455 lines
24 KiB
TypeScript
455 lines
24 KiB
TypeScript
import * as _ from 'lodash';
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import * as React from 'react';
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import { DocumentTitle } from 'ts/components/document_title';
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import { Footer } from 'ts/components/old_footer';
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import { TopBar } from 'ts/components/top_bar/top_bar';
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import { Question } from 'ts/pages/faq/question';
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import { Dispatcher } from 'ts/redux/dispatcher';
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import { FAQQuestion, FAQSection, Styles, WebsitePaths } from 'ts/types';
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import { colors } from 'ts/utils/colors';
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import { configs } from 'ts/utils/configs';
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import { constants } from 'ts/utils/constants';
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import { documentConstants } from 'ts/utils/document_meta_constants';
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import { Translate } from 'ts/utils/translate';
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export interface FAQProps {
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source: string;
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location: Location;
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translate: Translate;
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dispatcher: Dispatcher;
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}
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interface FAQState {}
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const styles: Styles = {
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thin: {
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fontWeight: 100,
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},
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};
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const sections: FAQSection[] = [
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{
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name: '0x Protocol',
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questions: [
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{
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prompt: 'What is 0x?',
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answer: (
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<div>
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At its core, 0x is an open and non-rent seeking protocol that facilitates trustless, low
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friction exchange of Ethereum-based assets. Developers can use 0x as a platform to build
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exchange applications on top of (
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<a href={`${configs.BASE_URL}${WebsitePaths.ZeroExJs}#introduction`} target="blank">
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0x.js
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</a>{' '}
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is a Javascript library for interacting with the 0x protocol). For end users, 0x will be the
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infrastructure of a wide variety of user-facing applications i.e.{' '}
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<a href={`${configs.BASE_URL}${WebsitePaths.Portal}`} target="blank">
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0x Portal
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</a>
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, a decentralized application that facilitates trustless trading of Ethereum-based tokens
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between known counterparties.
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</div>
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),
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},
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{
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prompt: 'What problem does 0x solve?',
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answer: (
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<div>
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In the two years since the Ethereum blockchain’s genesis block, numerous decentralized
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applications (dApps) have created Ethereum smart contracts for peer-to-peer exchange. Rapid
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iteration and a lack of best practices have left the blockchain scattered with proprietary and
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application-specific implementations. As a result, end users are exposed to numerous smart
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contracts of varying quality and security, with unique configuration processes and learning
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curves, all of which implement the same functionality. This approach imposes unnecessary costs
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on the network by fragmenting end users according to the particular dApp each user happens to be
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using, eliminating valuable network effects around liquidity. 0x is the solution to this problem
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by acting as modular, unopinionated building blocks that may be assembled and reconfigured.
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</div>
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),
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},
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{
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prompt: 'How is 0x different from a centralized exchange like Poloniex or ShapeShift?',
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answer: (
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<div>
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<ul>
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<li>0x is a protocol for exchange, not a user-facing exchange application.</li>
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<li>
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0x is decentralized and trustless; there is no central party which can be hacked, run
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away with customer funds or be subjected to government regulations. Hacks of Mt. Gox,
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Shapeshift and Bitfinex have demonstrated that these types of systemic risks are
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palpable.
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</li>
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<li>
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Rather than a proprietary system that exists to extract rent for its owners, 0x is
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public infrastructure that is funded by a globally distributed community of
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stakeholders. While the protocol is free to use, it enables for-profit user-facing
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exchange applications to be built on top of the protocol.
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</li>
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</ul>
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</div>
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),
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},
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{
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prompt: 'If 0x protocol is free to use, where do transaction fees come in?',
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answer: (
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<div>
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0x protocol uses off-chain order books to massively reduce friction costs for market makers and
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ensure that the blockchain is only used for trade settlement. Hosting and maintaining an
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off-chain order book is a service; to incent “Relayers” to provide this service they must be
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able to charge transaction fees on trading activity. Relayers are free to set their transaction
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fees to any value they desire. We expect Relayers to be highly competitive and transaction fees
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to approach an efficient economic equilibrium over time.
