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authorHsuan Lee <boczeratul@gmail.com>2019-03-06 17:46:50 +0800
committerHsuan Lee <boczeratul@gmail.com>2019-03-06 17:46:50 +0800
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treeae3731221dbbb3a6fa40060a8d916cfd3f738289 /packages/website/ts/pages/faq/faq.tsx
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-import { colors, Styles } from '@0x/react-shared';
-import * as _ from 'lodash';
-import * as React from 'react';
-import * as DocumentTitle from 'react-document-title';
-import { Footer } from 'ts/components/old_footer';
-import { TopBar } from 'ts/components/top_bar/top_bar';
-import { Question } from 'ts/pages/faq/question';
-import { Dispatcher } from 'ts/redux/dispatcher';
-import { FAQQuestion, FAQSection, WebsitePaths } from 'ts/types';
-import { configs } from 'ts/utils/configs';
-import { constants } from 'ts/utils/constants';
-import { Translate } from 'ts/utils/translate';
-
-export interface FAQProps {
- source: string;
- location: Location;
- translate: Translate;
- dispatcher: Dispatcher;
-}
-
-interface FAQState {}
-
-const styles: Styles = {
- thin: {
- fontWeight: 100,
- },
-};
-
-const sections: FAQSection[] = [
- {
- name: '0x Protocol',
- questions: [
- {
- prompt: 'What is 0x?',
- answer: (
- <div>
- 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 (
- <a href={`${configs.BASE_URL}${WebsitePaths.ZeroExJs}#introduction`} target="blank">
- 0x.js
- </a>{' '}
- 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.{' '}
- <a href={`${configs.BASE_URL}${WebsitePaths.Portal}`} target="blank">
- 0x Portal
- </a>
- , a decentralized application that facilitates trustless trading of Ethereum-based tokens
- between known counterparties.
- </div>
- ),
- },
- {
- prompt: 'What problem does 0x solve?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'How is 0x different from a centralized exchange like Poloniex or ShapeShift?',
- answer: (
- <div>
- <ul>
- <li>0x is a protocol for exchange, not a user-facing exchange application.</li>
- <li>
- 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.
- </li>
- <li>
- 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.
- </li>
- </ul>
- </div>
- ),
- },
- {
- prompt: 'If 0x protocol is free to use, where do transaction fees come in?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'What are the differences between 0x protocol and state channels?',
- answer: (
- <div>
- <div>
- 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).
- </div>
- <ul>
- <li>
- 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.
- </li>
- <li>
- 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.
- </li>
- </ul>
- </div>
- ),
- },
- {
- prompt: 'What types of digital assets are supported by 0x?',
- answer: (
- <div>
- 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{' '}
- <a href="https://cosmos.network/" target="_blank">
- Cosmos
- </a>{' '}
- and{' '}
- <a href="http://polkadot.io/" target="_blank">
- Polkadot
- </a>{' '}
- 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.
- </div>
- ),
- },
- {
- prompt: '0x is open source: what prevents someone from forking the protocol?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- ],
- },
- {
- name: '0x Token (ZRX)',
- questions: [
- {
- prompt: 'Explain how the 0x protocol token (zrx) works.',
- answer: (
- <div>
- <div>
- 0x protocol token (ZRX) is utilized in two ways: 1) to solve the{' '}
- <a href="https://en.wikipedia.org/wiki/Coordination_game" target="_blank">
- coordination problem
- </a>{' '}
- 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:
- </div>
- <ul>
- <li>
- 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).
- </li>
- <li>
- 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.
- </li>
- </ul>
- </div>
- ),
- },
- {
- prompt: 'Why must transaction fees be denominated in 0x token (ZRX) rather than ETH?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'How will decentralized governance work?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- ],
- },
- {
- name: 'ZRX Token Launch and Fund Use',
- questions: [
- {
- prompt: 'What is the total supply of ZRX tokens?',
- answer: <div>1,000,000,000 ZRX. Fixed supply.</div>,
- },
- {
- prompt: 'When was the token launch? Was there a pre-sale?',
- answer: <div>The token launch was on August 15th, 2017. There was no pre-sale.</div>,
- },
- {
- prompt: 'What will the token launch proceeds be used for?',
- answer: (
- <div>
- 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{' '}
- <a
- href="https://docs.google.com/document/d/1_RVa-_bkU92fWRsC8eNy4vYjcTt-WC8GtqyyjbTd-oY"
- target="_blank"
- >
- development roadmap
- </a>
- .
