blockchain project. Moreover, the team is diverse. It contains members from all over the world. Consequently, they can provide services that benefit many people.

The two founders of this project are Will Warren and Amir Bandeali. Will serves as the CEO o the company, and Amir is the CTO. Backing them is a plethora of team members. However, the official website does not tell us the experience that these people have.

However, this team gets the befit of doubt. That is because it shows a lot of dedication to the evolution and improvement of the network. Moreover, the project also has a great team of advisors. Therefore, it is safe to say that this project is in safe hands.

The ZRX Token

The ZRX token is the native coin of the 0x blockchain. It is the coin that powers transactions on the network. Users can pay transaction fees using this coin. Additionally, it is usable in purchasing goods and services. You only need to find a merchant that accepts ZRX as a payment method.

Additionally, this token powers the community-based governance system. Holders of this coin can submit proposals for updates to the network. Further, they can vote on which proposals the developers should implement.

Privacy and Security

The security of 0x is world-class. The team continues to show a lot of dedication to keeping the network secure. For starters, it runs on the Ethereum blockchain. Ethereum is one of the safest blockchains to use. It uses the Proof of Work consensus that is very safe.

Additionally, the development team regularly audits the system. This helps in ensuring there are no vulnerabilities. The smart contracts and the system get audited by external groups. Audits continue to prove to be very helpful.

Recently, the team found a vulnerability in 0x’s version 2 smart contracts. They were able to patch this issue before any damage happened. Therefore, users do not have to worry about security threats. Moreover, the team has incentivized bug bounties.

Further, this is a blockchain project. It consists of distributed nodes working together. There is no central database to attack. Therefore, attacking the network requires too much computational power.

Our Take on 0x

0x is an awe-inspiring project. Users can exchange their crypto assets without needing a centralized institution. Instead, they can fully trust the code of smart contracts. This comes with many social and economic benefits. It gives users control over their assets. Additionally, they do not have to pay hefty fees to central institutions.

Further, this network is very secure and robust. It allows developers to build applications on top of 0x API. This is a very cheap option to launch decentralized exchanges. However, it has several better-established competitors.

Advantages

• 0x is a decentralized exchange.
• 0x is fast and very secure.
• 0x allows developers to launch their decentralized exchanges.
• It is very scalable.

Disadvantages

• 0x faces stiff competition from better-established DEXs.

How to Buy and Store ZRX Coins

Finally, you can purchase this coin if you love what it has to offer. Many exchanges support the trading of this coin. Some of the best exchanges to use include Poloniex, Binance, BitMax, and Coinbase Pro. The price of one ZRX coin stands at $0.42 at the time of writing this.

You will need a crypto wallet to store your coins after purchase. Luckily, you can use any Ethereum supported wallet. Some examples include Ledger, Trezor, MyEtherWallet, and MetaMask.

ZRX has a reasonably great market cap. It currently ranks 64th in market cap share. Therefore, it shows great potential to grow.

Final Verdict

The 0x decentralized exchange project is very appealing. There is no denying the great benefits that come with it. It is secure and very robust. It even allows developers to launch their decentralized exchanges. Additionally, it has fast transaction times and excellent scalability. These features are what give it significant adoption in the market.

However, it has better-established competitors. Hence, some users opt for these competitors. Nonetheless, the ZRX coin is maintaining its value in the market. Additionally, it has great liquidity.