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</div>
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),
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},
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{
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prompt: 'What are the differences between 0x protocol and state channels?',
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answer: (
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<div>
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<div>
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Participants in a state channel pass cryptographically signed messages back and forth,
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accumulating intermediate state changes without publishing them to the canonical chain until
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the channel is closed. State channels are ideal for “bar tab” applications where numerous
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intermediate state changes may be accumulated off-chain before being settled by a final
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on-chain transaction (i.e. day trading, poker, turn-based games).
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</div>
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<ul>
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<li>
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While state channels drastically reduce the number of on-chain transactions for specific
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use cases, numerous on-chain transactions and a security deposit are required to open
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and safely close a state channel making them less efficient than 0x for executing
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one-time trades.
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</li>
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<li>
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State channels are isolated from the Ethereum blockchain meaning that they cannot
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interact with smart contracts. 0x is designed to be integrated directly into smart
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contracts so trades can be executed programmatically in a single line of Solidity code.
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</li>
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</ul>
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</div>
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),
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},
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{
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prompt: 'What types of digital assets are supported by 0x?',
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answer: (
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<div>
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0x supports all Ethereum-based assets that adhere to the ERC20 token standard. There are many
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ERC20 tokens, worth a combined $2.2B, and more tokens are created each month. We believe that,
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by 2020, thousands of assets will be tokenized and moved onto the Ethereum blockchain including
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traditional securities such as equities, bonds and derivatives, fiat currencies and scarce
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digital goods such as video game items. In the future, cross-blockchain solutions such as{' '}
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<a href="https://cosmos.network/" target="_blank">
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Cosmos
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</a>{' '}
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and{' '}
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<a href="http://polkadot.io/" target="_blank">
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Polkadot
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</a>{' '}
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will allow cryptocurrencies to freely move between blockchains and, naturally, currencies such
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as Bitcoin will end up being represented as ERC20 tokens on the Ethereum blockchain.
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</div>
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),
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},
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{
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prompt: '0x is open source: what prevents someone from forking the protocol?',
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answer: (
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<div>
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Ethereum and Bitcoin are both open source protocols. Each protocol has been forked, but the
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resulting clone networks have seen little adoption (as measured by transaction count or market
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cap). This is because users have little to no incentive to switch over to a clone network if the
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original has initial network effects and a talented developer team behind it. An exception is in
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the case that a protocol includes a controversial feature such as a method of rent extraction or
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a monetary policy that favors one group of users over another (Zcash developer subsidy - for
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better or worse - resulted in Zclassic). Perceived inequality can provide a strong enough
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incentive that users will fork the original protocol’s codebase and spin up a new network that
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eliminates the controversial feature. In the case of 0x, there is no rent extraction and no
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users are given special permissions. 0x protocol is upgradable. Cutting-edge technical
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capabilities can be integrated into 0x via decentralized governance (see section below),
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eliminating incentives to fork off of the original protocol and sacrifice the network effects
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surrounding liquidity that result from the shared protocol and settlement layer.
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</div>
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),
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},
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],
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},
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{
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name: '0x Token (ZRX)',
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questions: [
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{
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prompt: 'Explain how the 0x protocol token (zrx) works.',
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answer: (
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<div>
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<div>
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0x protocol token (ZRX) is utilized in two ways: 1) to solve the{' '}
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<a href="https://en.wikipedia.org/wiki/Coordination_game" target="_blank">
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coordination problem
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</a>{' '}
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and drive network effects around liquidity, creating a feedback loop where early adopters of
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the protocol benefit from wider adoption and 2) to be used for decentralized governance over
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0x protocol's update mechanism. In more detail:
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</div>
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<ul>
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<li>
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ZRX tokens are used by Makers and Takers (market participants that generate and consume
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orders, respectively) to pay transaction fees to Relayers (entities that host and
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maintain public order books).
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</li>
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<li>
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ZRX tokens are used for decentralized governance over 0x protocol’s update mechanism
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which allows its underlying smart contracts to be replaced and improved over time. An
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update mechanism is needed because 0x is built upon Ethereum’s rapidly evolving
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technology stack, decentralized governance is needed because 0x protocol’s smart
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contracts will have access to user funds and numerous dApps will need to plug into 0x
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smart contracts. Decentralized governance ensures that this update process is secure and
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minimizes disruption to the network.
