0x, an open protocol for decentralized exchange on the Ethereum blockchain
In short
The 0x project released it's whitepaper for their project back in feb 2017
The project have built an open protocol in order to exchange ER20 assets in a free, off chain, decentralized way.
The protocol hopefully will serve decentralized exchanges and any app wishing to use a bunch of ether based protocols together, in a frictionless way.
The project announced partnerships with lead ethereum based projects, as stated on their website,
Augor, Maker, Aragon, MelonPort and more.
Announced a hot new collaboration with EthFinex, a new decentralized future exchange project held by Bitfinex (one of the biggest exchanges in the world).
The Team , Advisors and VCs
The team looks strong and committed to the project.
Their advisors are well known and experienced figures in the CryptoWorld,
Fred Ehrsam, cofounder of CoinBase
Olaf Carlson-Wee, founder of Polychain Capital
Joey Krug, founder of Augur
Linda Xie, product manager at CoinBase
The team is well backed by well known VCs,
PolychainCapital, Pantera, BlockchainCapital, FintechBlockChainGroup and Jenn advisors
Why 0x Protocol is needed?
- Security
The protocol will allow anyone to exchange his ERC20 tokens while they stay in it's own secured wallet. An off-chain solution.
The protocol will be adopted by relayers who want to host a decentralized exchange. in their front end, the exchange will look as any other. The use of the exchange is only to match the off-chain orders listed by the traders. - Liquidity
The protocol will hopefully be integrated by many exchanges/apps, using the exact same protocol. This will enable any trade order from one site to match a trade order from another site, meaning the liquidity for all ERC20 tokens of all different exchanges and apps will be as one.
The ZRX tokens
The tokens will serve the project in two ways:
- Relayers
The protocol will most probably serve anyone wishing to host a web decentralized exchange. The 0x protocol can be used without a middle man. The easiest way for the Exchange founder to charge fees for the use of the exchange will be using ZRX tokens. - Governance
The ZRX token holders will govern the protocol, enabling it to easily be updated to the latest technology.
ICO
Fixed amount of tokens will be created, 50% will be distributed in the public token sale (500 million ZRX)
The max cap is 24 million $
No PreSale, only VC backers
No bonuses
No bounties
Token sale- 15th of August
Mendatory registration period 9-12/8
Conclusion
In this ICO mania, you have to chose carefully who you send your BTC/ETH to.
This project is aiming to solve a critical ongoing problem. The team is strong with good established partnerships (EthFinex).
The advisory board is strong and will serve as an easy link to the media (CoinBase).
The ICO cap is very fair.
My only concern is the use of the ZRX tokens, by theory, the protocol is free and no one is promising the use of the tokens. I do think that the tokens will be used and will be connected to the project success.
I'm very excited about this project.
The following link strongly summarizes my review,
https://www.coindesk.com/decentralized-ethereum-token-trading-goes-live-with-0x-launch/