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What is 0x?
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Decentralization is a common buzz word in the cryptocurrency ecosystem, and 0x is capitalizing on the concept by building a system that can be used for decentralized trading. This allows buyers and sellers to be connected directly- there's no need to trust a centralized exchange to keep a trader's funds safe.
0x, which the developers describe as a 'off-chain order relay with on-chain settlement', is a decentralized exchange for ERC20 (Ethereum) tokens as well as a protocol that allows developers to create their own 'Smart Contract' powered cryptocurrency exchanges.
0x's innovation is relayers. These are used to connect makers with takers (buyers and sellers). The ZRW token is used to pay fees for use of these relayers.