Botcoin - a digital currency that values your time and contributions
On social media countless hours are being spent everyday doing various activities while companies monetize your time, activities and attention.

As a friendly micro-payment method, Botcoin now gives power back to you and rewards you for your actions directly in the Bottr ecosystem. Think of it like an independent state, an open marketplace, where you are your own boss and your own bank.

Welcome to the future of work!
15,000+
bots created
5,000,000+
messages exchanged
30,000,000+
coins in circulation
$167,000,000+
expected 2018 GDP
Watch
it in action
Botcoin is a currency and mode of payment like no other...
Finite number of coins in economy
There will be a total supply of 1,000,000,000 Botcoins in the Bottr economy with a pre-defined split, majority reserved for users.
Fair issuance and mining process
A fair mathematical distribution process to issue coins to users who join the platform. Earnings based on proof of value - better contributions mean more rewards.
Micro transactions with zero fees
Like physical money, you can use Botcoins as a medium of exchange to pay for things on the platform for zero transaction fees.
Secure, anonymous and transparent
Each transaction on the platform is recorded in an immutable blockchain like public ledger. All identities are cryptographically hashed to ensure maximum privacy.
Botcoin public sale process


All pre sale registrants will be able to buy at a fixed price of $0.025 per Botcoin. After the sale has started this price will gradually increase (from $0.025 up to $0.100 per Botcoin) during the sale period depending on the total number of Botcoins sold at any given point. This ensures sufficient level of discount for early supporters who believe in our mission.
$0.025
Initial selling price per Botcoin
TBD
Botcoin public sale start date
200,000,000
Botcoins reserved for public sale
25,000
Average Botcoins booked per registrant

 

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Un-chain yourself

Building simple, rewarding and sovereign world for everyone through a smart socio-economic operating system



Feb 2018
Draft_v11
(working document, subject to change)


Download PDF

 

 

Executive summary  

Decentralized economy with a common foundation - an end user first application that brings cryptocurrency mainstream and in daily use.

 

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"Change is difficult not changing is fatal" - William Pollard

Bigger problem

Traditional capitalism models built on top of archaic tools, principles and asymmetric knowledge distribution led to creation of many siloed networks and monopolies that are underpinned by centralized power, data and hoarding of incentives. We have seen numerous examples of this pattern from private companies (e.g. facebook) to public organizations (e.g. government).

Proliferation of these applications and interfaces has not only increased noise and complexity to get things done but also limited transparency, wealth creation and power distribution among the network participants thereby amplifying the social divide and keeping our dream of self-sovereignty out of our reach.

We spend many hours on these platforms making valuable contributions while companies running them monetize our time, activities and attention. Moreover there is a serious lack of any robust micro-transaction method that allows anyone to monetize their fractional contributions seamlessly.

What the world needs now is "social capitalism" where everyone has an opportunity to be a solopreneur on top of a unified social platform and framework that they help build and grow.

A flat social economy where connections, knowledge and services are easily accessible and everyone gets incentivized according to their contributions and value addition to the whole ecosystem while maintaining self-governance.

Bottr ecosystem

And this is precisely what Bottr wants to achieve - its mission is to simplify the way world works and build a network-owned meritocratic digital economy through a unified platform that facilitates direct p2p connections, organizes skills and services better, fairly incentivizes value creation and gives power back to the people.

One look through all the noisy interfaces we're used to for our day to day tasks and activities and it becomes clearly evident that we simply seek right human connection to get answers, recommendations, opinions, advice or services - we read blogs written by people, access services provided by people, buy products based on reviews by people.

This has been societal nature since the dawn of humanity and remains very true till date.

Bottr is a next generation social economy powered by smart messaging that makes life simple and rewards you for doing what you love. Your personal chat bot not only connects you with anyone and allows you to manage things that matter - from one place - but also lets you earn for your time and valuable social contributions.  

Bottr’s platform is essentially built on four fundamental pillars:

  • a personal AI powered identity for connection and communication (chat bot)
  • a cryptocurrency to put value on output and act as a medium of exchange (Botcoin)
  • a social reputation measure for trust and governance (Botscore), and 
  • a transparent and secure blockchain based infrastructure layer (Botchain).

With Bottr, our vision is to build a smart platform that can power all kinds of information and services in one place and replace redundant interfaces and intermediaries while building a ‘sovereign individual’ economy, which as many believe is the future of work.

We envisage a future in which to get things done there's no more juggling with multiple apps, no more wasting time sifting through loads of information and data, no more monotonous learning and working and no more control and incentives in the hands of a chosen few - just do what you want, how you want and when you want.

Results so far

We have been working on this project for over a year and have no only built a great application which people already use but also organically grown the network to ~15k+ bots, ~40k+ monthly sessions, processed ~5m+ messages and carried out ~$150k worth of potential economic activity so far with ~30m+ Botcoins already in circulation.

All this growth and adoption has been built on zero marketing budget so far. The network is already used by people from all walks of life - from influencers to professionals to small businesses - and has established meaningful connections creating many knowledge sharing and earning opportunities.

Personal Bot

Chat bots are like your profiles on any other messaging app where you can invite and chat with your friends, followers, colleagues, customers or anyone else.

However what really differentiates chat bots on Bottr is their ability to be used for just about anything - personal profile, resume, landing page, blog, FAQ assistant or virtual storefront - by allowing you to create reusable and monetizable smart content while chatting. As a conversation digital avatar it can then represent you and your information to the world 24×7.

