0x, pronounced as zero x is an open protocol that aims to make a decentralized exchange to be part of the ethereum blockchain. Its founders believe that there will be a way for ethereum tokens like ERC-20 tokens, ERC-721, digital assets, and game items use 0x to provide an efficient and trustworthy way to exchange them.
At the time we wrote this (October 2018), Filipinos who want to buy ZRX token need to use a cryptocurrency exchange such as Abra, Changelly, and traditional crypto exchanges. In this article, we will teach you how to buy 0x (ZRX) in the country.
What is 0x?
0x protocol wants to have ethereum smart contracts have a decentralized exchange. This is because of the growing number of ERC-20 tokens in the market. According to Mr. Oliver Dale, the editor-in-chief of Blockonomi:
“0x is an open protocol that is designed to offer a decentralized exchange as part of the Ethereum blockchain. 0x is made using a protocol that involves Ethereum smart contacts that allow those around the world to run a decentralized exchange.” – Mr. Oliver Dale, Editor in Chief, Blockonomi
Having a decentralized exchange for ethereum tokens means it will be safe and away from centralized exchanges attacks.
The protocol was founded on February 21, 2017 by Mr. Will Waren and Mr. Amir Bandeali. With its aim in mind in being a “trustless, low friction exchange of Ethereum based assets”, the founders still appreciates decentralized exchanges. In addition, the two also want to address its inefficiencies at the same time make the exchanges work together.
Where to Buy 0x ZRX in the Philippines?
Aside from using Abra, which is a cryptocurrency wallet and exchange app, ZRX is not yet available directly in the Philippines. You can purchase it through the app, through traditional cryptocurrency exchange, or via Changelly.
Abra is a cryptocurrency wallet and exchange app available in the Philippines. As of this writing (September 26, 2018), the app has three natively supported coins bitcoin, litecoin, and bitcoin cash. This means users can make a direct deposit or withdrawal using the mentioned coins.
In order to purchase 0x using Abra, you will need to funds in your account first. Funds can either be fiat currency or any of the three natively supported coins. In using fiat currency, Abra has a partnership with local pawnshops such as Tambunting. Once it’s properly funded, you can now purchase 0x within the app.
Sign up for Abra! (For Philippine mobile numbers, start with 63.)
Changelly If you want to buy ZRX in the country, Changelly is one of the options. It is a cryptocurrency broker that works just like a money changer. It exchanges your BTC (or other tokens) to your token of choice, this time into ZRX. Since its a cryptocurrency broker, users can not set their own price in making a trade as it uses the market price. Changelly charges a flat 0.5%. It has over 100 altcoins that you can exchange and will let you buy bitcoin with a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 10-30 minutes. Before using Changelly, make sure you already have your BTC in your BTC wallet. If not, you can either buy directly from the site using your credit card or debit card or use cryptocurrency wallets available in the country such as Abra, Bitbit.cash, or Coins.ph.
Traditional Cryptocurrency Exchanges
Traditional cryptocurrency exchanges are your open book trading platforms. By using this, users can set the buying or selling price of their token. It also has different trading pairs available per token. For ZRX it has ZRX/BTC, ZRX/KRW, ZRX/ETH, ZRX/USDT, ZRX/USD, ZRX/TRY, ZRX/INR, ZRX/AUD, ZRX/WETH, ZRX/PLN, ZRX/NZD, ZRX/XLM, ZRX/DAI, ZRX/BMX, and ZRX/TEN. For the sake of this article, we will choose the ZRX/BTC trading pair.
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Using traditional cryptocurrency exchanges usually starts by registration and verifying your email address. After the verification process, proceed to Deposit to put funds in your account. Again, we will go with the ZRX/BTC pair so we will need to fund the account with BTC. After funding, go to exchange and set your own price or trade using the market price. After a successful trade go to Withdraw and withdraw your 0x tokens token to your 0x wallet for safe keeping.
Just in case you don’t have BTC yet, you can use the Philippines’ top cryptocurrency wallet, Coins.ph. You will need to complete all the necessary KYC and fund your account. You can fund it by either going to a 7-Eleven store, partner pawnshops, Union Bank, etc. After putting PHP in your wallet, you can now convert it to BTC. Once converted to BTC, you can now send it to your cryptocurrency exchange address to fund it.
0x is an ERC-20 token. This means it is running on the ethereum blockchain. It also doesn’t have any official wallets according to its website. Since it’s an ERC-20 token, you can use myetherwallet, Trezor, or Ledger.
Lifetime 0x Price Chart
0x’s initial price was 0.111725 USD on August 16, 2017. By January 5, 2018 it finally reached the 1.03 USD mark and it continued to soar. Its highest peak was not during the cryptocurrency hype in December 2017 but instead on January 10, 2018 where it reached 2.43 USD a piece. It went downhill after reaching its peak price and slowly went up again on May 10, 2018 where it reached 2 USD. As of this writing (September 26, 2018), the token is dancing around 0.5 USD to 0.7 USD per token.
0x – Difference to other Coins
An ERC-20 token compliant, what differentiates ZRX to other coins is its mission to have a trustless and low friction mode of exchange for ethereum tokens. It is a protocol that developers can integrate into their tokens to let them focus on building while the protocol will take care of the exchange.
0x Key People
- Will Warren, Co-founder and CEO, 0x (LinkedIn)
- Amir Bandeali, Co-founder and CTO, 0x (LinkedIn)
- Fabio Berger, Senior Engineer, 0x (LinkedIn)
- Alex Xu, Director of Operations, 0x (LinkedIn)
- Leonid Logvinov, Engineer, 0x (LinkedIn)
- Ben Burns, Designer, 0x (LinkedIn)
0x or ZRX is a protocol that ethereum blockchain developers can integrate into their coin. By integrating the 0x protocol it will handle the decentralize exchange between ethereum tokens. The ZRX token also runs on ethereum and is an ERC-20 compliant. With this in mind, 0x can be kept in ERC-20 compliant wallets such as myetherwallet and hardware wallets such as Trezor and Ledger.