Mass Adoption Meta Trickery: 0x (ZRX) Up 13% Ahead of V3.0 Upgrade
0x (ZRX) gained 13.8% on Saturday, on a day when the global cryptocurrency market grew by $13 billion.
The 0x project has a major update scheduled for Q3 of this year, and the upcoming V3.0 upgrade was pinpointed as a possible price catalyst in a recent article on CCN.
Now is a good time to look ahead to one of the most interesting features due in the update – meta transactions. In short, developers may have found a way to onboard new users to the cryptocurrency game without them even knowing it.
Meta-Transactions, and Using Crypto Without Knowing It
One of many new features set to arrive in the 0x V3.0 update are meta-transactions. As stated by Ethereum developer Austin Thomas Griffith, the average person on the internet isn’t aware – and doesn’t care – about crypto, blockchain or decentralization. According to Griffith:
“Dapps require way too much onboarding. The Ethereum ecosystem needs to push toward mass adoption by allowing new users immediate access to functionality and interactivity without all the hoops to jump through.”
Anyone who’s tried to play one of those blockchain-based games might remember being surprised to learn they had to buy a specific cryptocurrency before they could even interact with it.
Under Griffith’s proposed system, a pre-filled wallet would be ready and waiting in-browser. The gas fees for the first couple of transfers (game interactions) would be included to get the first time user going.
“Key pairs will exist in your browser first and will be generated automatically. The cypherpunks are really going to hate this one, but users shouldn’t be bothered with downloading a wallet up front. First, they need to use the product and provide value within the Dapp.”
One the user has interacted with the app, and received tokens of some kind, they can then be prompted to download a wallet and securely transfer their funds.
Interact with Ethereum – Without Using Ether
As a protocol on the Ethereum blockchain, the development of 0x impacts the development of Ethereum. If meta-transactions can be implemented, it will mean new users can interact with Ethereum without first having to go to an exchange and buy ETH. As stated by Griffith:
“Using this method we are able to interact with the blockchain from accounts that don’t hold any Ether. This is may be necessary to drive mass adoption of Ethereum. Users don’t care about decentralization or private keys; they care about using your Dapp to do something important to them.”
If we take the blockchain arena as analogous to the early days of the internet, then solutions like these could be the equivalent to plug and play operating systems, browsers and plugins which the average person uses without knowing a single thing about how they work. Throwing a ready-made crypto wallet into the mix only makes things more exciting.
0x Price – ZRX/USD
From Friday night’s low of $0.316356, the value of the ZRX token increased to $0.360171 – a 13.8% increase.
CoinMarketCap’s volume figures place the ZRX daily turnover at $47 million. More conservative numbers on OpenMarketCap suggest true volume is closer to $6.6 million. That would make ZRX the 45th most traded cryptocurrency on the day – closely aligned to its 42nd ranking by market cap.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.