FAQ

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!

▾ How does this work? ▾ What do I need to start? ▾ How do I register? ▾ Why do I need to register? ▾ What is a time slot token? ▾ How much do time slot tokens cost? ▾ Can I get paid in a custom token? ▾ What happens when I place a bid? ▾ What happens when an auction ends? ▾ What are the fees? ▾ Do I have to auction my time slot token? ▾ What is "gas" and "gasPrice"? ▾ How do I get a refund? ▾ How can I earn money with Referrals? ▾ How can I earn money with the 0x Protocol (ZRX)? ▾ How do you plan to decentralize? ▾ How can I send feedback?
▾ For developers: Where can I find your smart contracts? ▾ For developers: How can I build on top of Microsponsors?

How does this work?

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 and auction them using this website. They are compatible with the ERC-721 token standard (also known as "Non-Fungible Tokens").

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.

Watch our "How this works" video on YouTube.

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What do I need to start?

You only need a Metamask wallet to browse around and get registered (we will support more wallets later).

If you want to create and auction time slots, you will need a small amount of Ether (ETH) in your wallet.

If you are a Sponsor (Buyer) of time slots, you will need bidding assets in your wallet: DAI or USDC stablecoins, each of which represent $1 USD.

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How do I register?

Registration is easy and free. It is required for anyone wishing to create MSPT time slot tokens. If you don't already have it, install the Metamask wallet for Ethereum. Then you can visit our Registry and you will be prompted to associate your Ethereum account with at least one type of content, such as a social media account or website.

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 (all Registry data is public). We will add more content types over time. Let us know what you want to use!

Follow the instructions to verify your content and then you will be able to create and auction MSPT tokens.

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Why do I need to register?

If you intend to Create (aka "Mint") and auction MSPT time slot tokens, you first need to register your account. If you only intend to buy other people's time slots, you don't necessarily need to register, but it will probably help sellers trust you more.

Over time, we'll be adding more tools to help you enhance your reputation and get more out of your registered account.

Microsponsors reserves the right to refuse registration for any reason at any time. If a user is removed from the Microsponsors Registry, any tokens they created become frozen and unable to trade.

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What is a time slot token?

Microsponsors enables you to create tokens on the Ethereum blockchain that represent a time slot. An "MSPT" token is tied to a piece of validated content claimed by a user with an Ethereum account in our Registry. Validated content can be a web domain, a url, an email address or a social media account. Each token you create automatically goes to auction on this website.

An MSPT token is an "ERC-721" or "Non-Fungible Token" (NFT) that consists of the following on-chain data fields:

{   minter, ethereum address of the token's creator
  owner, ethereum address of the token's current owner
  contentId, the creator's registered, validated content
  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
}

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How much do time slot tokens cost?

Each Microsponsors MSPT token is unique and has its own value which will be determined by the open 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 ask questions of the Seller, both before and after the auction. You can also look through comments on the Seller's past token sales as well.

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Can I get paid in a custom token?

Yes. The default bidding & payment options are stablecoins like USDC and DAI that represent $1 USD, but you can also signal to your bidders that you would like to be paid in a custom token. There is a 1-minute tutorial on YouTube to show you how.

What happens when I place a bid?

Bidding is free and does not require registration. When you place your bid, Microsponsors generates a "bid order" using the 0x Protocol. You are prompted to "sign" the order to verify its authenticity. Your bid is then added and broadcasted to other users ("peers") in the network.

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What happens when an auction ends?

Bidding is open until the auction ends. Once the auction ends, no more bids are accepted. From that point, the Seller has 8 hours to choose a winning bid by clicking the "Select Bid" button in the auction listing.

There is no auto-selection of the highest bid at the end of an auction. This is so the Seller can always choose who to transact with (or not), and also because there may be factors other than price that influence a Seller's choice of winner.

When the Seller clicks the "Select Bid" button next to the winning bid, an instant trade is executed via smart contracts on the blockchain exchanging the Seller's MSPT (time slot) token for the winner's bid assets (stablecoins, etc). Fees are also deducted during this trade (see the question below for details).