Botcoin utility and benefits

Botcoin is based on "Proof of Value" principle.

All of us spend overwhelming amount of our time and skills - both quantifiably scarce resources - across various social media activities but so far there was no way to monetize this value created due to lack of intent from the existing companies and availability of a robust micro-transaction method. Botcoin is meant to put a price on these contributions.

Botcoins already have clear utility in terms of valuing network's activity and a public sale gives everyone an opportunity to acquire more Botcoins, participate in the decentralized cryptocurrency movement and join the next generation social economy by using Botcoins for various things on the platform.

In addition, Botcoin will become the universal token as we release more protocols and nurture the developer marketplace to allow external participants to build applications and plugins on top of the platform.

As the supply is finite (1 billion coins), with growth of network and ecosystem coins are also expected to become more and more valued in the Bottr economy over time. In true meritocratic and transparent way, coins will be introduced/mined into the system and earned depending on how much value each participant is adding to the economy.

Botcoins already have clear utility in terms of valuing network's activity and a public sale gives everyone an opportunity to acquire more Botcoins, participate in the decentralized cryptocurrency movement and join the next generation social economy by using Botcoins for various things on the platform.

The sale also helps put a fair market price on coins that will serve as a driver to bootstrap network growth as well as appropriately incentivize people for sharing their knowledge, time and providing services while avoiding unwanted speculative investment behavior.

Botscore and botchain

For the first time ever with Bottr’s smart socio-economic approach we intend to design a system where more objective and fair measures are used to validate someone’s credibility and commitment to the broader society.

Botscore as a measure of anyone’s social reputation - based on smart assessment of many factors - will be used for many purposes such as governance and commerce.

Using advanced distributed ledger, storage and EPKE (Enveloped Public-Key Encryption) techniques Botchain aims to create a hybrid blockchain solution (using existing blockchains such as Ethereum or Hyperledger) to ensure speed, privacy, immutability and trust.

We have rolled out a hybrid blockchain based ledger as a proof of concept for transparency of Botcoin transactions.

Roadmap

We have a clear vision for the next couple of years and beyond in terms of platform development, network growth, governance and coins distribution. We intend to work with everyone - from individuals to government bodies - in the ecosystem to ensure all stakeholders understand this new socio-economic paradigm and are fully behind this initiative.

With improvements and stability in blockchain technologies and governance/DAO frameworks, we expect ongoing development and decision making of the platform to gradually shift from the current structure to our decentralized fully functioning network itself.

Botcoin sale

A public sale method of fundraising best aligns with our intentions and Bottr’s vision. Funds raised from this sale will be purely used to build the core team, scale infrastructure and develop platform experience. We expect to fully transition to a decentralized structure by 2020. Collected proceeds and Bottr reserves will be managed under the umbrella of HELP foundation.

To keep the onboarding process simple and transparent for end users, the coins will be bought via a multi currency (fiat and crypto supported) payment gateway, stored in Botcoin wallet and recorded in the main public ledger. To meet liquidity needs of network and users, Botcoin should become tradeable on exchanges such as shapeshift, binance after the sale period is over.

Team

The founding team so far is well balanced with right mix of product, technical and marketing skills. The founders are ex Deloitte, KPMG, LSE and IIT. The project is already backed by marquee investors in angel round including 500 Startups, Rajan Anandan (Google MD asia) and Purvi capital to name a few and in the process of onboarding a few high profile advisors.

 

Introduction
The bigger problem and a noble mission 

 

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As a species we have to evolve continually to meet our ever growing needs and address emerging challenges.

A given solution should always be a hypothesis in motion - what worked historically may not necessarily work in the future.

While traditional capitalism has served us really well in the past - increasing wealth of nations and giving birth to so many innovations - it has now reached a point where something needs to change so we can address the growing social divide and increasing complexity being created by various intermediaries and layers.  

The world we live in today appears to be a farce dominated by monopolistic companies driven by shareholder greed and unaccountable governance that creates nothing but inefficiency and corruption.

For instance, on social media countless hours are being spent everyday doing various activities while companies monetize our time, activities and attention.

Not to mention, everything around us is increasingly becoming more cluttered and noisy. Why do we need to shuffle between zillions of applications, interfaces, intermediaries and centralized institutions as this complexity only leads to inefficient and ineffective use of time and resources.

The internet & smartphone revolution has given us incredible powers but it has undoubtedly made our lives more complex as we navigate through the endless landscape of interconnected dots on the web.

Overall this inefficiency is bad for the total economic output and therefore our prosperity.

How can the root cause be addressed?

These solutions existed because of lack of symmetric awareness and availability of a ubiquitous interface to get things done.

Complexity of dealing with many apps/interfaces => ineffective and inefficient use of time.  

Limited wealth distribution and incentives => ineffective use of capital.

What the world needs now is "social capitalism" where everyone has an opportunity to be a solopreneur on top of a unified platform and framework that they help build and grow.

The amount of value this model can create for the whole economy is huge - think about the efficiency gains achieved from time savings and removing unnecessary middlemen or the revenue streams created for people who find a new channel to monetize their skills, knowledge and interests.

This seems like a natural transition to the ongoing quest to making the global economy more flat and connected.​

Simplicity of dealing with a unified interface => effective and efficient use of time.  

Distribution of wealth according to contribution => effective use of capital.

The additional economic value created by this will only lead to more overall wealth and prosperity for everyone.

