OX PROTOCOL : LET'S TRADE
Ox protocol is a decentralised platform that enables and facilitates the trade of ethereum based tokens(erc20). Ox protocol is designed to work on ethereum smart contracts that allows crypto traders trade tokens and developers build dex dapps.
Creating an environment where thousands of ethereum tokens can be traded in a safe and secured manner is one of the core beliefs of the founders. Ox protocol was created from the combination of the good sides of centralised exchange(cex) and decentralised exchange(dex).
Cex are known for fast trade execution, massive volumes, good liquidity, integrated with good trading indicators and charts for analysis, and a good user's interface. While all these might be the pros, the cons are that as an exchange that operates with a central data collection system and central funds storage , cex experiences or shows vulnerability to several attacks such as hacking, site lagging, insiders theft, downtime due to scheduled and unscheduled maintenance, all these to the detriment of trader's convenience. On the other hand,while dex are mostly without liquidity, very slow, expensive to place and cancel orders and a difficult trading interface, dex have shown to be safer and secured because traders are in control of their funds.
OX protocol tends to be standing somewhere in between cex and dex by combining the good features of both to provide better or optimum service to traders. Ox despite looking like a cex is closer to a dex in operations and functionalities.
Ox is trying to bring solutions to the inefficiencies of dex by creating trade offers off chain and instigating an on-chain settling of trades, this helps to reduce gas fees and network clogging. Reducing workload and cost on the base chain.
OX is trying to help crypto traders save cost on dex by integrating the standard protocol. The standard protocol reduces reliance on on-chain placing of orders and only relays orders on the blockchain when orders have been settled. This reduces network congestion and reduction of workload on ethereum.
OX protocol also created the OX OTC, a product that allows traders trade over the counter without the use of an exchange. This peer to peer transactions are carried out without having to relay orders on the ethereum blockchain, but through counterparty connections. Orders can be sent through a link and delivered to the other party to generate and start transactions.
HOW TO USE THE OX PROTOCOL
Login to https://0x.org/ and connect your wallet to start trading - yes, it is that easy to use, trades orders can be placed off-chain before being relayed on-chain after transaction settlement
THE OX UTILITY TOKEN
OX protocol has a platform's native token known as ZRX. One might wonder, why the token? The token is used for two main reasons :
- Governance: holders of zrx tokens can be seen as decision makers of this platform because they are the one that can bring in inputs on the protocol, vote on changes to improve the protocol. This makes it a truly decentralised place because it will reduce the chances of impromptu changes by a single entity, single entity manipulation for selfish gains.
- Relaying fees: all off-chain transactions and match making of makers and takers on the blockchain is carried out using zrx as the transaction fee.
Disclaimer : not a financial advice, always do your own research.
THE TEAM
OX protocol was co founded by Will Warren and Amir Brandeali. Both are smart contract researchers and developers. Among them are group of blockchain experts and engineers, software engineers, business strategists, product designers and advisors who have garnered experiences working in top blockchain companies.
CONCLUSION
https://0x.org/ Is simplifying the ways trades are done on dex, integrating into the system a friendly user's interface with a relay system for transaction. The relay system will help in reducing gas fees and decreasing network clogging.
Visit ox protocol on : https://0x.org/
Follow ox on twitter : https://twitter.com/0xproject
Follow ox on Facebook : https://www.facebook.com/0xProject/
Reviewed by Tochi https://steemit.com/@tboyloyal