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</li>
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</ul>
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</div>
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),
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},
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{
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prompt: 'Why must transaction fees be denominated in 0x token (ZRX) rather than ETH?',
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answer: (
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<div>
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0x protocol’s decentralized update mechanism is analogous to proof-of-stake. To maximize the
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alignment of stakeholder and end user incentives, the staked asset must provide utility within
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the protocol.
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</div>
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),
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},
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{
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prompt: 'How will decentralized governance work?',
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answer: (
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<div>
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Decentralized governance is an ongoing focus of research; it will involve token voting with ZRX.
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Ultimately the solution will maximize security while also maximizing the protocol’s ability to
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absorb new innovations. Until the governance structure is formalized and encoded within 0x DAO,
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a multi-sig will be used as a placeholder.
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</div>
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),
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},
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],
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},
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{
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name: 'ZRX Token Launch and Fund Use',
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questions: [
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{
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prompt: 'What is the total supply of ZRX tokens?',
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answer: <div>1,000,000,000 ZRX. Fixed supply.</div>,
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},
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{
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prompt: 'When was the token launch? Was there a pre-sale?',
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answer: <div>The token launch was on August 15th, 2017. There was no pre-sale.</div>,
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},
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{
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prompt: 'What will the token launch proceeds be used for?',
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answer: (
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<div>
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100% of the proceeds raised in the token launch will be used to fund the development of free and
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open source software, tools and infrastructure that support the protocol and surrounding
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ecosystem. Check out our{' '}
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<a
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href="https://docs.google.com/document/d/1_RVa-_bkU92fWRsC8eNy4vYjcTt-WC8GtqyyjbTd-oY"
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target="_blank"
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>
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development roadmap
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</a>
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.
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</div>
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),
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},
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{
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prompt: 'What will be the initial distribution of ZRX tokens?',
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answer: (
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<div>
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<div className="center" style={{ width: '100%' }}>
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<img style={{ width: 350 }} src="/images/zrx_pie_chart.png" />
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</div>
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<div className="py1">
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<div className="bold pb1">Token Launch (50%)</div>
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<div>
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ZRX is inherently a governance token that plays a critical role in the process of
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upgrading 0x protocol. We are fully committed to formulating a functional and
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theoretically sound governance model and we plan to dedicate significant resources to
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R&D.
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</div>
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</div>
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<div className="py1">
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<div className="bold pb1">Retained by 0x (15%)</div>
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<div>
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The 0x core development team will be able to sustain itself for approximately five years
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using funds raised through the token launch. If 0x protocol proves to be as foundational
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a technology as we believe it to be, the retained ZRX tokens will allow the 0x core
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development team to sustain operations beyond the first 5 years.
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</div>
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</div>
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<div className="py1">
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<div className="bold pb1">Developer Fund (15%)</div>
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<div>
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The Developer Fund will be used to make targeted capital injections into high potential
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projects and teams that are attempting to grow the 0x ecosystem, strategic partnerships,
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hackathon prizes and community development activities.
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</div>
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</div>
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<div className="py1">
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<div className="bold pb1">Founding Team (10%)</div>
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<div>
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The founding team’s allocation of ZRX will vest over a traditional 4 year vesting
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schedule with a one year cliff. We believe this should be standard practice for any team
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that is committed to making their project a long term success.
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</div>
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</div>
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<div className="py1">
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<div className="bold pb1">Early Backers & Advisors (10%)</div>
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<div>
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Our backers and advisors have provided capital, resources and guidance that have allowed
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us to fill out our team, setup a robust legal entity and build a fully functional
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product before launching a token. As a result, we have a proven track record and can
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offer a token that holds genuine utility.
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</div>
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</div>
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</div>
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),
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},
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{
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prompt: 'Can I mine ZRX tokens?',
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answer: (
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<div>
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No, the total supply of ZRX tokens is fixed and there is no continuous issuance model. Users
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that facilitate trading over 0x protocol by operating a Relayer earn transaction fees
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denominated in ZRX; as more trading activity is generated, more transaction fees are earned.