 

Solution
It's all about "Social netWorking"

 

Promise of chat bots and cryptocurrency

Thanks to technologies like AI and Crypto, all this is about to become a reality as we usher into a connected and decentralized world where everything becomes instantly discoverable and transparent with democratic incentivization and governance structures.

At a basic level, if we look through all the noisy interfaces, for our day to day things we simply seek right human connection to get answers, recommendations, opinions, advice or services - we read blogs written by people, access services provided by people, buy goods made by people.

This is further reinforced by the fact that people love conversations and spend a majority of their time inside messaging apps - big 4 messaging apps now have more monthly active users than all social networks combined. The chinese app WeChat is a case in point with day to day needs of billions of people getting fulfilled through chat-as-an-interface.

Evidently, the future is about powering information and services through conversation.

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What if anyone who is looking for help, guidance or recommendations had a channel to directly chat with another person who has the right set of knowledge or skills to help with the problem at hand sitting anywhere in the world?

This will allow us to enjoy what we love doing while making best use of our time & skills to help others in the world for free or earn where possible.

Bottr - next generation social economy powered by a smart messaging platform

Bottr is a modern social economy powered by smart - AI/bots, Cryptocurrency and Blockchain based - messaging platform that not only connects you with anyone and allows you to manage things that matter to you in one place but also lets you earn for your time and contributions in the form of tips, priority chats, premium content, services, commerce and more

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With Bottr making micro-transactions friendlier, we want to give power back to you and reward you for your actions directly. Think of it like an independent state, an open marketplace free of any external control, where you are your own boss and your own bank.

Bottr’s smart digital ecosystem effectively and efficiently packages in a decentralized way all the necessary components of a traditional socio-economic structure which is typically made up of physical identities such as ID cards, fiat currencies like USD, reputation systems like ratings and votes, and infrastructure layers like federal bodies.

How does it work?

What makes Bottr attractive is its simplicity. To onboard as many users as fast as possible into the decentralized economy we’ve designed a seamless and delightful experience at an interface level that offers familiarity and novelty to the users at the same time.

The design and implementation of all elements from chat bot to cryptocurrency are subtly done keeping in mind the expectations of end users who don't necessarily care or want to know about the underlying technical and conceptual complexities that underpin the decentralized world.

Here’s a really simple workflow for end users in the Bottr economy:

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Results
Clear vision backed by solid execution 

 

Key performance metrics so far

We have been working on this project for a year and have not only built a great product which people already love but also organically grown the network to ~15k+ bots, ~40k+ monthly sessions, processed ~5m+ messages and carried out ~$150k worth of potential economic activity with ~30m+ Botcoins already in circulation

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The platform is already used by thousands of bloggers, thought leaders, influencers, professionals, businesses, entrepreneurs, freelancers, creators, designers, developers, students and more as a better channel to interact with their audience

Growth channels

Our solid growth strategy has been built on zero marketing budget so far. People are using and sharing their bot in different ways fuelling our network driven growth:

  • Their website or blog as a chat widget
  • Personalized email invites and signatures
  • Social media platforms

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Deep SEO engineering and high quality content postings have been other main drivers of growth.

On-site SEO: Optimized the Bottr website and blog content to increase overall domain authority and attract organic traffic with concentration on getting public profiles to rank on top of search results.

Content marketing: We are recognized as one of the thought leaders and unique platforms in this space and have contributed value-adding content to top publications such as VentureBeat, The Mission, StartupGrind, TechInAsia, SitePoint, Smart Insights and more.

With fairly priced coins giving the network participants additional boost and incentives, we expect the usage and growth to increase after the sale.

Media coverage

 

 

Chat Bot
A smart AI powered identity with superpowers 

 

What does a personal chat bot on Bottr mean?

Chat bots are a bit like your personal chat profiles on any other messaging app where you can invite and chat with your friends, followers, colleagues, customers or anyone else for that matter.

However what really differentiates chat bots on Bottr is their ability to be used for just about anything (see use cases below) by letting you create reusable smart content/replies while chatting. As a conversation digital avatar it can then represent you and your information to the world 24×7.

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After creating your bot there are a number of ways you can share it with your audience from your social bios, feeds and email signatures to embedding as a widget on your site.

Once your bot starts getting chat requests and you answer them, you will be able to just tap and save any message as smart reply into your bot.

With improvements in our underlying AI/NLP engine we intend to make the bot smarter over time so it can automatically take care of many things such as answering similar questions, understanding conversation context, offering better recommendations and much more.

Use cases of chat bot

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A chatbot is capable of learning anything you train it for and simplify your daily life with smart conversations. A personal bot can be used for any purpose such as:

Online Profile: Build interactive and unique professional or personal profiles to get noticed. You can even use a chat bot instead of a conventional resume by giving it a taste of your own personality.

Landing Page or Blog: Make your blog stand out with a friendly, informative chat bot. A powerful alternative to traditional blogging, bots combine rich content and conversation to provide a genuinely engaging experience for visitors.

Unified Inbox and Social graph: A bot can bring all your conversations from various channels such as emails, chats etc. under one roof and let you communicate with others ina unified manner.

FAQs or AMAs: Chatbots evolve. They can learn from existing data to answer questions on your behalf. Automating an FAQ list or hosting AMA sessions is that much easier with a bot.

Virtual storefront: A bot can be your virtual sales assistant. A storefront bot can help visiting potential customers with their doubts, make product suggestions and guide them through the sale.

