0x is an open, decentralized protocol where Ethereum based tokens and assets can be exchanged. Developers can at any time build their decentralized exchange apps on the 0x platform where all transactions/exchanges are executed through a smart contract with payment settled using 0x tokens called ZRX. Apart from using ZRX tokens for payment, they will be used as votes when it comes to 0x protocol update.
0x brings about decentralization by doing away with the problems that is systemic with centralized exchange: that of fraud and a possibility of users being front ran. By running on Ethereum, 0x protocol also brings standardization especially with Dapps which often vary in quality because the best practices to be adopted are not aligned.
With 0x, all trade orders are relayed off the chain and will only be chained when it is needed for completing that order. This way, processing fees goes down and improves the efficiency of the main chain.
Release Date: August 8, 2017
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