The 0x (ZRX) protocol, an Ethereum based blockchain project designed to facilitate the decentralized exchange of ERC-20 and ERC-721 tokens has launched Instant, a fast and easy way to purchase tokens from decentralized applications (dapps) and websites.
According to a Medium post, Instant is an open source project with customization baked in to suit the requirements of each dapp or website. Developers who integrate Instant can optionally earn an affiliate commission of up to 5% per transaction.
Customers who purchase cryptocurrency through 0x’s Instant will receive the best prices possible. Instant aggregates liquidity from various 0x relayers (exchanges) for any ERC-20 or ERC-721 tokens.
Therefore, users have an extensive array of Ethereum based utility tokens and some stable coins to choose from, but cannot purchase coins like Bitcoin (BTC), Monero (XMR), etc.
You can purchase all Ethereum based tokens with ETH through any Ethereum wallet including MetaMask and hardware wallets such as the Ledger and Trezor.
Also, for a more complex user interface, developers have more options.
As explained by the projects marketing lead, Matt Taylor via his Medium post:
If you need more flexibility and want full control over how the UI is designed, use AssetBuyer, the engine that powers Instant. AssetBuyer leverages the new forwarder contract to abstract away the complexities of sourcing orders and performing market buys in the 0x network.
The Advantage of 0x’s Instant
Before 0x launched Instant, it wasn’t possible for them to build a seamless product experience into a single application. Now, Instant makes it possible for any application to offer a decentralized exchange for the purchasing of cryptocurrency.
As declared by the 0x team:
Developers and innovators can make use of Instant to build product experiences that couldn’t have existed before.
Users can use the service to get a platform-specific token directly from a website or application. Hosts can sell their in-game NFT or dapp token in a fast and seamless way.
According to 0x, Instant is being used by several projects for different use cases including non-fungible token (NFT) marketplaces and crypto price feeds.
For instance, two major cryptocurrency wallet providers, Coinbase and Balance, have already integrated the service into their wallets. And CoinGecko, a cryptocurrency price aggregation service has added support for Instant.
The launch of Instant is a big move for the 0x team and they believe it could be a pivotal step in lowering the barrier of entry for those new to cryptocurrencies and decentralized applications.
Services like Instant are exactly what the cryptocurrency industry needs to help drive adoption by providing a fast and easy on ramp to purchasing cryptocurrencies. Users need not go through the hassle of a centralized exchange to purchase crypto.
Instant offers a seamless way for the everyday person to get involved with crypto.
In an interview with Forbes, Will Warren, the founder of 0x provided a well-worded and short explanation of Instant:
Ultimately, it’s another step towards our mission of allowing all tokenized forms of value to flow freely and removing obstacles for people to access a new global financial system.
Do you see widespread usage of Instant across various websites and dapps? Will it drive more adoption of cryptocurrencies? Let us know in the comment section below.