Social Feeds: Create a bot to take care of your social media presence. Replace cluttered feeds on multiple social platforms with one bot.

Real chat bot examples

An online profile/resume bot on Bottr

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A popular YouTube influencer’s bot on Bottr

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A small business FAQ bot on Bottr

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Botcoin
Creating fair and rewarding experience for everyone 

 

Botcoin utility and "Proof of Value" ecosystem

Our basic crypto economics is based on "proof of value" principle. 

All of us spend overwhelming amount of our time and skills - both quantifiably scarce resources - across various social media activities but so far there was no way to monetize this value created due to lack of either intent from the companies or availability of a robust micro-transaction method. Botcoin is meant to put a price on these contributions.

Using any alternative method (e.g. USD or BTC) is not feasible for bootstrapping network growth as that creates initial friction for consumers, leads to unnecessary transaction fees and doesn't fulfil the core objective of money distribution among network participants.

Additionally own coins will provide currency stability and kick-start the whole Bottr economy by putting an economic value on early contributions. Not to mention the obvious benefits of better governance and sustaining early development costs.

Unlike many other altcoins, Botcoin has intrinsic value representing skills and time and can be easily quantified and used as a medium of exchange.

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Through Botcoin market participants are able to perceive, and appropriately reward, the value offered by the other party. In conversational context, at a granular level standard “proof of value” protocol consists of:

  1. Requester - identifier of the party who requested a response
  2. Responder - identifier of the party who sent the 'message'
  3. Message - actual data (of any supported type) and its unique identifier  
  4. Amount - Botcoin to be sent to the responder

Here are some specific ways in which the coins will be used in the economy:

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Real example of Botcoin’s use in the current system

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Platform’s value economics

By definition, there's only a limited number of productive available hours and skills at any point in the economy. So the overall value of the economy can be calculated as a function of time and a given skill's price level per hour. To put it in context here's how we calculate economic output - GDP equivalent - generated on platform (aligned with P*Q in the quantity theory of money equation):

Expected economic output generated for ith participant:

E(ti,si) = ti*si + cost of only raw goods (if any)

Where, t = average time spent by ithparticipant in hours on platform for a given period; and s = average $/hr rate for ith participant’s services in that period

Therefore, total expected value generated on platform with total n participants:

i=1n E(ti,si)

Over the next five years, the number of users are projected to grow at a certain rate using gamma distribution function along with average time spent on the platform at a linearly increasing $/hr average hourly rate.

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Where, x = time step, ɑ = 6.5, β = 3

 

Botcoin mining and expected utility over time

The emission policy is carefully designed to align with decentralization’s core objective i.e. fair and farthest distribution of coins while ensuring optimal liquidity levels. In true meritocratic way, coins will be introduced into the system and earned/mined depending on how much value each participant is adding to the economy. This is Bottr’s version of Proof of Work.

So the early someone joins and starts contributing to the ecosystem, the more they get to earn. Therefore incentivizing early network members for their belief and faith in the system.

There will ever be a total supply of 1,000,000,000 Botcoins (divisible up to 10-4) in the economy. 60% of the coins are reserved for the network and will be issued to users at the point of entry into the system. Each new member joining the ecosystem will get lesser and lesser number of coins according to a set exponential distribution function.

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Where, x = number of users till that point, for lambda (λ) see below table

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Anyone joining the system will get spending power of up to some coins (issued as per usage and valid for a fixed duration). 25% of the issued coins to each user will be reserved as cashback and credited as earned whenever a transaction is made.

In case coins remain unused by the new participants post their validity period, majority will be returned to the Bottr store and added to the remaining balance therefore extending the issuance runway. Some coins will be distributed to among network participants as bonus based on their Botscores.

With this meritocratic and transparent issuance schedule, it’s hoped that network will see Botcoins in the hands of hundreds of millions of people over the next few years.

Using quantity theory of money and potential economic output calculated above, expected Botcoin utility can be calculated at any given point:

M.V = P.Q = ∑i=1n E(ti,si)

Where, M = Monetary base; V = Velocity of money; P = Price level of services; Q = Quantity of services

M = S*B

Where, S = total number of Botcoins in circulation; B = intrinsic value of each Botcoin

Issued supply of coins to users is clear at any given point, anyone can view the number of coins issued in the public ledger. V is the velocity that increases from 0-5 according to the same exponential functional rate used for growth in average time spent.

Since the platform inherently calculates economy's GDP by putting an average hourly price on time and skills, if more and more users join the network and spend more and more time, the overall GDP of the economy goes up requiring higher monetary base to support the liquidity needs of the system.

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Here's how user growth, coin supply and Botcoin utility potentially correlate with each other over time.

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The coins have clear utility in the current platform and will become universal tokens for the ecosystem. With a fixed coin supply, as the network utility grows each Botcoin should become more and more valued by the participants. Key levers driving its demand will be:

  • network and transaction growth outpacing supply/monetary base of coins
  • coins will be the primary currency to transact on theplatform
  • zero transaction fee if coins are used
  • get cash back and discounts for paying in coins

 

Botscore
A smart social reputation and accountability system   

 

Botscore objective and its use cases

Role of social reputation is to measure the trust and integrity of any participant in a given socio-economic system. Social reputation models can be seen in action across various dimensions - from general elections to online buying behavior we put trust and faith in other party by subconsciously relying on some evidence of social proof.