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What are the fees?

Registration is free (we pay the "gas"). "Gas" is the term for transaction fees on the Ethereum network that are paid in ETH. Gas prices fluctuate but can be estimated with this toolwhich we use to calculate them for you.

Minting. Creating an MSPT time slot has a low 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. Bids have an expiration date and time, they do not need to be canceled after they expire.

Auction Sales. When the token Creator selects a winning bid, there is a 1.5% fee to each side of the trade. The Creator also pays the Ethereum "gas" plus a small 0x Protocol transaction fee when they accept a winning bid. The 0x Protocol fee is roughly the same as the Ethereum gas fee.

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Do I have to auction my time slot token?

No. Many users may only wish to mint time slots and use them elsewhere in a different way. Because they are ERC-721 standard tokens, you can simply mint a token and use the standard functions (for example: transfer) to interact with other users or smart contracts in the ecosystem.

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What is "gas" and what does increasing "gas price" do?

"Gas" is the term for transaction fees on the Ethereum network that are paid in ETH. "Gas prices" fluctuate with network usage: the more usage the network gets, the higher the price of gas for your transaction. You can set a higher gas price for your transaction during times of increased network activity.

When you use Microsponsors with MetaMask, you can use the controls inside of MetaMask to adjust the gas price. One exception is when a Seller clicks "Select Bid" to end an auction. There is a warning in the confirmation modal for this action: you cannot adjust the gas price in MetaMask or the transaction will fail. Instead, click on the "Advanced" controls inside of the confirmation modal if you wish to adjust the gas price.

For all other transaction types, you may adjust the gas price directly in MetaMask.

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How do I get a refund?

When you transact with sellers on this website there is no middleman. Microsponsors' website is simply a bulletin board that faciliates auctions and trading (kind of like Craigslist, but with auctions built in).

This means there is no central entity between the buyer and the seller. This means fees are very low. It also means that there is no way for Microsponsors to issue refunds. Refunds must be negotiated between buyer and seller directly. Each token has a "Comments" feature you can use for communicating directly with one another and keeping a record of what was agreed upon. The comments section for each token is written to IPFS via 3Box.io and cannot be edited or deleted.

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How can I earn money with Referrals?

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 using any of the "Share Links" in the auction listings or in the Registry.

We are currently waiting on the 0x Protocol to implement the type of fee splitting that will support our Referral program. For now, when your friends register using your Referral link, we will record it on the blockchain. And when 0x fee-splitting is ready, we will update our integration and you will begin to collect your Referral fees.

Once it is fully implemented, Referral Fees will be paid directly to the Referrer's Ethereum account at the time of sale using the 0x Protocol (no waiting around). These Referral Fees will only apply to auctions 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.

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How can I earn money with the 0x Protocol (ZRX)?

Microsponsors is built on top of the 0x Protocol's off-chain auction bidding and on-chain atomic swaps. Users are charged a small 0x Protocol transaction fee (denominated in ETH) when they buy or sell a Microsponsors token thru our UI. The 0x Protocol incentivizes users to "stake" ZRX tokens and rewards them in ETH collected from these protocol fees. The more ZRX you stake, the more the protocol rewards you will collect.

If you plan to do alot of token purchases through Microsponsors, you have the option to form a ZRX staking pool in order to maximize your 0x protocol reward. To begin, you can also just join an existing staking pool. The more ZRX in your staking pool, the larger your protocol reward.

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

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How do you plan to decentralize?

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. In the interest of integrity, we're going to work towards product-market fit and building community first, and then (probably) tokenize ownership. Join our Discord if you're interested.

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 ↗.

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How can I send feedback?

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

You can also join our Discord.

This is experimental software that will evolve over time to meet the needs of the community using it, so get in touch!

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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 Kovan testnet).

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

In the coming months we'll be publishing more tools to help developers integrate MSPT tokens into other applications. There are three 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 time slot 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.

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

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