microsponsors

FAQ

Intro

Microsponsors.io is a new kind of peer-to-peer marketplace. It is important to know that this is experimental software. You are responsible for understanding how it works, so keep reading!

This website is essentially a bulletin board that allows people to transact with one another directly with no middleman, using digital tokens on the Ethereum blockchain.

Microsponsors MSPT tokens represent time slots. You can easily create them yourself using this website. They are compatible with the ERC-721 token standard (also known as "Non-Fungible Tokens").

When creating each MSPT token, creators have the option to allow secondary trading or to restrict it (meaning a buyer can either resell the token or be restricted from doing so). Enabling secondary trading is up to each creator and their own preference and use-case.

All of the data for Account Registration, the MSPT time slots and their transfer restrictions live on the Ethereum blockchain and are free and open to all to explore and build upon.

Questions and Answers:

> What do I need to get started?

A Metamask wallet (we will support more wallets later).

If you are a creator (seller) of MSPT tokens, you will need a small amount of Ether (ETH) in your wallet to pay network fees.

If you want are a sponsor (buyer) of MSPT tokens, you will need bidding assets in your wallet: DAI or USDC stablecoins.

We'll add more bidding assets over time.

> How do I register?

Registration is easy and free. If you don't already have it, install the Metamask wallet for Ethereum. From there, visit our website's Registry and you will be prompted associate your Ethereum account with at least one type of content: 1/ web domain 2/ web url 3/ email address or 4/ social media account.

You may associate as many pieces of content with your Ethereum account as you like. We recommend using a separate Ethereum account for your Microsponsors activity.

Follow the instructions for verifying each type of content. Once we verify your content, the association between it and your Ethereum account will be written to our on-chain Proof-of-Content registry that is open/ queryable data for anyone to see. You may remove any of your verified content at any time.

> What exactly is an MSPT token?

Each MSPT token represents a time slot mapped to a piece of validated content associated with the creators' Ethereum account. When each token is created, the Microsponsors Registry is checked to make sure that the Ethereum account is authorized to create tokens for the validated content (it can be a web domain, a url, an email address or a social media account).

Each token consists of the following data:

{   minter, ethereum address of the token's creator
  owner, ethereum address of the token's current owner
  contentId, the creator's web domain, url, social media account or email
  propertyName, short re-usable description of time slot
  startTime, timestamp; when the time slot begins
  endTime, timestamp; when the time slot ends
  auctionEndTime, timestamp; when the auction ends
  category, for sorting tokens
  isSecondaryTradingEnabled, can be true or false
  federationId, which registry to check for transfer restrictions
}

Each MSPT token you create will automatically go to auction on this website. There is currently a grace period of 24 hours enforced between the end of the auction and the beginning of the time slot.

> What are the fees?

Registration is free (we pay the "gas" for it). "Gas" is the term for transaction fees on the Ethereum network. Gas prices fluctuate but can be estimated with this tool.

Minting. Creating an MSPT token has a fee currently set at 0.0001 ETH, in addition to the Ethereum network "gas" fee.

Bidding is free and happens off-chain (you just need to sign your bid via Metamask). There is no Ethereum gas fee for bids.

Cancelling bids happens on-chain and you only need to pay the Ethereum gas fee for each cancel.

Sales. For each MSPT auction sale, a 3% fee is split evenly between the buyer and the seller. The buyer pays 1.5% and the seller pays 1.5% in addition to smaller network fees for using Ethereum gas and the 0x protocol (ZRX). The 0x transaction fee is roughly the same as the Ethereum gas fee and is used to reward token buyers for using the protocol.

If you plan to do alot of buying, you may want to skip down to the section: "How do I earn money using Microsponsors with the 0x Protocol?".

> How much do tokens cost?

Each Microsponsors MSPT token is unique and has its own value which will be determined by the market based on a variety of factors, including the reputation of the seller.

When bidding on MSPTs, it is important to consider the past history of the seller in evaluating whether they are a trustworthy counterparty. Each individual MSPT has a "Comments" section which you can use to communicate with the seller. Use this feature to also look through comments on your counterparty's past token sales.

> Why do I need to register?

Microsponsors is an experiment in tying user behavior to a marketplace with direct payments on a blockchain. Associating your Ethereum account with external content like a website, social media account or email address is the best way to tie behavior to reputation, both positive and negative.

During this initial phase, we'll be verifying accounts in a centralized, manual process. Over time as we develop the tools necessary to automate this task, it may become possible to do this in a trustless manner with enforcement around clearly stated rules (ex: no malware, cryptominers, scams, ponzis, etc).

