One of the latest startups to emerge, 0x (ZRX), has raised $24Mn in funding from their initial coin offering on August 15th, 2017. According to the 0x team, 12,000 backers helped reach the $24Mn hard-cap within 24 hours. The ICO attracted participation from venture capitalist firms such as Blockchain Capital & FBG Capital, which we’re issued discounted tokens for early contribution.
What is Protocol 0x?
The 0x (zero-x) startup aims to be a decentralized exchange for trading ERC20 tokens directly between people on the Ethereum blockchain. The protocol is designed to act as a common building block & open standard for Decentralized Applications (dApps). This allows for interoperability between dApps that offer functionality similar to an exchange. Any dApp can hook into a system of publicly accessible, free to use Ethereum Smart Contracts and execute trades between peers. For example, when a user broadcasts an order, the protocol can allow anyone to act as an exchange, maintain a public or private ledger and charge transaction fees based on the resulting volume.
Diving deeper into 0x: An open protocol for decentralized exchange on the Ethereum Blockchain
You can learn about the various features the 0x protocol has to offer by reading their whitepaper. The protocol has seen participation from a few notable names in the cryptocurrency industry. Here are some of the latest projects being built on the 0x Protocol:
Token Sale Details:
On August 9th registration opened to participate in the ICO. Registrants had to utilize the Civic application to authenticate & verify their identities before being able to contribute and get ZRX tokens. A total of 1Bn tokens were available and of that 1Bn, 50% was issued to ICO participants during the token sale. The Token sale ended on August 15th, 2017, after reaching their $24Mn hard cap.
We’d love to hear your thoughts on Protocol 0x, so please let us know in the comments below.
You may also like to read: Civic is Disrupting the Identity Verification Industry
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.