BoxSwap Enters 0x Ecosystem Acceleration Program
Today we’re discussing the 0x Ecosystem Acceleration Program and giving you an introduction to BoxSwap. We talk about what BoxSwap is, what we’ve built, and why using the 0x protocol was such an excellent choice for our project.
What is BoxSwap?
BoxSwap is a simple way to trade digital assets peer-to-peer, designed primarily to remove counter-party risk. We provide decentralized wallet-to-wallet swapping using the reliability and flexibility of the 0x protocol together with the Ethereum network to provide a seamless experience for users exchanging their digital assets with other people directly. BoxSwap not only adds security to trades but also creates a healthier and happier community for Dapps by preventing any wrong-doings.
How to Make a Swap?
Make a trade in three easy steps. No need for excessive technical knowledge, BoxSwap is accessible to all.
Make: Use the BoxSwap platform to create a swap contract based on your specific terms.
Send: You then have the ability to send a link (or even a JSON object) directly to the counter-party if you already have someone interested in exchanging with you. If you don’t, you can post your link on social or anywhere you would find someone to accept your trade.
Fill: Anyone opening your link is provided with the information required to accept your trade, and can then do so if it is agreeable to them.
Benefits of BoxSwap
Decentralized Wallet-to-wallet exchange: The risks associated with using centralized exchanges such as insolvency, breaches or theft are a thing of the past. No need to worry about the counter-party withholding their side of the deal.
Robust smart contracts: Using 0x provides further security to users, it is a heavily audited and tested protocol.
No escrow or dispute resolution: Removed unnecessary third-party involvement in your trades by providing a way to do atomic swaps with your digital assets.
No fees for buyers or sellers: There are currently no fees to use the platform. However, your trades will incur gas costs, which are small costs associated with using the network and token smart contracts, not our service.
No sign up Required: Having an Ethereum wallet and a browser supporting Metamask is all you need to use BoxSwap.
Bringing Safer Swapping to Digital Assets
Digital assets such as NFTs (Non-fungible tokens) are unique, and not generally equal. An example of this would be CryptoKitties, where you can collect and “breed” digital cats with specific traits. This type of asset leads to interesting trading pairs that aren’t supported by typical exchanges.
A problem faced by those trading non-fungible tokens without the use of smart contracts is having to rely on trusting the counter-party to complete their part of the trade (e.g. you send your special edition CryptoKitty and trust the counter-party will send you ETH back). Naturally, this can lead to fraud, theft, and just an uncomfortable experience even if a transaction goes well. We saw this as an unnecessary risk and roadblock for large-scale adoption of NFTs and created a solution.
BoxSwap is excited to see continued growth and adoption of NFT focused projects. Providing a solution to trade NFTs safely makes it’s easier for people involved in communities such as Axie Infinity, Decentraland, Gods Unchained, and MLB Crypto Baseball to evolve and thrive.
Why BoxSwap Chose 0x
0x provides an open protocol that enables the peer-to-peer exchange of digital assets on the Ethereum blockchain. Their engineers have a solid track record and wrote EIP-721, a standard for hashing structured data which brought a safer experience to interacting with the Ethereum network.
The 0x protocol smart contract has been audited by several respected groups including ConsenSys showing commitment to security and accountability. When building a trust-less decentralized exchange service, you need a secure foundation and 0x provided that. The value 0x brings to generating Ethereum trades helps BoxSwap be secure, efficient and decentralized.
While we are currently focused on perfecting our current features here at BoxSwap, we are already planning to start taking advantage of another benefit that is offered by building on 0x: shared liquidity. When using shared liquidity from other relayers, we can give users access to more liquidity sources to complete trades, and provide a quick exchange service. Unlike many centralized services offering quick exchanges, we can do this in a decentralized way, by doing swaps wallet-to-wallet removes unnecessary third-party involvement.
BoxSwap Enters The 0x Ecosystem Acceleration Program
The 0x Ecosystem Acceleration Program (EAP) is something offered by 0x to assist in accelerating growth in its ecosystem. BoxSwap is enthusiastic about this initiative and to be selected for this program. The EAP assists projects by providing financial, technical and marketing support. This enables us and others to work more directly with 0x to make the best of their protocol, and in turn, growing the ecosystem.
Where Can I Find Out More About BoxSwap and 0x?
To learn more about 0x stop by 0x.org, follow @0xProject on Twitter, Medium, or their Discord. To keep up with BoxSwap news you can follow us here on Medium, Twitter at @boxswapio, our Discord, or to beta.boxswap.io to have a look around.