After months of speculation, 0x token (pronounced ‘zero ex’) has become the sixth digital asset listed on Coinbase – many crypto investors are now asking “what are 0x tokens?”
The official ticker symbol for 0x tokens is ‘ZRX’.
There is a fixed supply of one billion ZRX. 500 million tokens were distributed during a token sale in August 2017, raising US$24m (1 ZRX = US$0.048).
Of the remaining 500 million tokens 15% were retained by 0x, 15% went to a developers fund, 10% to the founding team and 10% to advisors and early backers.
Tokens allocated for founders, advisors and staff will be released over the course of the next three years.
ZRX is the native ERC20 token of the 0x Protocol.
What is the 0x Protocol?
The 0x developers were motivated by a vision to create a decentralised eco-system in which assets can be represented and traded as tokens on the Ethereum blockchain – including fiat currencies, stocks, gold, even digital game items.
The 0x Protocol fulfils that vision by creating a standard protocol on the Ethereum blockchain that allows any Ethereum token to be traded and for anyone to operate a decentralised exchange.
Anyone operating a decentralised exchange on top of 0x Protocol are referred to as relayers. Relayers can host off-blockchain order books and can charge fees for their services.
The best way for traders to discover relayers is through the 0x Portal.
What are 0x tokens used for?
0x tokens (ZRX) are used to pay trading fees to ‘relayers’ for their services.
ZRX also operate as a decentralised form of governance for the 0x Protocol’s upgrade system. Anyone who owns ZRX have input in the protocol’s future development.
Who is behind the 0x Protocol?
Amir Bandeali, the current CTO, is a former fixed income trader who studied Finance at the University of Illinois.
Will Warren, the current CEO, has a Bachelor of Science (Mechanical Engineering) from the University of California San Diego and has been involved in smart contract research and development.
A full list of the current 0x Protocol team is available here.