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