The centralized and subjective nature of this process at the moment is undesirable but necessary to begin with due to resource constraint. The most desirable outcome is a decentralized Federation based on open blockchain data so that different communities can create their rules around what they find acceptable (or not).

Please skip to the "how do you plan to decentralize?" section below for more information, especially if you are a developer or part of an organization that would like to transact using MSPT in larger volumes as part of our Federation.

Microsponsors reserves the right to refuse registration (and therefore access to the marketplace) for any reason at any time.

> How are tokens exchanged?

When you transact with other Ethereum accounts using this website there is no middleman. When the seller clicks the "Accept Bid" button, MSPTs are swapped for bidding assets through a series of smart contracts (code snippets) on the blockchain called the 0x Protocol.

This means there is no central entity between the buyer and the seller. This allows us to keep fees very low. It also means that there is no possible way for Microsponsors to intervene in token auctions or sales (including refunds). Everything must be negotiated between buyer and seller directly. Each token has a "comments" feature you can use for this.

Outside of this website, MSPTs can be swapped in a variety of other venues. This is the power of open token standards like ERC-721 in Ethereum. Be mindful of using only applications which you trust to exchange MSPTs with other users.

> How can I earn crypto using the Referral program?

The referral program is designed to incentivize users to bring their network along and to help them get registered and transacting on this website as quickly as possible.

Any registered account may refer their friends and colleagues to Microsponsors by sharing their unique Referral Link which can be found in the Registry, or using any of the "Share Links" in the MSPT token listings. Each account's referrer will be recorded in the Registry when the new user completes their registration.

The referrer will collect the auction sale fee for each side of the transaction that their referral generates for 60 days. So if you refer a buyer, you will collect the 1.5% fee generated when they purchase an MSPT. If there is no referrer for a particular sale or 60 days has passed since the buyer was registered, the 1.5% fee goes to Microsponsors instead. The same goes for the seller's side of the sale.

Fees will be paid directly to the Referrer's Ethereum account at the time of sale using the 0x Protocol. Note that these referral fees will only apply for transactions on this website. Other venues may choose to implement their own referral programs, or none at all.

We reserve the right to change the rules of the referral program at any time to incentivize new/ different behaviors as things evolve.

> How can I earn crypto using Microsponsors with the 0x Protocol?

Microsponsors is built on top of the 0x Protocol which uses a token called "ZRX". It incentivizes users to "stake" their ZRX and rewards them (in ETH) for using the 0x protocol when they buy any kind of token.

This means that if you plan to do alot of token purchases through Microsponsors, you have the option to form a staking pool in order to increase the size of your 0x protocol reward. The more ZRX your pool stakes, the larger your protocol reward will be.

The best place to start for now is on the ZRX staking dashboard available here.

> How do you plan to decentralize?

Microsponsors MSPT tokens have been designed to Federate with other organizations who wish to run their own Registries with their own desired rules and set(s) of participants. Please get in touch if you think your organization is a good fit. Email hello [at] microsponsors.io

Federation implementation details are in Github here ↗.

In terms of ownership and governance, the most resilient strategy for the long term is to create a large and diverse coalition of stakeholders who share ownership.

> How can I send feedback?

Feedback is welcome and the best channel is email to hello [at] microsponsors.io

This is experimental software that will change and evolve over time depending on the needs and desires of the community using it, so get in touch!

> For developers: Where can I find your smart contracts?

Microsponsors has several public Github repositories here: https://github.com/microsponsors.

Each smart contract repository has a DEPLOYS.md file to help you find their addresses on each Ethereum network (mainnet and testnets).

> For developers: How can I build on top of Microsponsors?

There are four main components you may wish to build on top of:

1. The MSPT token's smart contract (Github link ↗). It implements a standard ERC-721 (Non-Fungible Token) interface with a few extra parameters and methods for getting and setting our time slot info. These tokens also have simple transfer restrictions on them: every owner needs to have one piece of verified content in our Registry and each minter can decide if they want to support secondary trading of each token they mint. You can query the contract for each token's specific info.

2. The Registry smart contract (Github link ↗) is used to record user content verifications. Registry verification associates a piece of content (such as a website or social media account) with a user's Ethereum account. We use this Registry for validating minting and transfer restrictions on our MSPT time slot tokens.

3. Federate with Microsponsors (Github link to more info ↗). If you are an organization that wishes to spin up your own MSPT marketplace or exchange with its own participants and rules around registration, content, etc., this is probably your best option. It would be a good fit for media companies, content platforms, agencies, etc. Get in touch with us by emailing hello [at] microsponsors.io. Implementation details are in Github here ↗

3. Staking on the 0x Protocol. Scroll up to the section above, "How can I earn crypto using Microsponsors with the 0x Protocol?"