ZZZ Community Update August 15th

zzz.finance

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zzzfinance

9 min readAug 15, 2020

Some Frequently Asked Questions

New Visual Impressions Made By The Community

So far…

we are overwhelmed by the rollercoaster that we’re in the past couple of days. The ZZZ project came to light on the 10th of August. At first, the initial price started at $1 with a circulating supply of 15,000 tokens(+5000 released over time) — which is the total supply simultaneously — right now, we’ve seen prices as high as $300 per ZZZ. With ZZZ being a community-centered project, the most important factor of all is that we’ve seen our community grow from just a handful of members to over 700 members in our Telegram and already 650+ token holders! With no centralized party, and no team that holds any tokens we’re happy to welcome even more community members every single day.

In this article, we want to answer some questions that people might have about ZZZ. With a price increase of such volume, many people would want to get on board as well. With new faces arriving, we know there are a ton of questions. Thus — let us allow you to answer these questions.

What is ZZZ about?

ZZZ is a community-centered DeFi-project by the people, for the people. The decisions and actions of ZZZ are made by its members and community to assure equity and fairness for all. ZZZ is a new form of governance system. A think-tank. A place where innovation, entrepreneurship, and technological advancements are the priority, creating a much needed utility focus to the blockchain space.The value of ZZZ is determined by the contribution and innovation of the community as a whole.

This means that there is no centralized team, no pre-sale, ICO or IEO. There’s one lead dev that created the protocol, set up the smart contracts and afterwards took away his access. Anyone in the community can now contribute to the code and improve upon the current stack. All the marketing, sales and future listing are decided upon by the community.

What can I do with my ZZZ coins?

The ZZZ coin is the key element for the ZZZ protocol. Anyone that holds ZZZ tokens is officially part of our community and thus gains the right to vote about the future of the project. With your tokens you have the opportunity to stake your coins and earn rewards. These rewards come in the form of UNI tokens or ZZZ tokens. Our development is building a governance platform where people can collaboratively decide about the future of ZZZ.

We have yet to decide whether the percentage of ZZZ earns you more voting rights, if you’re willing to contribute with your thoughts please join our community channels. We are aiming to build the governance platform in a way to emphasize trust. We don’t want to make people lock their tokens to vote, people should be able to make decisions without having to give away their tokens.

What does the ZZZ token govern right now?

We’re currently developing a governance platform on which our community can vote about the course ZZZ is sailing. As the voting platform is implemented we’ll collaboratively decide what will be added to the ZZZ project. That means deepening the current roadmap, involving other projects, creating new pools, yielding, collaborating with other DeFi projects and much more. The possibilities are endless with a growing community that’s all responsible for the success of ZZZ. It’s in everyone’s best interest to get involved with development.

Thus, right now there’s not much that’s being governed. The governance platform is set to be released within the upcoming days/week which means that soon the ZZZ will govern the direction the project is heading.

What do the ZZZ tokenomics look like?

With most projects, this is a difficult chapter. There’s allocation for pre-sale, seed investors and the tokens for the team are divided into different chapters. The ZZZ tokens are 100% community owned. This makes for a very simple and straightforward overview of the tokenomics:

Total supply: 20,000 ZZZ

Initial supply to Uniswap: 15,000 ZZZ & 20 ETH

Initial market price: 1$

Supply reserved for rewards: 5000 ZZZ (Pool A)

Why is there so much hype about ZZZ?

We believe that the entire cryptocurrency industry is done with projects that claim to be decentralized who are in fact controlled by a centralized group of people. We’ve created the protocols and contracts, burned our admin keys and invited every single person to join the development of ZZZ. It’s a community project, and the community has decided to create the hype. With a low total supply, it doesn’t take a lot of volume to cause high token prices. With high token prices, you’ll have a lot of hype instantly. Over the past couple of days, people have seen their investments grow substantially, thus they’re motivated to spread the word and invite others to see their capital grow as well.

However, we’re not here to cause a hype and fly away. We want this project to succeed by means of the community — and thus we’re prioritizing the development of the governance platform right now.

How possible is the success of ZZZ and is it pure speculation?

Anything that we have achieved right now is the cause of a dedicated community of industry phanatics that are motivated to see their capital grow. The success of ZZZ depends on what the community wishes it will be. One might be satisfied already, others are aiming for the top 20 tokens in terms of market capitalization. All we can tell is that this project started as an experiment, but as more people join it’s becoming more serious by the day. We do advise to only invest if you truly believe this idea holds great potential. Anyone that’s currently on board does so, and does their fair share of development either by writing, coding, marketing or anything else.

What does the ZZZ roadmap look like?

