0x is an open Blockchain & Smart Contract Infrastructure protocol based in the U.S. where ERC20 tokens can be traded, within a publicly accessible system of off-chain smart contracts that can act as shared infrastructure for a variety of dApps, and have low-friction costs for market makers. In 0x, transaction fees are charged upon the resulting volume. 0x uses decentralized governance in order to integrate updates into the protocol with security. This means that there will be no disruption to dApps or end users. In other words, the 0x protocol is powering decentralized exchange on the Ethereum Blockchain.