Posts Tagged ‘Protocol’

12 Sep 2018

0x Protocol

Written by admin. Posted in #, Financial Terms Dictionary

[ad_1]

What Is the 0x Protocol?

The 0x (zero x) protocol is a protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain. The 0x protocol was launched in 2017 by 0x Labs, an organization based in San Francisco focused on creating new markets in the 0x ecosystem.

The protocol itself is not, by definition, a decentralized exchange; it allows for the creation of decentralized exchanges that can be used in broad applications.

Key Takeaways

The 0x protocol is an open protocol that enables the peer-to-peer exchange of assets on the Ethereum blockchain.
0x Labs, an organization focused on creating new markets in the 0x ecosystem, built the 0x protocol.
Built on the foundation of Ethereum token standards, 0x protocol acts as the critical infrastructure layer for the growing number of financial applications implementing the blockchain technology stack.

Understanding the 0x Protocol

In the world of digital currencies, a protocol is a set of standard rules that can be used by a system (or by various transacting parties) to communicate with each other smoothly. The 0x protocol is essentially a standard messaging format that transacting entities can use to exchange digital assets or tokens.

The standard SWIFT messaging system used in the banking industry is similar to a protocol (except that it is used in a different context). Banks across the globe use the standard SWIFT messaging system to communicate about money transfers.

The system has a standard set of message fields defined for all users; their corresponding values are used in the SWIFT system to securely convey details between two parties, such as sender, recipient, amount, currency, source branch, and destination branch, among others.

SWIFT creates a standard and universally acceptable format which allows for smoother operations and higher efficiency.

Because each bank has adapted to the standard rules of the SWIFT messaging system, they can transact with each other directly. The situation would go awry if each bank followed its own distinct protocol because then they would have to adhere to a one-on-one communication channel with every other bank.

Goals of 0x

The goal of 0x Labs is to make the necessary infrastructure for the emerging cryptocurrency economy and enable markets to be created that couldn’t have existed before.

The 0x protocol attempts to work similarly to SWIFT, but in the context of operating decentralized exchanges for trading digital tokens and assets that run on the Ethereum blockchain. Built on the foundation of Ethereum token standards, 0x protocol acts as the key infrastructure layer for the burgeoning number of financial applications and instruments being created using blockchain technology and trading in digital forms.

With every passing day, tokens are becoming an increasing part of the world’s financial value. Consequently, the requirement to trade digital assets and tokens securely and efficiently is growing. With its clearly defined message formats and smart contracts, the 0x protocol attempts to answer this need.

The word “token” is often used interchangeably with “coin.” However, a token is different from a coin because it represents an asset, whereas a coin is used as a means of exchange.

It is used in a wide array of markets, such as gaming and financing, that enables users to trade tokens and assets.

ZRX is 0x’s native governance and staking token. ZRX owners have a say in how the protocol evolves, and token holders can also stake their tokens to earn ETH (the Ethereum token ether) liquidity rewards.

Special Considerations

The 0x protocol’s message format is composed of a set of data fields that carry vital information, such as the digital asset or token to be traded, the price value of the transaction, the expiration time, and the defined identities of the transacting parties.

Smart contracts take care of the necessary business logic for generating, sending, receiving, and processing the data linked to the trading activity. It also allows room for essential upgrades, if any, in the future. The provisions for upgrades are required if any changes are necessary for adhering to the modified regulations or any modifications linked to the intrinsic working of the Ethereum blockchain network.

The system also uses relayers, which act as order aggregators and broadcast orders from designated market participants to the marketplace or exchange.

Can I Mine 0x?

0x is a protocol for the Ethereum blockchain. It facilitates peer-to-peer exchanges of assets built using Ethereum, so there is no token to mine.

What Is Zerox Coin?

Created by the company 0x (zero x), ZRX is a token built on the Ethereum blockchain to fuel cryptocurrency exchanges.

Is 0x a DEX?