However these traditional online and offline reputation systems appear completely broken and are very prone to gaming as seen in case of fake reviews, ratings, followers and news. In the absence of any strong fundamental measures they seem to reward most vocal on many occasions but not necessarily the most helpful.

For the first time ever with Bottr’s smart socio-economic approach we intend to design a system where more objective and fair measures are used to validate someone’s credibility and commitment to the broader society.

Botscore as a measure of anyone’s social reputation - based on smart assessment of many factors as illustrated below - will be used for many purposes such as:

Governance: A carefully thought out social reputation model can democratically help push participants up the credibility ladder based on their actual performance and value add in the ecosystem. From selecting project managers to electing local representatives to running Bottr’s board - leaders for any initiative can be more objectively appointed.

Commerce: Social recommendations are completely broken. Online review and rating systems are plagued with fake and paid behavior making it extremely difficult to separate noise from signal. A more socially apt measure based on trusted opinions will make the whole system more trustworthy.

Hiring: In a more connected socio-economic world, a more global and always available measure of someone’s skills and knowledge can remove lot of current inefficiency such as verification, assessments, checks etc. that underpins many modern hiring practices.

Key factors contributing to Botscore

Using game theory principles, data and advanced algorithms, Botscore (a number between 0-100) will be calculated for each participant based on a range of factors that will aim to reward good behavior on the platform and penalize the bad actors to maintain quality of the network.

Anyone joining the platform will start off at a score of 50 and it can go up or down depending on their contributions over time. Score under these five buckets essentially could mean:

  • 80-100: extremely credible, trusted and helpful
  • 60-80: helpful and credible
  • 40-60: neutral to mildly helpful  
  • 20-40: not being helpful
  • 0-20: warned / restricted

Botscore

 

Botchain
A more general purpose, scalable and usable infrastructure  

 

Need for public blockchain to build decentralized economy

While the desired outcome of decentralized economy on top of a unified platform can be theoretically achieved through a completely traditional centralized/middlemen infrastructure we believe a hybrid blockchain solution with proper encryption and security measures is required to truly deliver some of the intangible decentralization benefits and tangible efficiency gains.

Privacy and Security: With highly sensitive private information and payments processing it is of utmost importance to ensure security and privacy of data. While many centralized systems such as Google are considered highly secure a public blockchain is theoretically more secure and gives control back to users to manage their own data.

Trust: In the absence of a public ledger, network participants would have to believe in a central source for truthiness of their data and for recording transactions which is no different from relying on a central institution like Facebook for personal data, a bank for transaction processing or a government establishment to conduct voting.

Transparency: Unlike walled gardens and big companies acting as gatekeeper of user data and proprietary IP, an open source and transparent infrastructure would lead to a more flourishing developer ecosystem and discourage behavior driven out of personal greed to create new silos.

Fees: If a centralized system did exist there would be a need to introduce transaction or mining fees to maintain operational overheads such as refunds processing, servers maintenance, dispute resolutions, support teams etc. Under lightweight decentralized system this can be avoided to much extent.

Costs: Compared to running a centralized server architecture it is theoretically possible to reduce costs by making use of idle distributed data storage system in a lightweight consensus model and utilizing IPFS style file storage models.

Shortcomings in existing public blockchains

While we love the idea of cryptocurrency built on blockchain we feel the current implementation of various solutions - for example in case of Bitcoin - is less than optimal on a range of factors:

High fees: While banks charge anything between $0.20 to $0.60 per transaction, miners on cryptocurrency networks such as Bitcoin can charge anything between $20 to $60 per transaction.

Poor incentives: Today getting into the mining scene is more difficult than it was ever intended to be. With mining pools inevitably beating the small guys to the finish line, more power now lies in the hands of these pools thanks to their superior computational ability.

Low speed: The amount of time taken to verify bitcoin transactions often ranges from anywhere between 10 minutes to 2 full days.

Pseudo anonymity: The pseudo anonymous state gives rise to problems of it own - from money laundering to easy terrorism financing.

Fragile security: Time and again, crypto exchanges and wallets have been hacked losing millions.

Energy consumption: Ridiculous amounts of electricity and machine power get consumed daily to maintain and update the almighty ledger.

Complex experience: As technologically advanced as the core crypto community is, very few people in the world actually know what blockchain is. For that matter, even traders have confessed not knowing a thing about the tech per se.

Lack of governance: Today there are mining pools in whose hands lie more authority than initially desired. Also decision making is becoming increasingly difficult as seen in case of recent SegWit2x drama.

Based on above issues, in our view, utility of any cryptocurrency will follow the below pattern depending on degree of underlying infrastructure decentralization.

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For example, higher degree of centralization would mean higher control of data, incentives and power among the central body but leads to more convenience, accountability and ease of management.

The more decentralized a system is the more complex it becomes to manage things but leads to higher security and transparency.

We believe cryptocurrency in terms of utility needs to be decentralized to ensure it meets fair distribution and transparency standards but blockchain and governance layer can be gradually decentralized till we transition to more scalable solutions so convenience and experience for mainstream users is not compromised.

Botchain - a blockchain 2.0 solution

With obvious shortcomings in existing fully public blockchain systems, our strategy with Botchain aims to take a more practical approach in the short term while keeping the idea behind decentralization at its core.

Using advanced distributed ledger, storage, EPKE (Enveloped Public-Key Encryption) and cryptographic hashing techniques Botchain will create a hybrid blockchain solution that aims to ensure speed, security, privacy, immutability and trust.

