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General FAQ

What is Joint Protocol?

The Joint protocol is a collection of smart contracts that work together to allow users to trade cryptocurrencies for fiat. The Joint protocol is the decentralized equivalent of P2P exchanges like Localbitcoin and Binance.

What can I do with Joint Protocol?

You can use the Joint protocol to exchange any cryptocurrency for local currencies. For example, you can exchange ETH/USDT/BTC for fiat using any payment method.

What trading pairs are supported?

Joint Protocol allows anyone to create a market for any two ERC20 tokens. Furthermore, unlike centralized exchanges, Joint protocol has no trading pair limitation.

Who are the protocol participants?

Protocol participants are persons or entities that work together to keep the protocol lively. These are the protocol participants:

  • Market Creator - They create markets that can be traded on.
  • Liquidity Provider - Adds and manages liquidity in a market.
  • Liquidity Manager - Optionally granted the power to set or update a liquidity's price.
  • Mediator - Responsible for resolving disputes.
  • Miner - Executes public operations (ex: drafting, un-drafting, vote execution etc.).
  • Interface developer - Provides and manages an interface that allows users quickly access and use the protocol.

Who is a taker?

A taker (or swapper) is a person who swaps a quote asset for the base asset of any market.

What is an Interface?

An interface is a dApp built on top of the Joint protocol. It can be a web or mobile application. Anyone can build an interface for the Joint protocol with additional features. The beauty of Joint protocol is that all interfaces intrinsically adhere to the protocol's censorship-resistant and non-custodial qualities.

Is KYC required?

As a collection of smart contracts deployed on the blockchain, the protocol does not require KYC registration. However, interface developers incorporated in regions where KYC is mandatory may require KYC.

How are disputes resolved?

The Joint protocol comes with a decentralized dispute system that is open, transparent and simple to understand. When a dispute is raised, a minimum of 3 dispute resolvers (a.k.a. Mediators) are randomly drafted to the dispute, where they collect evidence and vote on a verdict. Mediators are paid by the protocol when they vote with the majority and are slashed when they vote with the minority.

Can I appeal the outcome of a dispute?

Yes! The resolution of a dispute can be appealed within a duration. Therefore, trade participants can perpetually re-appeal a dispute as long the appeal duration has not elapsed. However, to prevent the appeal system from being abused, it will cost a fee to appeal a resolved dispute. In fact, for every re-appeal made, the number of mediators drafted and the fee are doubled.

How will Joint protocol be governed?

The Joint Team team will initially develop the Joint Protocol. When the protocol matures, a co-governance system between the protocol inventors and the community will be set up to manage the protocol. Before maturity, Joint Team will use snapshot for temperature and consensus checks.