- </div>
- ),
- },
- {
- prompt: 'What will be the initial distribution of ZRX tokens?',
- answer: (
- <div>
- <div className="center" style={{ width: '100%' }}>
- <img style={{ width: 350 }} src="/images/zrx_pie_chart.png" />
- </div>
- <div className="py1">
- <div className="bold pb1">Token Launch (50%)</div>
- <div>
- 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.
- </div>
- </div>
- <div className="py1">
- <div className="bold pb1">Retained by 0x (15%)</div>
- <div>
- 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.
- </div>
- </div>
- <div className="py1">
- <div className="bold pb1">Developer Fund (15%)</div>
- <div>
- 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.
- </div>
- </div>
- <div className="py1">
- <div className="bold pb1">Founding Team (10%)</div>
- <div>
- 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.
- </div>
- </div>
- <div className="py1">
- <div className="bold pb1">Early Backers & Advisors (10%)</div>
- <div>
- 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.
- </div>
- </div>
- </div>
- ),
- },
- {
- prompt: 'Can I mine ZRX tokens?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'Will there be a lockup period for ZRX tokens sold in the token launch?',
- answer: <div>No, ZRX tokens sold in the token launch will immediately be liquid.</div>,
- },
- {
- prompt: 'Will there be a lockup period for tokens allocated to the founding team?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'Which cryptocurrencies will be accepted in the token launch?',
- answer: <div>ETH.</div>,
- },
- {
- prompt: 'When will 0x be live?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'Where can I find a development roadmap?',
- answer: (
- <div>
- Check it out{' '}
- <a
- href="https://drive.google.com/open?id=14IP1N8mt3YdsAoqYTyruMnZswpklUs3THyS1VXx71fo"
- target="_blank"
- >
- here
- </a>
- .
- </div>
- ),
- },
- ],
- },
- {
- name: 'Team',
- questions: [
- {
- prompt: 'Where is 0x based?',
- answer: <div>0x was founded in SF and is driven by a diverse group of contributors.</div>,
- },
- {
- prompt: 'How can I get involved?',
- answer: (
- <div>
- Join our{' '}
- <a href={constants.URL_ZEROEX_CHAT} target="_blank">
- Discord
- </a>
- ! As an open source project, 0x will rely on a worldwide community of passionate developers to
- contribute proposals, ideas and code.
- </div>
- ),
- },
- {
- prompt: 'Why the name 0x?',
- answer: (
- <div>
- 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.
- </div>
- ),
- },
- {
- prompt: 'How do you pronounce 0x?',
- answer: <div>We pronounce 0x as “zero-ex,” but you are free to pronounce it however you please.</div>,
- },
- ],
- },
-];
-
-export class FAQ extends React.Component<FAQProps, FAQState> {
- public componentDidMount(): void {
- window.scrollTo(0, 0);
- }
- public render(): React.ReactNode {
- return (
- <div>
- <DocumentTitle title="0x FAQ" />
- <TopBar blockchainIsLoaded={false} location={this.props.location} translate={this.props.translate} />
- <div id="faq" className="mx-auto max-width-4 pt4" style={{ color: colors.grey800 }}>
- <h1 className="center" style={{ ...styles.thin }}>
- 0x FAQ
- </h1>
- <div className="sm-px2 md-px2 lg-px0 pb4">{this._renderSections()}</div>
- </div>
- <Footer translate={this.props.translate} dispatcher={this.props.dispatcher} />
- </div>
- );
- }
- private _renderSections(): React.ReactNode {
- const renderedSections = _.map(sections, (section: FAQSection, i: number) => {
- const isFirstSection = i === 0;
- return (
- <div key={section.name}>
- <h3>{section.name}</h3>
- {this._renderQuestions(section.questions, isFirstSection)}
- </div>
- );
- });
- return renderedSections;
- }
- private _renderQuestions(questions: FAQQuestion[], isFirstSection: boolean): React.ReactNode {
- const renderedQuestions = _.map(questions, (question: FAQQuestion, i: number) => {
- const isFirstQuestion = i === 0;
- return (
- <Question
- key={question.prompt}
- prompt={question.prompt}
- answer={question.answer}
- shouldDisplayExpanded={isFirstSection && isFirstQuestion}
- />
- );
- });
- return renderedQuestions;
- }
-}