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</div>
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),
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},
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{
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prompt: 'Will there be a lockup period for ZRX tokens sold in the token launch?',
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answer: <div>No, ZRX tokens sold in the token launch will immediately be liquid.</div>,
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},
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{
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prompt: 'Will there be a lockup period for tokens allocated to the founding team?',
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answer: (
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<div>
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Yes. ZRX tokens allocated to founders, advisors and staff members will be released over a 4 year
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vesting schedule with a 25% cliff upon completion of the initial token launch and 25% released
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each subsequent year in monthly installments. Staff members hired after the token launch will
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have a 4 year vesting schedule with a one year cliff.
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</div>
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),
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},
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{
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prompt: 'Which cryptocurrencies will be accepted in the token launch?',
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answer: <div>ETH.</div>,
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},
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{
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prompt: 'When will 0x be live?',
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answer: (
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<div>
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An alpha version of 0x has been live on our private test network since January 2017. Version 1.0
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of 0x protocol will be deployed to the canonical Ethereum blockchain after a round of security
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audits and prior to the public token launch. 0x will be using the 0x protocol during our token
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launch.
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</div>
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),
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},
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{
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prompt: 'Where can I find a development roadmap?',
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answer: (
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<div>
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Check it out{' '}
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<a
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href="https://drive.google.com/open?id=14IP1N8mt3YdsAoqYTyruMnZswpklUs3THyS1VXx71fo"
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target="_blank"
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>
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here
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</a>
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.
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</div>
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),
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},
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],
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},
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{
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name: 'Team',
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questions: [
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{
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prompt: 'Where is 0x based?',
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answer: <div>0x was founded in SF and is driven by a diverse group of contributors.</div>,
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},
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{
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prompt: 'How can I get involved?',
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answer: (
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<div>
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Join our{' '}
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<a href={constants.URL_ZEROEX_CHAT} target="_blank">
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Discord
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</a>
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! As an open source project, 0x will rely on a worldwide community of passionate developers to
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contribute proposals, ideas and code.
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</div>
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),
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},
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{
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prompt: 'Why the name 0x?',
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answer: (
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<div>
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0x is the prefix for hexadecimal numeric constants including Ethereum addresses. In a more
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abstract context, as the first open protocol for exchange 0x represents the beginning of the end
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for the exchange industry’s rent seeking oligopoly: zero exchange.
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</div>
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),
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},
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{
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prompt: 'How do you pronounce 0x?',
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answer: <div>We pronounce 0x as “zero-ex,” but you are free to pronounce it however you please.</div>,
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},
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],
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},
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];
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export class FAQ extends React.Component<FAQProps, FAQState> {
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public componentDidMount(): void {
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window.scrollTo(0, 0);
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}
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public render(): React.ReactNode {
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return (
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<div>
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<DocumentTitle {...documentConstants.FAQ} />
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<TopBar blockchainIsLoaded={false} location={this.props.location} translate={this.props.translate} />
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<div id="faq" className="mx-auto max-width-4 pt4" style={{ color: colors.grey800 }}>
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<h1 className="center" style={{ ...styles.thin }}>
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0x FAQ
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</h1>
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<div className="sm-px2 md-px2 lg-px0 pb4">{this._renderSections()}</div>
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</div>
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<Footer translate={this.props.translate} dispatcher={this.props.dispatcher} />
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</div>
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);
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}
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private _renderSections(): React.ReactNode {
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const renderedSections = _.map(sections, (section: FAQSection, i: number) => {
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const isFirstSection = i === 0;
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return (
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<div key={section.name}>
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<h3>{section.name}</h3>
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{this._renderQuestions(section.questions, isFirstSection)}
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</div>
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);
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});
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return renderedSections;
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}
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private _renderQuestions(questions: FAQQuestion[], isFirstSection: boolean): React.ReactNode {
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const renderedQuestions = _.map(questions, (question: FAQQuestion, i: number) => {
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const isFirstQuestion = i === 0;
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return (
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<Question
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key={question.prompt}
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prompt={question.prompt}
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answer={question.answer}
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shouldDisplayExpanded={isFirstSection && isFirstQuestion}
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/>
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);
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});
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return renderedQuestions;
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}
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}
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