It is similar to a decentralized exchange but has unique differences. One of the differences is that a DEX stores orders on its blockchain, while 0x does not.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own cryptocurrency.

[ad_2]

Source link

Continue Reading No Comments

24 Aug 2010

Arab League

Written by admin. Posted in A, Financial Terms Dictionary

[ad_1]

Member Nations of the Arab League
Algeria (1962)	Jordan*	Oman (1971)	Syria*
Bahrain (1971)	Kuwait (1961)	Palestine (1976)	Tunisia (1958)
Comoros (1993)	Lebanon*	Qatar (1971)	United Arab Emirates (1971)
Djibouti (1977)	Libya (1953)	Saudi Arabia*	Yemen*
Egypt*	Mauritania (1973)	Somalia (1974)
Iraq*	Morocco (1958)	Sudan (1956)

Source: Council on Foreign Relations

*denotes a founding member state

There are four nations that were conferred observer status by the League: Brazil, Eritrea, India, and Venezuela.

The Arab League countries have widely varying levels of population, wealth, gross domestic product (GDP), and literacy. They are all predominantly Muslim, Arabic-speaking countries, but Egypt and Saudi Arabia are considered the dominant players in the League. Through agreements for joint defense, economic cooperation, and free trade, among others, the league helps its member countries to coordinate government and cultural programs to facilitate cooperation and limit conflict.

When Jordan joined the Arab League, its official name was Transjordan.

History of the Arab League

The League was formed in 1945 after the seven founding members signed the Alexandria Protocol in Cairo the previous year. The prominent issue at the time was freeing the Arab countries that were still under colonial rule.

Cairo was the original headquarters for the League in 1945. That changed in 1979 when it was moved to Tunis, Tunisia. The organization revoked Egypt’s membership after it signed a peace treaty with Israel. The League reestablished ties with Egypt in 1987 and moved its headquarters back to Cairo when it was admitted back as a member state in 1989.

The Arab League acted decisively and unanimously during the Arab Spring uprisings in early 2011 by revoking the country’s membership that same year. It supported United Nations (UN) action against then-leader Muammar Gaddafi’s forces. Libya’s membership was reinstated later that year after a representative of the National Transitional Council was installed following Gaddafi’s removal from office to act as the interim government.

The Arab League condemned the Islamic State in 2014 and several of its members launched airstrikes against the militant organization. But it did little as a whole to assist the Shiite-led Iraqi government. Syria’s membership was also under threat because of government violence against civilian protestors as the League passed a resolution to revoke it in 2011. In 2018 and 2019, the organization called on Turkey to withdraw from Syria.

In April 2021, the League called on Somalia to hold postponed presidential and parliamentary elections.

Views on Israel

One of the original goals of the Arab League was to prevent the breakup of Palestine via the creation of the Jewish state of Israel, as the organization recognizes Palestine as a separate nation.

The League’s position on Israel has been inconsistent. In 2019, it denounced Israel’s plans to annex the Jordan Valley. In February 2020, the League denounced the Middle East peace plan put forth by President Donald Trump’s administration, saying it “does not meet the minimum rights and aspirations of Palestinian people.”

Several members seemed to approve of the plan. And in September 2020, the League didn’t condemn the decision by the United Arab Emirates to normalize ties with the Jewish state.

One of the Arab League’s longest-lasting and unanimous actions: Its members’ economic boycott of Israel between 1948 and 1993.

The Arab League Charter

The charter of the Arab League was established on March 22, 1945, and is referred to as the Pact of the League of Arab States. It was signed by the leaders of the seven founding member states: Egypt, Iraq, Jordan, Lebanon, Saudi Arabia, Syria, and Yemen. As per the agreement, the member states aim to strengthen their ties and reinforce their sovereignty.

The pact is composed of 20 articles that outline the goals, governance, headquarters, and the creation of the Arab League Council. It also features what actions must be taken to resolve disputes among members.

