Cryptocurrencies originate from a decentralized premise; therefore, enthusiasts believe that Centralized Exchanges should not have a place in the entire industry. Based on this conviction, there is a proliferation of DEX, with the aspiration that they will take over the status quo.
0x (ZRK) is an open-source infrastructure protocol that fosters the peer-to-peer exchange of digital assets on the Ethereum Blockchain in a decentralized environment. In a nutshell, it powers the functionality of Decentralized Exchanges (DEX), and it is not a Decentralized Application (dApp). It should be on record that it is the leading decentralized exchange protocol on the market at the moment. More so, it is the pioneer when it comes to the DEX movement.
The decentralized trading driven by 0x is centred on an off-chain relay, which serves to avert network bloat reduction and cheaper gas rates. Sequentially, the purpose is to nurture an ecosystem of related exchanges and decentralized applications (dApps) which taps into network impact through sharing an exchange infrastructure.
Almost everyone in the Blockchain space agrees that there is the need for a paradigm shift from Centralization to Decentralized Exchange (CEX). However, the two concepts have constraints limiting them to bestow the standards the community is expecting.
The point is CEXs has muscles in lower transaction cost and speed but very vulnerable when it comes to Security. On the contrary, DEXs is highly secure, yet utterly dull in lowering transaction fees, illiquid and fused with poor user experience.
0x Is A New Paradigm
That is where 0x provides a distinct ecosystem to bridge the gap that exists between CEX and DEX to offer the industry standards to asset trading. It accomplishes this feat engaging off-chain order and then on-chain settlement on the Ethereum Blockchain.
0x gives you a universal order book for DEXs sharing liquidity pools and order matching coupled with a free protocol to deploy dApps on top. Impressively, these dApps are cost-free to the users. The utility creates a custom where decentralization prevails in a spirit of individual control and privacy. With the protocol, DEX has become faster, liquid, non-custodial wallets and seamless in exchanging digital assets without KYC/AML.
Tokens holders don’t require any middlemen involvement to relay transactions to the Blockchain. Every exchange interaction is executed p2p applying the 0x Smart Contract.
A Look at 0x Relayer
The 0x Relayer makes all the significant difference in transforming the Peer-to-peer exchange market. The protocol contracts relayers to broadcast and deliver liquidity via hosting the other books.
The relayer heralds orders, however, it cannot execute them like an exchange. It merely announces the orders to the network so that available offers are known.
To fill order books takers and makers are obliged to tender their signatures so that the smart contract can execute. The efforts of Relayers are rewarded with 0x’s native currency, ZRX.
Why 0x Tracker?
0x Tracker surveils the 0x protocol so that it can supply all the necessary information to the public accordingly. It has been playing this role since 2017, eagerly creating openness to trading information, visualization of trends and the gathering of ecosystem news.
The cardinal purpose is all about boosting transparency, empowering community contribution, and infusing extra value into the 0x ecosystem. It is quintessential of decentralized systems and autonomous organizations. Therefore
In the case of 0x Tracker, when trading takes place on the 0x protocol, it immediately releases an event, then records it on the Blockchain. What it contains include assets traded, the parties involved, fees, and the relayer accountable for facilitation. The 0x Tracker therein retrieves 0x events from the Blockchain. From here, the events are deposited in a database and merged with information from other sources. This is the data Ox Tracker readily avails to the public on www.0xtracker.com.
Public API and Attribution
0x Tracker comes with a public API which is obtainable free of charge to everyone in the Blockchain space. Every data on 0xtracker.com is accessible within a variety of different endpoints.
The only obligation us to utilize the API is to provide attribution in return. So, entities who are making use of the API has to acknowledge it in a reference link to the website.
Per information on 0xtracker.com requests for the API will receive JSON encoded replies and standard HTTP response codes. Hence, no API keys or authentication is required when obtaining demands.