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FAQ

FAQ

Why would anyone want this?

It lets you safely buy and sell real-world items on the internet with crypto.

A seller can solve this problem today by selling on their own website; but that requires them to have an existing business and limits sale to only their website. RWTP allows you to safely purchase from new, untrusted businesses and lets existing businesses sell to large global market.

Why does RWTP let you sell to a large market?

All the buy orders and sell orders are on a blockchain; a shared global database. You can buy from any client application, and sell on client application. If you list something on your own website, it's also purchasable (under the same price and terms) on the rest of the RWTP marketplace.

Does that mean I don't get control of where the product is sold?

Just because someone offers to purchase your product from anywhere doesn't mean you have to accept their offer. You can limit where product is sold, by only accepting offers that originate from certain sources.

You say you can "program the economy", what does that mean?

RWTP lets you place a buy order, in human language, with a few lines of code.

For example, you can create a buy order for "vintage clothing". You don't even need to specify what type of vintage clothing or an exact SKU. Instead, you can just say "vintage clothing plz" and let the market provide you with offers.

Here's an example in Javascript of doing such a thing:

import { OrderBook } from 'rwtp';

const book = new ethers.Contract(OrderBook.address, OrderBook.abi, provider);

book.createOrder(
  yourWalletAddress,
  'ipfs://Qmc1Jz9Pwj9mgrwfSB2qw6wu2sPwv2cUf9bM7xdF5PE4mU',
  true // isBuyOrder = true
);

And here's an example with a fictional command line application:

rwtp order create --buy "Vintage clothing in the style of the late 90s"

Are there protocol fees?

Yes. At the moment, there's a 1% protocol fee on the default OrderBook. Currently, these fees are paid to the RWTP DAO that's really just a multisig. Eventually, this DAO will be expanded until it is controlled, in majority stake, by the users of the protocol, with a minority stake owned by ecosystem projects.

If you would prefer not to be in the DAO, you're free spin up your own OrderBook that does not pay protocol fees. Real World Trade Protocol is built with forkability in mind. By default, you don't need to make a code change to "fork" the DAO. However, if you would like to change functionality, you can implement the same interface and change the logic.

Note that client applications are free to respect or not respect your fork.

What are protocol fees spent on?

Protocol fees are meant to fund development of the protocol itself, public goods that don't otherwise have a business model, and infrastructure that makes the protocol competitive to centralized solutions.

At the moment, protocol fees are spent entirely on funding development of the protocol. These costs may include paying engineers to work full time on RWTP, running a bug-bounty program, having security researchers audit RWTP, paying to setup a non-profit legal wrapper for an RWTP DAO, and so on.

Protocol fees may be spent on retroactive public good funding. This may include funding open source packages for every language.

Eventually, protocol fees may be used on real-world infrastructure that ensures the success of RWTP and the world at large. This may include things like low-cost access to warehouse space and shipping. Because of the implicit scope of RWTP, protocol fees may also be a source of an alternative source of funding for industrial policy. At scale, what is good for economic progress overall is good for the Real World Trade Protocol.