When it comes to buying, selling, and trading ERC20 tokens, there are many different options to choose from. The 0x protocol is certainly worth keeping an eye on, as it aims to decentralize this whole experience. Its new trading widget will certainly help things along in this regard.
The 0x Trading Widget Explained
Soon after the 0x protocol was introduced, it became pretty evident there would be a lot of interest in this particular solution. The prospect of buying, trading, and selling ERC20 tokens with no intermediaries certainly warrants a lot of positive attention in general. Bringing such a protocol to market in a successful manner is always a challenge, though.
So far, it seems the 0x protocol has been well received, as several 0x relayers are already active. With the relayers mainly targeting cryptocurrency users first and foremost, it is evident this is not necessarily a solution for the novice enthusiast. Instead, these relayers mainly focus on experienced traders, mainly due to the vast amount of trading-related information to be found within them.
While those tools certainly have their place in the world of cryptocurrency, the 0x protocol can be used in other ways as well. There is a new trading widget coming to market very soon, which was developed by the 0x team itself. Its main purpose is to present users with a secure and convenient way to instantly purchase tokens with Ethereum through one transaction, which is rather interesting.
The way things work now, layers involve the use of smart contracts, converting ETH to WETH, and so forth. None of these hurdles are deal breakers by any means, but it has become evident the average person on the street is looking for a more convenient manner in which to make use of this new protocol. With the trade widget, that should become a possibility pretty soon.
With this new token, it comes down to selecting the currency or token you want to purchase and entering the amount of ETH you want to spend. It is a lot simpler compared to what people using the 0x protocol are accustomed to right now, which will only spark more interest in this project as a whole. All of the trading occurs behind the scenes, and there is no friction.
How people will use this new widget remains to be seen. It is possible web services and mobile apps will integrate this functionality at some point in the future, although nothing has been confirmed yet. This widget will also be compatible with ERC-721 tokens once that standard is officially supported by the 0x protocol’s smart contracts in the next update.