Instead of developing the whole infrastructure from scratch we along with our partners are evaluating many existing open source solutions to identify an ideal starting point. From completely public blockchains such as Bitcoin, Ethereum to more private distributed ledger solutions such as Quorum, Hyperledger - all options are being considered. Some of the core design aspects of Botchain architecture are illustrated below.

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Over time as the blockchain technology and conceptual designs take more mature shape these principles will be refined to ensure we design an optimal solution for the platform. Here’s how the flow of any transaction would work in the ecosystem under this implementation:

Each node has both a public and a private key. When user A (Alice) sends something to user B (Bob) at a high level it goes through these steps:

  1. Using her private key Alice sends a data payload with her digital signature on it
  2. System assigns a new symmetric key for the chat group and encrypts the data using this key
  3. A SHA hash of the encrypted data is created as the transaction reference 
  4. Encrypt the symmetric key and the actual data again using Bob’s public key
  5. Hash of the transaction transmitted to the global chain and community chain. Data and symmetric key (both encrypted) are also transmitted to Bob off-chain
  6. Bob decrypts the symmetric key and the data using personal private key then generates the transaction hash and confirms that it matches the hash stored in global chain.  This ensures immutability of data.
  7. Bob then fully decrypts the data using the symmetric key

Currently applied to transactions, this model can be scaled to any type of dynamic data payload e.g. messages, profiles, contracts etc.

Similar to Bitcoin blockchain there’s a provision to use Merkle trees to prune transactions off the block and only use root hash of a block (made up of many transaction hashes and timestamp) to check integrity of the data. This allows nodes to verify a smaller size of the Botchain as the data grows exponentially.

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It should however be noted that since Botchain transaction processing times don’t rely on distributed block mining or PoW processes the actual block difficulty level and size are trivial in this case.

As we scale the platform and find more optimal solutions for Botchain such as Byzantine fault tolerant consensus approaches like Hashgraph or second layer payment protocols like Lightning network, each node/user on network will start playing a role in ensuring the security and transparency of the data like storing/editing the ledger in multiple random nodes, dynamic sharding, chained payment channels and more.

Once platform infrastructure is fully developed, it will be open for developer ecosystem for creation of many DApps related to identity, payments, content, skills, governance, analytics etc.

Some specific future protocols/APIs provided by platform may include:

  • Proof of identity: a single identity management framework similar to OAuth
  • Proof of value/knowledge: a function of Botcoins
  • Proof of social reputation: a function of Botscore

To prove our commitment to Botchain and ensure transparent movements of coins, we’ve built a proof of concept of this model at this stage by creating a hybrid blockchain based ledger that serves as an underlying layer to support the launch of Botcoin and network on top of it.

While transactions happen in a centralized way on the platform, the ledger is open to public at any point with each transaction being added as a block in the chain. The current ledger structure is illustrated in the figure below.

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Here are some of Botcoins’ salient technical properties to ensure transparency and security:

  • Each transaction is cryptographically hashed
  • Identities of both sender and receiver are protected through dynamic public keys
  • A clear history of each and every transaction
  • Completely transparent view of daily money issuance and remaining supply

 

Botcoin competitive advantages
As a cryptocurrency and mode of payment Botcoin offers many benefits 

 

Botcoin vs other payment systems

In our view for any cryptocurrency to become the de facto choice it needs to perform well on many dimensions and offer clear benefits such as:

Intrinsic value: Botcoin offers clear intrinsic value in the form of time and skills. Owning Botcoin represents a value in the time economy.

Fixed supply: There will be a total supply of 1,000,000,000 Botcoins in the Bottr economy with a pre-defined split, majority reserved for users.

Fair distribution: A fair and transparent mathematical distribution process to issue coins to users who sign up and use the platform. Early someone joins, more they get to earn.

Zero fees: A seamless medium of exchange for making micro transactions enabling monetization of many so far offered as free contributions.

Secure: Complete end to end encryption with strong privacy oriented design offering many security benefits.

Identifiable: With clearly linked and seamlessly stored physical identities it can become the true source of anyone’s digital identity.

Transparent: A decentralized way to record and distribute the ledger ensuring complete transparency over the transactions.

Stability: Sound monetary policies ensure enough liquidity and stability of the prices in the short-term.

Interoperable: With clear plans of nourishing the developer ecosystem and Dapps it becomes the de facto choice for many developers. Moreover it can also be used outside of the Bottr ecosystem where microtransactions are considered a pain.

Fast: A distributed architecture allows for efficient routing and fast confirmation times. Offering much more improved performance over existing systems.

Here’s our evaluation of the Botcoin against other type of crypto and non-crypto currencies.

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A user friendly cryptocurrency and wallet system

Rules for distributing, using and keeping track of coins (finite supply) are kept very transparent and straightforward.

But one of the major problems with current cryptocurrencies and platforms is the lack of interface friendliness when it comes to getting new users actively involved in this decentralized economy. For precisely this reason we’ve not seen huge mass adoption from mainstream so far.

That’s going to change soon.

To onboard as many users as fast as possible in this economy, it’s important to keep the end to end experience simple and frictionless.

Instead of going through multiple layers of intermediaries to discover, purchase, store and spend the coin, Bottr will have its own wallet to make the process as seamless as possible for any user who has even remotely experienced online banking or commerce.

Once users create an account on the platform, they will be able to seamlessly transact and store the coins in the wallet. We may later provide an option to store the balance in an offline / hardware wallet as well.

