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0x is an open source protocol for peer-to-peer transactions to facilitate the transaction of ERC20 tokens in the Ethereum blockchain. The agreement is intended as an open standard and a common building block to promote interoperability between decentralized applications (DApps) that include exchange functions. The transaction is executed by the Ethereum smart contract system, which can be publicly accessed, used for free, and can be accessed by any DApp. DApps built on the protocol can access public liquidity pools or create their own liquidity pools, and charge transaction fees for their transaction volume. The agreement will not impose costs on users, nor will it arbitrarily obtain value from a group of users to benefit other users. Decentralized management is used to integrate updates into the basic protocol in a continuous and secure manner without interrupting higher-level processes.