0x (pronounced “zero-ex”) took the top prize today during the second annual Proof of Work pitch competition at CoinDesk’s Consensus 2017 conference in New York.
The startup is building a protocol to be used as a standard for the decentralized exchange of ERC20 tokens in the ethereum network. ERC20 tokens are a class of tokens that adhere to a set of standards dictating their implementation in ethereum-based smart contracts. As it stands today, virtually all tokens on the ethereum network now qualify as ERC20.
Will Warren, 0x's co-founder and CEO, made his pitch earlier this afternoon to Rumi Morales, the executive director CME Ventures; Dan Morehead, the CEO of Pantera; Brad Stephens, co-founder of Blockchain Capital; Matthew Roszak, co-founder of Bloq; and Lisa Cheng, a founder at Vanbex Group.
Decentralized token exchanges already exist on ethereum, but they are all incompatible with one another, Warren said during his pitch. The 0x protocol, he argued, is a building block that envisions a greater degree of interoperability between multiple applications.
0x's victory comes with a $10,000 check – along with the blessing of the panel of judges. The startup was one of six finalists to take part.
Image by Morgen Peck for CoinDesk
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.