KuCoin Listed 0x Protocol (ZRX) As One Of Their Tradable Tokens
KuCoin is proudly announcing that they have listed 0x Protocol (ZRX), an open protocol for decentralized exchange. Today, deposits are available with supported trading pairs are ZRX/ETH and ZRX/BTC. Buying transactions will commence at 21:30 (UTC+8) and any Selling/Withdrawal processes can be initiated at 22:00 (UTC+8).
Trading can be executed by using KuCoin’s app in both iOS and Android, or to their official website, www.kucoin.com.
What Is 0X (ZRX)?
0x is an open protocol developed to offer a decentralized exchange on top of the Ethereum blockchain. By creating a protocol using Ethereum smart contracts, 0x enables anyone to operate a decentralized exchange. The development team believes that there will be thousands of Ethereum-based tokens in the future and that a framework for trustless, efficient exchange will be essential.
0x (ZRX) Tokens
0x custom token (ZRX) is used in two ways:
1) to determine the coordination problem and drive network effects around liquidity, generating a feedback circuit where early adopters of the protocol benefit from broader adoption
2) to be applied for decentralized governance over 0x protocol’s update mechanism.
– ZRX tokens are employed by Makers and Takers (market participants that produce and utilize orders, respectively) to pay transaction charges to Relayers (entities that host and maintain public order books).
– ZRX tokens are utilized for decentralized governance over 0x protocol’s update mechanism which enables its underlying smart contracts to be substituted and improved over time. An update mechanism is needed because 0x is created upon Ethereum’s quickly growing technology stack, decentralized governance is required because 0x protocol’s smart contracts will have access to user supplies and various dApps will require to plug into 0x smart contracts. The decentralized governance guarantees that this update method is secure and reduces disruption to the network.