KuCoin, the popular cryptocurrency exchange has announced its newest listing with 0x Protocol (ZRX), known as an open protocol for decentralized Exchange
Deposit is now possible with supported pairs such as ZRX/BTC and ZRX/ETH. Buying, selling, withdrawal are also now live. Transactions can be processed utilizing KuCoin’s app or on their official website.
0x (ZRX) is an open protocol created to administer a decentralized exchange on the Ethereum blockchain. 0x uses a protocol that includes Ethereum smart contracts supporting people globally to manage a decentralized exchange.
0x Protocol (ZRX)
There will be hundreds or thousands of tokens that will be available from Ethereum in the future. 0x wants to implement an efficient and reliable way to trade them. The platform is distinct from both centralized and decentralized exchanges, providing the best possible combination of features.
How does 0x run?
Most of the decentralized exchanges today face the difficulties of liquidity and rate. As the idea of a decentralized exchange is peer-to-peer trading, all new orders and their arrangements would need to go straight through the blockchain which is slow depending on the block time and costly fees to run the contract on the blockchain. 0x is trying to resolve this predicament through the development of a protocol to relay the orders off-chain and only go into the blockchain when the trade settles.
0x intends to create a standard protocol on the Ethereum blockchain that enables any Ethereum token to be traded and for anyone to run a decentralized exchange. These parties building on top of 0x are introduced to as relayers as they host off blockchain order books and can impose fees for their services.
The ZRX Token
0x has its own native token identified as ZRX which could be utilized to pay for trading fees to relayers. Owners of ZRX tokens could also recommend for future protocol upgrade and have a say in how the protocol should be advanced over time.