Since the project was just initiated days ago, the project is really simple and straightforward at this point. Our goal is to improve our current protocols, fill up the pools and create new pools and more incentives for holding ZZZ. We’re in this for the long run and our goal is to create a sustainable ecosystem where anyone can contribute to the success and popularity of ZZZ. The goal is that ZZZ will set new standards for community-developed projects and thus complete decentralization. In concrete steps, our current steps towards a bright future are;

Community-centered Governance Platform with a voting system
Feeless governance exchange
Homepage revamp and improvement on the UI.
New ways to earn via additional pools and mechanisms built into the ZZZ app with parameters determined by the community
First promotion initiative by developer and some members, backed in ETH, to create multiple social media funnels to guarantee upstream
A crowdfund or a subnet pool with transaction fees to reward community contributions and foster further growth

Note that anything on this roadmap is open for discussion and proposals are created at this moment on the forum. Right now our community is growing at a rapid pace and we’re glad to accept new ideas. Again, if you feel like you can contribute to the project, purchase some ZZZ tokens and join our community channels.

Is ZZZ rug pull proof?

In short: yes. ZZZ prides itself in being one of the few projects which truly has no owner. The ZZZ token was created by Andre, our lead dev. However, the moment the ZZZ came to light and all 20,000 tokens were created, Andre burned his admin keys. Without admin keys, you can’t mint any new ZZZ tokens. Thus, it’s impossible for a third party to drain any Liquidity pools and walk away with your cash.

To prove the above statements, you can follow the TX links down here:

Remove Owner as minter TX: 0xa131434b42f89fa5609b4c380216a4a8cc3045c8f91e635512adeb4d4ad6f8a8

Admin Keys Burn TX: 0x06d44b27e70e18108d1fbf3a43745c244e3641e2243564bc78c01674352061cd

There are several members of the community that have done an audit of the smart contracts and confirmed the legitimacy. However, Anti Scam Token took it one step further and used ZZZ as an example on how to prevent further minting: https://youtu.be/EwaBIP28Whc?t=684

There are more audits to be done in the future — and we are glad to welcome anyone that wants to perform an audit on our code.

Was there an audit?

There hasn’t been an audit by a professional party at this point. We’re hoping to do this in the future to make the project more trustworthy and future-proof. However, we’re still developing a system for how these expenses can be paid for by our beloved community.

At this point — we invite anyone to review and compare the code yourself:

You should know that the contracts we’re currently using for the pools are copied from synthetix rewards contracts. The only difference is a change in tokens to use ZZZ/UNI/BPT

https://github.com/sigp/public-audits/blob/master/synthetix/unipool/review.PDF

On top of that, we’ve taken the YFI contracts and copied it. This contract has been audited by quantstamp. Go to the section ‘YFI Contract’ and see for yourself.

https://quantstamp.com/blog/yearn-finance-security-review

Where can I stake ZZZ right now?

The first thing you need to know about staking ZZZ is that you need MetaMask. Head over to https://gov.zzz.finance/ and find yourself two available pools.

Pool A — 5,000 ZZZ tokens rewards:

To contribute to Pool A, users simply stake their BPT tokens. BPT tokens can be obtained by providing liquidity to the 98% DAI — 2% ZZZ pool available on balancer. Pool A will drip rewards 3 hours after uniswap listing.

Individuals who stake their BPT tokens to Pool A will be rewarded a share of 5,000 ZZZ tokens over a period of 10 weeks.

Pool B — 547 UNISWAP-V2 token rewards:

Pool B will allow us to give back to the community. Users can stake their ZZZ tokens in Pool B to gain a share of the Liquidity on UNISWAP-V2. Owners of the UNISWAP V2 tokens can then remove ETH/ZZZ tokens from UNISWAP, based on how much they own.

Individuals who stake their ZZZ tokens to Pool B will be rewarded a share of 547 UNISWAP-V2 tokens over a period of 10 weeks.

Find the value of the UNI Pool token HERE

Find a tutorial how to stake in Pool B here: https://medium.com/@zzzfinance/how-to-stake-zzz-token-on-pool-b-2634be6aa395

What is the ZZZ philosophy?

“Whoever controls the volume of money in our country is the absolute master of all industry and commerce…when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” ― James A. Garfield

ZZZ re-invents community focused governance by redistributing the power to you, the people. Join the ZZZ community today, start earning, and take control today!

How can I help with the ZZZ project?

If you feel like you can help out and bring value to the ZZZ project and want to help the development of a community-centered project, there are several ways. Anyone with skills are welcome. If you know how to write code, you can join the current developers, if you’re a graphic designer you can help us out with creating some graphics for our website, the community channels, social media, even memes are helpful at this stage! Are you a marketeer? Help us spread the word! Are you a great writer? Write a nice article or review about ZZZ to make it easier for others to do their research.

How do you plan to pay people who contribute to ZZZ?

As part of the release of the governance platform, this will be one of the first questions that we want our community to answer. It’s currently difficult to decide without the consent of anyone involved. That means all ZZZ token holders and community members as. There are various options ranging from crowdfunding or a subnet that demands a small fee. Others are opting for the voluntary assistance of others, that holding ZZZ alone is enough motivation to contribute to the project. Whereas for some causes that might be enough for some, others like a professional audit or possible CeX listing do require funding. We’re working around a way to make sure not a single person has access to these funds without the consent of the community. It’s complicated, but it’ll be possible.