Standardization of payment platforms and cross compatibility between them is one issue that needs to be addressed before cryptocurrencies get anywhere near mainstream adoption. The 0x protocol aims to do exactly that and has taken a step towards that objective with the announcement of the 0x Instant payments service.
Using the service with ‘a few lines of code’ can enable crypto purchasing to be added seamlessly to any app or website according to the announcement medium post. The open source code also allows hosts to earn a little commission on every transaction if they configure it to do so.
“Under the hood, Instant aggregates liquidity from 0x relayers for any ERC-20 or ERC-721 asset. It automatically finds the best prices within the 0x networked liquidity pool and lets users pay for tokens with ETH via MetaMask, Ledger, Trezor, or any other Ethereum wallet,” the post added.
An off-the-shelf UI and Instant Configurator can be embedded into games or dApps to enable instant crypto payments. The blog adds that ‘developers and creators can utilize Instant to build product experiences that couldn’t have existed before.’ Non-fungible token marketplaces, non-custodial crypto wallets, dApps, and crypto price feeds are already utilizing the service according to the release.
Coinbase Wallet has already integrated 0x Instant into its mobile wallet app for seamless transfer of Ethereum based tokens. Others crypto operations such as CoinGecko, Augur and Emoon are also already utilizing the system.
By eliminating third party exchanges as intermediaries, the platform allows dApp to dApp or wallet to wallet transfers and conversions minus the exchange commissions. Instant has also been designed to allow crypto-based price feed websites to monetize traffic by adding their own fees on transactions within the site.
0x is essentially a protocol layer that supports the decentralized exchange and transfer of all Ethereum based tokens. Its focus is towards developers that need exchange functionality for a wide range of tokens.
Unfortunately for its own native token, the market reacted in the wrong direction as ZRX has been pulled into the digital quagmire with the rest of the altcoins. At the time of writing 0x was down 3% on the day to $0.318. Since its all-time high of over around $2.50 ZRX has plunged 87% to current levels.
Innovation and development is the key to the continuation and longevity of crypto projects, and this must now become the primary focus above the dismal prices for those that are to survive.