About 0x (ZRX)

Overview

0x (ZRX), pronounced 'zero-ex,' is 'an open protocol for decentralised exchange on the Ethereum blockchain.' The idea behind the DEX (decentralised exchanges) stems from the team's belief that the number of Ethereum tokens (ERC20 tokens) will grow and the need for a trustless, efficient exchange. The primary issue that originates from a centralised exchange is trust. Users trust the central entity to process their trades, avoid bankruptcy, and securely hold their funds. Moreover, centralised exchanges can legally be held accountable should any issues unfold and take their 'cut,' which is generally in the form of transaction fees. 0x negates these issues as DEX trading is peer-to-peer, and involves no third party or centralised entity. This means there are no fees involved when using the protocol. Instead, those who build a decentralised exchange on top of the protocol determine fees. The 0x team aims to create a standard protocol that allows anyone to create a DEX and any Ethereum token to be traded.

Technology

0x is an ERC20 token built on the Ethereum network. Ethereum uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and produce new blocks on the chain, similar to Bitcoin. PoW is the original consensus algorithm and is considered highly secure. However, it is criticised and limited by the processing power required to mine, which has a negative impact on the environment. With PoW, miners race against each other to solve a complex mathematical puzzle, and the first to do so receives a reward. The more computational power a miner has, the more likely they are to solve the puzzle. Once the mathematical puzzle is solved, a new block is formed and added to the blockchain. Transactions placed in this block are considered confirmed.

Future Focus

The 0x mission is to 'create a tokenised world where all value can flow freely.' The team is very focused on updating the protocol, which is open source and available to view on Github. Though they do not have a roadmap, a member of the 0x team does post an article in Medium every month summarising the updates that have been made over the previous 30 days. For more information regarding 0x visit the official website.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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