ChronoBank partner with 0x decentralised exchange protocol
The time-based cryptocurrency project will integrate and help test the 0x protocol, bringing a series of benefits including greater liquidity to the LaborX exchange.
ChronoBank will integrate the 0x decentralised exchange protocol into its exchange engine, implementing a standard for ERC-20 exchanges that will benefit the entire ChronoBank and Ethereum ecosystems.
The pros and cons of decentralisation
ChronoBank will allow Clients and Workers to agree and organise payment in any ERC-20 compliant token. This could include LH tokens, TIME or ETH themselves, or any one of a range of other tokens representing a vast range of different initiatives. As crypto tokens, these can be freely exchanged for other cryptocurrencies, or cashed out to fiat.
Decentralised exchanges are, of course, the ideal, for reasons that are by now well established. However, they typically suffer from liquidity problems. Numerous DEXs exist within the Ethereum community, but proprietary and incompatible approaches have led to a fragmented ecosystem.
The 0x Project is a protocol for decentralised Ethereum exchanges. Adoption of this protocol and the resulting interoperability between exchanges would bring with it the prospect of deep and liquid markets. ‘Our mission is to drive standardization and widespread adoption of the protocol, leading to safer smart contracts and a global liquidity pool.’ 0x supports all ERC20-compliant tokens.
ChronoBank and 0x
With a decentralised exchange at the heart of its business model, ChronoBank has forged a strategic partnership with 0x that will benefit both parties, as well as all of their users. ChronoBank will implement 0x’s protocol within their exchange, providing extensive testing and real-world application in the process.
‘0x is exactly what the Ethereum ecosystem needs,’ comments ChronoBank CEO Sergei Sergienko. ‘Interoperability is key to driving network effect among the existing decentralised exchanges. ChronoBank relies on good liquidity and deep order books to ensure people get paid what they are supposed to, and this is one way we can help ensure that happens.’
Whilst 0x is not itself an exchange — instead taking the form of a set of publicly-accessible smart contracts that are free to use — dApps built on top of the protocol can both charge fees and access liquidity from their own and public pools. ‘There is a huge opportunity here, not only to drive our own project forwards, but to help establish best practices and standards for the wider Ethereum ecosystem.’