There are also annexes on the following issues:

Palestine
The cooperation with other non-member Arab countries
The appointment of the League’s Secretary-General

The Arab League Council

The League Council is the highest body of the Arab League and is composed of representatives of member states, typically foreign ministers, their representatives, or permanent delegates. Each member state has one vote.

The Council meets twice a year, in March and September. Two or more members may request a special session if they desire.

The general secretariat manages the daily operations of the league and is headed by the secretary-general. The general secretariat is the administrative body of the league, the executive body of the council, and the specialized ministerial councils.

Arab League Member Conflicts

(The Arab League’s effectiveness and influence have been hampered by divisions among member states. During the Cold War, some members were supportive of the Soviet Union while others aligned with Western nations. There has also been rivalry over League leadership—especially between Egypt and Iraq.

Hostilities between monarchies such as Saudi Arabia, Jordan, and Morocco have been disruptive, as have the conduct of states that have undergone political change such as Egypt under Gamal Abdel Nasser, and Libya under Muammar Gaddafi. The attack on Saddam Hussein’s Iraq by the United States also created significant rifts between members of the Arab League.

Resolutions by the Council don’t have to be unanimously approved by members. However, because they are binding only on the nations that voted for them (no country has to abide by them against its will) their effectiveness is somewhat limited, often amounting to little more than declarations rather than implemented policies.

What Is the Purpose of the Arab League?

The Arab League’s state purpose is to seek close cooperation among its members on matters of common interest—specifically, economics, communication, culture, nationality, social welfare, and health; to strengthen ties, improve communication, and promote common interest among Arabic-speaking nations.

The Pact of the League of Arab States, the organization’s founding document, identifies the mission of the League as follows:

“The purpose of the League is to draw closer the relations between member States and coordinate their political activities with the aim of realizing a close collaboration between them, to safeguard their independence and sovereignty, and to consider in a general way the affairs and interests of the Arab countries.”

Who Is the Leader of the Arab League?

The Arab League is headed by the Secretary-General. As of June 4, 2022, Ahmed Aboul Gheit holds that post. He assumed it in 2016.

Does the Arab League Still Exist?

Yes, the Arab League still exists. But members are skipping League summits and declining positions, possibly a sign of waning enthusiasm for the organization.

Some scholars and statesmen feel that the League is unable to overcome a fundamental paralysis, due to internal divisions among its member nations, leading to “resolutions [that] are prefabricated, out of date, out of touch, and reflexively anti-Israeli,” as states a 2020 article posted by the Begin-Sadat Center for Strategic Studies. The conclusion of the Begin-Sadat Center for Strategic Studies is that “the time has come to close it down.”

“The League’s paralysis reflects its irrelevance since the 2000s,” Sean Yom, associate professor at Temple University, Philadelphia, and author of From Resilience to Revolution: How Foreign Interventions Destabilize the Middle East, said in a 2018 interview. “If we are going to see the League simply dissolve away, it will probably take another decade or two.”

Why Is Turkey Not in the Arab League?

Turkey has expressed interest in having an observer status in the League but has been refused for several reasons, most noticeably opposition from Iraq (whose Kurdish citizens Turkey has frequently battled with) and Syria (the latter still claims Turkey’s Hatay Province). The League also condemned Turkey’s military interventions in Libya and other countries.

Is the Arab League a Military Alliance?

The Arab League is not a military alliance per se. But its founding members agreed to cooperate in military affairs and coordinate military defense. At the 2007 summit, the leaders of its member states decided to reactivate their joint defense and establish a peacekeeping force to deploy in South Lebanon, Darfur, Iraq, and other hot spots.

At a 2015 summit in Egypt, member states agreed to form a joint voluntary military force in principle.

The Bottom Line

There are many different intergovernmental organizations found around the world. Some of these are global, such as the United Nations, while others are focused more on certain regions like the Arab League. This group is composed of 22 member nations that span the Middle East and Northern Africa. Like other, similar groups, the Arab League’s goals are to strengthen the relationships between member states while promoting their political and economic development.

[ad_2]

Source link

Continue Reading No Comments