Ox (ZRX) –As a result of the disruptive trajectory that had become the case with blockchain technology, Amir Bandeali and Will Warren began to project a new possibility whereby all assets would be traded publicly as tokens on the blockchain.
Thus, they founded Ox in October 2016. They considered many exchange platforms and, afterwards, found the Ethereum blockchain to be an ideal medium to accommodate this revolution in asset exchange because of the scope of Ethereum’s decentralised applications and how versatile the platform is.
Ox (ZRX): Gaits Ahead of Other DApps
In the character of the sturdy livestock with which it shares name, the Ox altcoin bounds forward ahead of its counterparts in the quest for progress and better service. Unlike the other decentralised applications run on the Ethereum exchange platform, Ox focuses mainly on Off-chain ordering.
This is a possibility that allows users to execute trades without incurring more-than-necessary costs.
Usually, with other decentralised exchanges, all order functions and trade take place within Smart contracts and in this situation, users are always in control of their funds; not having to entrust them to third parties as would have been the case if it were a centralised application.
This security benefit notwithstanding, also means that trade transactions must be executed on the blockchain every time users want to manage their funds. Now, this is where the snag comes in.
Every trade transaction costs a fee! That fee is paid by gas in Ethereum to make sure that transactions are processed on the blockchain by miners. In every trade transaction, even as little as depositing funds into the exchange’s smart contract to make an order, a gas fee is charged. In this way, before users can go from depositing, placing an order, executing a trade, to finally withdrawing, so much gas fees would have been added up.
Thus, when Ox offers an opportunity to reduce operation costs and make easier accessibility a possibility, what it is simply doing is offering a chance to get more value for your investments.
How Ox (ZRX) Works its Magic
Ox focuses on off-chain ordering relays that cuts back on gas fees and reduces network bloat. DApps come with security advantages, but ironically, for this same reason, they cost users heavily.
Ox is steps ahead of this reality as its unique development allows for operating off-chain ordering relays together with on-chain settlements. In this arrangement, only value transfers are executed on-chain, leaving all other trading commands to off-chain procedures. This way, only trade executions are run by the network and doing that reduces the gas fee associated with trading operations.
Nevertheless, Ox does not achieve this feat without help. It cashes in on the medium of Broadcast Orders. Broadcast orders are trades done through a Relayer whose function is to broadcast orders through public or private order books. These Relayers act as exchanges, but unlike real exchanges, Relayers cannot execute trades. The peak of its function is to facilitate trading by showing maker orders broadcasted to the network.
For this reason, a taker takes on the responsibility of ensuring that every trade is fully executed, by fulfilling the order when he submits the maker’s signature along with his to the exchange’s smart contract.
The Relayer then gets the compensation fee of a ZXR token (Ox’s Native Currency) per transaction for facilitating this exchange. This token is also used to foster decentralised governance on the Ox platform while the currency is used by stakeholders vote on decisions that affect the blockchain, without necessarily disrupting the network.
OX (ZRX) Offers More Value For Your Investment
Benefits of Broadcast Orders include permission for anyone to submit an order to a network and permission for anyone to intercept these orders to fill them.
Ox also makes room for Point-to-Point Orders in which orders, transmitted by makers with specific takers in mind, get to only their targets; thus preventing malicious hijacks by third parties.
More Opportunity for Development Teams
In addition to these great benefits, the smart contracts of Ox are open sourced and publicly accessible, making it possible for other development teams to build on Ox if an exchange function for their token or platform is needed. In this way, Ox serves as a plug-in for other Ethereum powered dApps. Even Augur -the Prophetic Cryptocurrency among other crypto projects like Status, Blocknet and DistrictOx etc., are beginning to build on Ox.
Ox (ZRX) To Make Hay While the Sun Shines!
Within the past two months, the crypto space has been rife with speculations about the possibility of Ox being listed on Coinbase. These speculations deserve more than a cursory consideration for they contain elements that, if certified, could turn out as the big break for the altcoin and fortunately, for subscribers. That it is an ERC20 token, a coin to be considered as a security, might be meeting the GDAX framework and a host of other possibilities sure cast the spotlight on Ox as a soon-to-be-listed coin on Coinbase.
Being listed by Coinbase makes any coin a crypto-celebrity on an advantaged pedestal with increased coverage from users, while its corresponding value shoots up as a result of the transactions and engagement from new audiences.
The track for the Cryptocurrency has been draw beautifully, it is about to make hay while the Sun shines, and it is moving apace like the animal it shares name with to be at the pinnacle.
Photo Credit: CoinmarketCap