Harry Denley


Hi. I'm Harry, a web developer.
I take an interest in web development and cryptocurrencies.

0x OTC is awesome



So if you’re unfamiliar 0x project released OTC (over the counter) today, and I had a small play with it.

OTC allows you to set up a specific order for 1 ERC20 token for another and set specific sell/receive amounts, as well as locking the order down to a specific address to fulfil, as well as setting an expiration date - all without a classic exchange platform.

I did some transactions with the guys over at https://proveq.io/ and we both had a great experience on the platform.

Over-The-Counter

Once you’ve connected to OTC via Ledger Nano, MetaMask, or Mist, you’ll be greeted with a screen (picture below). You can select the ERC20 token you’re selling, the ERC20 token you want in return and specify the amounts of each.

The interface is intuitive, and offers a lot of functionality for a user by allowing them to restrict the buy order to a specific address - giving the ability to sell to directly 1 person.

/assets/images/posts/0x-otc/create-order.PNG

Once you’ve signed your transaction and broadcasted it on the blockchain, you’ll get the following screen which gives you 2 ways to complete the transaction - the easiest would be the bit.ly link, as that has the JSON data in the query string so it’ll work best for;

a) quickness, as you can just send the person the link

b) people who don’t understand what JSON is

Personally, I think this is a great addition to the GUI as it allows people to just give a short URL to then transfer ERC20 tokens between strangers.

/assets/images/posts/0x-otc/end-screen.PNG

Once everything was broadcasted, it was pretty much hassle free to complete the transaction for the other party. They just clicked the bit.ly link and accepted and everything went through fine. The transaction was complete and we only paid for gas. Amazing!

A small “complaint”

One thing I did find a little confusing, was having to go to “Balances” and putting the tokens I wanted to trade to an active trade permission - I feel the GUI didn’t communicate this effectively (it just said “Insufficient Allowance”, which I think can be a little confusing.) - though I can’t come up with a preferred change right now.

/assets/images/posts/0x-otc/insufficient-balance.PNG

/assets/images/posts/0x-otc/insufficient-balance.PNG