What is 0x Coin Protocol (ZRX)?

0x coin serves as an infrastructure protocol enabling users to trade ERC20 tokens and diverse assets across various blockchains, including Ethereum, without relying on centralised entities. It operates as a decentralised exchange protocol.

By utilising a set of open-source, publicly auditable smart contracts, 0x coin creates a versatile, low-barrier trading system that developers seamlessly integrate into their products.

Ox coin protocol finds applications in web3 applications like wallets, DEXes, portfolio trackers, and more. It boasts a vast user base, with hundreds of developers incorporating it into their projects, resulting in over $200 billion in trading volume. Tracking its usage is possible through its dedicated portal 0x Protocol Explorer.

Driving this protocol is the ZRX ERC20 governance token. ZRX holders wield governance rights, directly influencing protocol adjustments and the community treasury.

Who are the Founders of 0x Coin (ZRX)?

0x coin started in 2016 thanks to the efforts of Will Warren and Amir Bandeali, who are still at the helm—Will Warren as the CEO and Amir Bandeali as the CTO.

The platform kicked off after a successful initial coin offering (ICO) in 2017, pulling in a total of $24 million. Big-league investment firms like Polychain Capital, Pantera Capital, and FBG Capital lent their support during this fundraising.

Before the blockbuster ICO, Warren dabbled in various research roles and briefly advised Basic Attention Token (BAT). Meanwhile, Bandeali earned a BSc in Finance from the University of Illinois and held multiple trading positions before co-founding 0x coin.

Presently, the team boasts over 30 members, a mix of engineers, researchers, and designers, all dedicated to enhancing and maintaining the platform's seamless operation.

What are the use cases of 0x Coin?

Unlike numerous other Ethereum decentralised exchange systems, 0x coin is unique in its support for both fungible (ERC20) and non-fungible (ERC-723) tokens. This versatility allows for the unrestricted trading of a wide array of assets, enabling holders to buy, sell, and exchange the majority of Ethereum assets across various apps.

The applicability of the 0x coin protocol spans diverse scenarios, ranging from eBay-style marketplaces for digital goods and services to OTC trading desks, exchange functionality for DeFi protocols, and traditional decentralised exchanges.

Beyond facilitating flexible exchange products, 0x coin can be integrated into platforms where asset exchange serves as a secondary function, such as in-game purchases and portfolio management platforms.

Within the 0x coin protocol, those accessing liquidity pay a fee using ZRX tokens, incentivizing market maker (relayer) liquidity. Additionally, users must cover a protocol fee in Ether (ETH) to handle transaction gas fees. As an open-source protocol, 0x coin does not claim a share of these fees; instead, it relies on unlocked ZRX tokens allocated for team and developer incentives, along with the initial ICO funding.

What Measures Ensure the Security of the 0x Coin Network?

0x coin operates on the Ethereum blockchain, benefiting from the robust security of Ethereum's extensive miner and node network, which shields it against potential attacks.

The latest iteration, version 3 of the protocol, underwent thorough audits by multiple third-party firms, including ConsenSys Diligence. These audits were meticulously scrutinised for vulnerabilities, backdoors, and redundant functions, reassuringly finding no significant concerns.

Despite this, a vulnerability was identified in the v2.0 smart contract, promptly addressed by the 0x coin core team following its discovery by an independent researcher. Thankfully, this vulnerability remained unexploited. To maintain security, 0x coin actively runs a rewarding bug bounty program aimed at detecting and resolving any potential issues before they become exploitable.

For more market related information on 0x Coin Protocol, visit Suncrypto Price Explorer.