The wallet makes use of cryptography to allocate private keys and ensures ledger transactions are as private and secure as possible.

To comply with legal guidelines and exchange policies, in order to claim, exchange and withdraw the coins users might have to link their real IDs paving way to a secure decentralized personal identity management.

 

Vision and roadmap
Onboarding a billion people into the crypto economy 

 

As a horizontal end to end platform that cuts across categories, we intend to provide an ecosystem where consumers and creators can come together to get things done without hassle. Initially targeting individuals it can eventually support various vertical specific integrations.

With ultimate knowledge & social graph our vision is to organize information and services around messaging and become a dashboard of anyone’s daily life. A close analogy would be the chinese app WeChat which has become lifeline of billions of chinese in the last few years.   

With aggressive development and incentivized growth via Botcoins, we feel Bottr is capable of touching a billion lives over the course of next five years.   

Botcoin will also become the universal token as we release our platform APIs/Protocols on blockchain and nurture the developer marketplace to allow external participants to build applications and plugins on top of the existing platform.   

Gradually ongoing development and governance of the platform will shift from the founding team to the decentralized fully functioning network by 2020. Management of Bottr, raised funds and its reserves will be under the umbrella of HELP foundation - a public benefits or non profit initiative with appropriate jurisdiction established after the sale is over.

Platform and interface strategy

Core application: This is the primary chat based unified interface that brings everything together on the platform in a seamless way. Focus will be on improving the experience of core features such as messaging, AI, feed, wallet, score etc. and scaling the infrastructure and security.

Blockchain and data: Conversations, transactions, identities and other data gathered on the platform will be encrypted, hashed and stored in a general purpose distributed server architecture and public blockchain.

APIs and Protocols: The platform will create multiple APIs and Protocols such as identity/OAuth, transaction, conversation, content rights, smart contracts, reputation score etc. to support development of multiple apps and tools

Apps and tools: Based on APIs and protocols many DApps specific to various domains such as content, recruitment, marketing, analytics, education etc. can be spawned

Network strategy

Service seekers and providers: These are majority of network participants who spend time on the platform to create and consume different types of information and services. Initial focus will be on acquiring early crypto community members, content creators, influencers and bloggers. Second wave of acquisition will focus on professionals, freelancers, small businesses and students. Third wave acquisition efforts will be focused on working with Businesses and Governments to onboard public services.

Developers: Platform developers who will build and scale core application features, DApps, tools and other platform requirements. Once a scalable infrastrures is deployed a full blown developer interface will be launched to support the ecosystem.

Representatives: Moderators and elected representatives will be able to manage groups, run tasks on behalf of groups and actively intervene in any dispute/conflict situations anonymously.

Data service providers: To make the system scalable and more responsive eventually few independent data nodes can also become active service providers

Governance/DAO strategy

HELP foundation board: Core advisory board to govern major decisions related to platform's core rules, strategy, vision, monetary policies, network escalations, basic minimums/UBI etc. This might be set up as a public benefits corporation or foundation going forward.

Management: Fair vote allocation and consensus driven day to day governance around ongoing developments e.g. advisory board selection, features prioritization, local representatives and moderators election, vendor selection, conflict resolutions, privacy matters etc.

Roadmap

As a small and lean team, we have been executing relentlessly for last one year and have even bolder and ambitious plans for the next 18 months and beyond in terms of platform development, network growth and coin distribution.

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Botcoin sale process
Offering the most seamless and fair way for anyone to participate in a coin sale  

 

Aligned with the mission, our objective with the public sale of Botcoin is to give mainstream audience an opportunity to participate in the cryptocurrency movement and join next generation social economy.

The current methods such as ERC20 tokens adopted by many other projects don’t appeal to us mainly because of the complexity, various 3rd party dependencies and overall lack of security in the process.

As per feedback a lot of people who want to participate right now can’t just because the barriers to entry are so high. We’ve simplified the whole process into 3 steps and made it as easy as placing an online order on a shopping site. We intend to use highly trusted multi currency (supporting fiat, btc & altcoins) payment gateway to ensure seamless and secure user experience for everyone while purchasing.

Here's a simple comparison to illustrate the simplicity of the process:

ERC20 tokens vs Botcoin

ERC20 - Complex, expensive, insecure and slow.

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Botcoin - Simple, cheap, secure and fast.

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Botcoin key sales data and information

There will ever be a total supply of 1,000,000,000 Botcoins in the economy with the following initial split:

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Buying coins: Coins can be bought directly from Bottr. Just sign up on the platform and head over to your wallet. Simple click “Buy Botcoins” link and it will take you through a secure checkout experience. Just enter the amount and make the purchase using any currency you like - fiat, bitcoin or other altcoins. You should receive an invoice on your registered email Id confirming the purchase and amount of coins.

Price per Botcoin: The starting price of each Botcoin is fixed at $0.025 and during the sale period it will increase (up to $0.1) according to a set exponential distribution function depending on the number of sold Botcoins till that point. This ensures that early evangelists have an opportunity to buy them at heavy discount while everyone also gets a fair chance to participate in the process.

Distribution of coins: Botcoin is one of the few digital currencies that offer clear utility value from the time your purchase your coins. Botcoin gives you an ability to start using the coins on Bottr for various things immediately after you’ve purchased them. Your purchased coins will start reflecting in your bot’s wallet.

