Crypto has its own Craigslist in Ox App
As the world of technology and commerce realigns itself with crypto transactions, the need for exchanges which do not need a fee has now become a reality. Delivering just such non-fee processing is a non-profit app – Ox.
The efforts by App 0x is aimed at overcoming the business model followed by centralized crypto exchanges such as Coinbase. The latter is known to be an expensive route to take for the common user of cryptocurrencies and best indulged only by institutional investors and trader community.
As trade in cryptocurrency matures and a number of users coming into using it increases, the middleman is making high profits. 0x was built to overcome this issue.
0x for decentralized cryptocurrency
The platform becomes a meeting point for developers to place their exchange on the platform and charge fees they want. This rationale is seen in Craigslist, which connects traders. Ox will be crypto’s connector, bringing traders and developers together without itself making a profit from the tokens directly.
The advantage developers have is that there is a ready trading community who are willing to explore their coin, and they do not have to bootstrap their venture. The app provides all traders the necessary liquidity with the cross-platform user base.
Not without issues
What sells for 0x at this point of time is that it is a non-profit platform. However, it is seen that apps which are decentralized do not often offer the best experience to users. The decentralized technology is more limiting in the ease of use and could get increasingly complicated in terms of recovering accounts or in conducting transactions.
Blockchain platforms appear to have more technical issues than logging into or using apps which are centralized services such as Spotify or Facebook and even PayPal.
On the other hand, cryptocurrencies which are already well established like bitcoin and ethereum do not offer much leverage for traders and investors, thereby limiting their use. Prices are already lower than last year’s high prices of $20,000 and hence do not offer scope for generating profits, let alone trading.
Hence the primary evolution that has to happen, at the earliest, is to develop the decentralized infrastructure and ensure there is scope for further expansion.
This is where 0x is trying to offer a solution. The immediate pathway that the ex-for-profit exchange is offering is to become a decentralized exchange platform. It has its ZRX token for which it raised $24 million. Notably, relayers or apps that build exchanges for ERC20 tokens over the Ethereum blockchain charge fees. These protocols are known to provide an opportunity for users to become part of the governance structure, of the protocol.
Projects which are performing well on 0x are Augur and Dydx. Besides, Coinbase has set a wave of activity in the trader community as it announced that it might consider new coins to be included on its platform. Of the several named, 0x app’s ZRX is also listed.
ZRX owners have now hired a specialist engineer Chris Kalani to take advantage of the opportunity. The latter drove the adoption of Facebook for mobile usage back in 2012 and also went on to build Wake a platform for sharing tool to get instant feedback in terms of works-in-progress. Kalani has since sold 0x and will now drive 0x design for easy integration and improve trading experience.