What is 0x?
0x is an open protocol that allows decentralized exchange on the Ethereum Blockchain. It’s a protocol that facilitates the exchange of value between ERC20 tokens and ERC721, it’s also used to build and drive cross-chain among decentralized applications. The exchange protocol is built in the Ethereum smart contract, it is written in the Solidity programming language and the smart contracts allow two simple functions to fill and to cancel. 0x uses Off-chain order relay with on-chain settlements to provide faster transactions and more liquidity. The network protocol is used not only for value transfer between buyers and sellers but to allow integration with other dApps.
Is loopring any different?
Loopring is open sourced that offers open participation, with Loopring everyone can become a DEX with their software. By connecting to the Loopring network it allows more liquidity and the management and creation of each DEX network. Loopring is essentially a protocol for building decentralized exchanges. One of the key features of the Loopring generic design is that it can be implemented in any public Blockchain that has smart contracts support, which means that can be implemented in Ethereum Blockchain and NEO Blockchain, and many others. Being Blockchain agnostic can allow that Blockchains that are not developed with interoperability can still have value transfer between Blockchains with Loopring.
This is another protocol that uses flexibility and an Hybrid solution with off-chain order management and on-chain settlements. These solutions help navigate the scalability limitations and create better performance and a greater user experience. We are seeing more and more approaches like these while the technology is not ready yet to allow high performance and complete decentralization. Decentralization is still to become a reality, we cannot have full decentralization at the cost of the user experience and the benefit of the easy access to customers and businesses.
While these decentralized exchanges are run on protocols we have other DEXs that run on top of smart contracts like Switcheo does. Switcheo runs a broker smart contract that is written in C# using the NEO framework https://github.com/ConjurTech/switcheo/blob/master/switcheo/BrokerContract.cs. The smart contract allows features such as make Offer, fill Offer, cancel Offer and withdraw Assets. Switcheo also uses an Hybrid model similar to 0x and Loopring that allows for faster transactions and more liquidity. Switcheo on the contrary to Loopring that can be build in any Blockchain, Switcheo is unique when it comes to interoperability and cross-chain smart contracts, it creates a multi chain decentralized exchange platform that creates communication and value transfer between different Blockchains.
The cryptocurrency industry is very young and lacks adoption, the society is not yet ready to use all the different dApps that are being created, so the decentralized exchanges will open the door to the adoption, because whats the better use case off dApps than a DEX that allows security of our funds and easy access.