[jamespitts]

Answering why is up to you, the builder; differentiation is key to why 0x has created this protocol.

"Tokens" can be a special kind of object which can be "exchanged" for other kinds of objects. It is not always about purchasing or swapping; this interaction can solve many different kinds of coordination problems.

The exchange can create a context around users interacting via various types of tokens, enabling new kinds of services and communities to form. This could lead to enormous value for users.

[arcticbull]

> This could lead to enormous value for users.

In what way? I think that was the parent poster's question. I think it's fair if we're going to be making huge broad-strokes claims we should at least attempt to justify them.

[jamespitts]

The properties of the general medium and of exchanges themselves would provide value if built upon. At the core of of the value proposition is the value derived from more efficient human coordination.

- Giving certainty about the properties of the token asset to the user. Whether trading the exchange or in use at a service which accepts the token, the user verify what the token actually does. And what might change! Reduces risk of policy-change by owners and managers of services.

- Giving control of the token asset to the users, or at least a verifiable level of control. Reduces risk of interference.

- Securing the token asset, protecting the asset and related data. Reduces risk of loss.

- Enabling easy integration or migration to other smart contract systems, due to token standards like ERC-20 and ERC-721. Reduces risk of vendor lock-in. Powers beneficial second-order effects.

- Enabling composability. With primitives like various kinds of tokens and "exchange" addressed and standardized, new layers can be built, new configurations found. Creates value by reducing steps for users as they engage with each other within token-based smart-contract systems.