Trading coins: The sales process will be marked complete when either all 200 million coins are sold, a hard cap is reached or three months post the public launch (whichever event happens first). Once the sale period is over, users should be able to trade with other currencies post listing and integration with other mainstream exchanges like Binance, Bittrex, Shapeshift etc. At least two months cooling off period post sale is required to ensure stability and sufficient liquidity in the economy.  

Bounty/Referral program: To keep things simple, a referral program is built into the product itself. Once you sign up on bottr you can invite your friends and network through your bot url. System keeps a track of members joining Bottr via your chat bot link and rewards you 2.5% of their total issued coins in return immediately when they sign up and another 2.5% later depending on their Botscore.

Lock up period: A maximum of 50,000 or 1/36th of the owned Botcoins (whichever is higher) will mature/vest every month. So for someone who owns a million coins it will take 20 months to fully vest. This is important to ensure core stakeholders (such as founders and investors) remain deeply involved in long term success of the project.

Unsold coins: If a hard cap of $10,000,000 is reached even before all the coins could be sold or for some reason if the coins remain unsold, then they will be returned to Bottr and added to the future reserves.

 

Use of funds
To build an A-team and execute our vision 

 

Proceeds from sale of Botcoins will be purely used to build the core founding team for next 12-24 months, execute platform development roadmap and meet operational and marketing expenditure.

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Core team
A well balanced founding team with strong investor, advisor and partner support 

 

The core team is well balanced with right mix of business, technical and marketing skills. The founders are ex Deloitte, KPMG, LSE and IIT. The project is already backed by marquee investors in their angel round including 500 Startups, Rajan Anandan (Google MD asia) and Purvi capital to name a few and are in the process of onboarding some leading crypto community members as advisors.

Founding team and early investors:

Godara Aghilan Nalawade
Abhimanyu Godara Aghilan Paramasivam Girish Nalawade
Founder & CEO at Bottr, among top 100 chatbot/AI thought leaders and avid crypto enthusiast. Invested and worked with 40+ product startups as VC, ex. Deloitte and KPMG strategy, Masters London School of Economics & B.Tech IIT CTO and blockchain lead at Bottr. Developed messaging platform at Happyfox, mobile engineering at Athena and tech lead at Xome. Degree in computer science with crypto interest from MIT, Anna university User experience, design and frontend engineering lead at Bottr. Governance, audits & risk engineering at MetricStream. B.E. computer science from RNSIT

500 Rajan Abhishek
500 Startups Rajan Anandan Abhishek Gupta
500 Startups is a seed fund & a network of startup programs in Silicon Valley. Google Asia MD, Angel investor, Co-founder Blue Ocean Ventures. Entrepreneur, Angel Investor, Running the Accelerator TLabs by Times that invests in very early stage tech startups.

Godara Aghilan Nalawade
Purvi Capital Ravi Srivastava Cryptorated
Early stage startup fund backing promising entrepreneurs. Professional Trader, Genetic Algorithmist, Managing Partner @Purvi Capital LLC. Providing unbiased ICO reviews through a community-governed objective analysis and rating system.

 

Disclaimer and Risks

This document is for information purposes only, and is not an offer or a call to sell shares or securities on the Bottr platform or the parent company HELP Inc.

Botcoins are not securities: User acknowledges, understands, and agrees that Botcoins are not securities and are not registered with any government entity as a security, and shall not be considered as such. Botcoins do not grant any right, interest, title or benefit in the Bottr Platform or HELP Inc.

No income or profit assurance: There is no guarantee that Botcoin will grow in value or will not decrease, including significantly, due to some unforeseen events, or events over which the developers have no control, or because of force majeure circumstances.

Regulatory uncertainty: Blockchain technologies are fairly nascent and are subject to supervision and control by various regulatory bodies around the world. Botcoins may fall under one or more requests or actions on their part, including but not limited to restrictions imposed on the use or possession of digital tokens which may slow or limit the functionality or repurchase of Botcoins in the future.

Botcoins are not an investment: Botcoins are not official or legally binding investments of any kind. Despite the fact that we intend to reach all goals described in this document, in case of unforeseen circumstances the objectives stated in this document may be changed. All persons and parties involved in the purchase of Botcoins do so at their own risk.

Risk of losing funds: Funds collected in fundraising are in no way insured. If they are lost or lose their value, there is no private or public insurance representative that buyers can reach out to.

Forward-looking statements: Certain points, projections and financial information contained in this document are forward-looking statements. Such information involves risks and uncertainties which may cause actual events or results to differ materially from the what is implied or expressed in such forward-looking statements.

Returning funds: There are no refunds once a user has purchased Botcoins. However, if the project is canceled by the team for some reason remaining funds will be returned.

Other: All information contained within this Whitepaper is provided for general information purposes only, and is intended to present a guide to the decentralized services which may be provided by HELP Inc. in future. Nothing published in this document is intended to be (i) legal, financial, professional, tax or other advice; (ii) a recommendation to undertake (or to cease undertaking) any action whatsoever; (iii) an advertisement, solicitation or legal offer; (iv) an offer or a call to buy or sell stocks or securities on the Bottr platform or HELP Inc., or that of any other related or associated company, (v) a promise of any voting or ownership rights of Bottr or HELP Inc.  (vi) or a promise of receiving any passive income, any return on investment or any profit; and should not be construed as any of the foregoing.

 

 

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Real time Botcoin transactions on Bottr platform

To ensure complete transparency, the real-time Botcoin ledger is publicly visible with each transaction being hashed and added as a new block in the chain.