The Blue0x token, referred to as BLX, is used to quantify value within the Blue0x Network. A specific amount of BLX is required, as a fee, for each transaction to be successfully executed on the Blue0x Network. This fee is given to the node that forges (generates) a new block containing the transaction that is then accepted into the blockchain. You may think of it as a reward given to the node for offering it's computational power to secure the Blue0x Network. This fee also discourages 'bad actors' from abusing the Blue0x Network. (i.e. spamming)
Note: Most transactions on the Blue0x Network have a fee of 0.01 BLX. (0.1 BLX to list an item on the Marketplace) For a full schedule of fees, refer to Create Transaction
The price of BLX is determined within the Blue0x Exchange. This price, in return, sets the cost of each transaction on the Blue0x Network. For example, if the last trade on the USDX exchange was 1 USDX per 1 BLX, then a transaction would cost 0.01 USDX. This would also imply that 1 BLX is exchangeable for 1 USDX.
There are 1 billion BLX in total, all of which are in circulation. These BLX were created in the Genesis Block, or 1st block, of the Blue0x Network. Additional units of BLX cannot be created.
It is recommended to have at least 1 BLX in your Blue0x wallet at all times to ensure that you are able to cover the fees of future transactions.