Building a simple, rewarding, and sovereign world for all, through a smart socio-economic operating system
(working document, subject to change)
A decentralized economy powered by an end-user first application that takes cryptocurrency mainstream and into our daily lives
"To change is difficult. Not changing is fatal." - William Pollard
The central problem
Traditional capitalist models built with archaic tools, principles, and asymmetric knowledge distribution have led to the creation of many siloed networks and monopolies that are underpinned by centralized power, data, and incentive hoarding. We have seen numerous examples of this pattern, from private companies (e.g. Facebook) to public institutions (e.g. government).
The proliferation of these models has not only increased the ‘noise’ and complexity around ‘getting things done’, but it has also limited the transparency, wealth creation, and power distribution available to network participants, thereby amplifying the social divide and keeping people’s dreams of self-sovereignty always just out of reach.
We spend many hours on these platforms making valuable contributions while the companies running them monetize our time, activities, and attention. Moreover, there simply does not exist any kind of robust micro-transaction system that allows people to monetize their fractional contributions seamlessly.
What the world needs now is ‘social capitalism’, in which everyone has an opportunity to be a ‘solopreneur’ within a unified social platform and framework that they help develop.
What people deserve is a flat social economy where connections, knowledge, and services are easily accessible, and everyone is incentivized according to their contributions and value addition to the whole ecosystem while maintaining self-governance.
The Bottr ecosystem
This is precisely what Bottr wants to achieve. Our mission is to simplify the way the world works and build a network-owned, meritocratic, digital economy through a unified platform that facilitates direct p2p connections, efficiently organizes skills and services, fairly incentivizes value creation and gives power back to the people.
If you consider all the noisy interfaces we use in our day-to-day lives, it becomes evident that it is the ‘human connection’ that we truly depend upon for answers, recommendations, opinions, advice, or services. We read blogs written by people, access services provided by people, and buy products based on reviews by people.
We have always been and will always be social creatures.
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 chatbot not only connects you with anyone and allows you to manage things that matter—from one place—but also ensures payment for your time and valuable social contributions.
Bottr’s platform is essentially built on four fundamental pillars:
With Bottr, our vision is to build a smart platform that can provide access to all kinds of information and services in one place and replace redundant interfaces and intermediaries while building a ‘sovereign individual’ economy, which many believe is the future of work.
We envisage a future in which to get things done there is no more juggling multiple apps, no more wasting time sifting through information and data, no more monotonous chores, 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.
Our progress so far
Over the span of just one year, we have managed to produce a working application that has been adopted by people from all walks of life—from influencers to professionals to small businesses—and has stimulated meaningful connections between individuals, creating many knowledge-sharing and earning opportunities.
Our network has grown organically to encompass 15,000 chatbots, 40,000 monthly sessions, 5 million messages, and $150,000 worth of potential economic activity, with 30 million Botcoins already in circulation. All of this growth and adoption has been achieved with zero marketing budget so far.
Your personal chatbot
Chatbots are like your profiles on any other messaging app in which you interact with your friends, followers, colleagues, or customers.
However what differentiates chatbots on Bottr is their ability to be used for just about anything—personal profiles, resumes, landing pages, blogs, FAQ assistants, or virtual storefronts—by allowing you to create reusable and monetizable smart content while chatting. As a digital conversation avatar, it can represent you and your information to the world 24×7.
Botcoin utility and benefits
Botcoin is based on a "Proof-of-Value" protocol.
All of us spend increasing amounts of time and skills—both quantifiably scarce resources—on various social media activities, but so far there has been no way to monetize this, partly because it is not in the interest of existing social media companies and partly because of the lack of a robust micro-transaction system. Botcoin will change all of this.
Botcoins are currently used on the Bottr platform to reward people who provide value in various ways (for example, by responding to messages, receiving tips on replies, or creating premium content) In the upcoming releases of Bottr, coins will assume even greater utility as we allow people to buy and sell offerings in the form of products, services, and micro-tasks.
In addition, Botcoin will become a universal token as we release more protocols and nurture a developer marketplace to allow external participants to build applications and plugins on top of the platform.
As the supply of Botcoins is finite (1 billion coins), and with the growth of the network and contributions to the platform, Botcoins are also expected to increase in value and utility in the Bottr economy. In a truly meritocratic and transparent way, Botcoins will be introduced/mined into the system and earned depending on how much value each participant adds to the economy.
Botcoins already have clear utility in terms of fueling the network's activity. The planned public sale will give everyone an opportunity to acquire more Botcoins, participate in the decentralized cryptocurrency movement, and join the next-generation social economy by using Botcoins when engaging with the Bottr platform.
The sale will also help discover a fair market price for Botcoins, and this will serve as a driver to bootstrap network growth. It should also incentivize people to share their knowledge and time and to provide services, without the distraction of unnecessary speculative investment behavior.
Botscore and Botchain
Bottr’s smart socio-economic approach means that, for the first time ever, we can design a system where more objective and fairer measures are used to validate an individual’s credibility and commitment to broader society.
Botscore, which is a measure of an individual’s social reputation based on smart assessment, will be used for many purposes, such as governance and commerce.
Using advanced distributed-ledger storage and EPKE (Enveloped Public-Key Encryption) technology, 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 already rolled out a hybrid blockchain-based ledger as proof of concept to ensure the transparency of Botcoin transactions.
We have a clear vision for the next couple of years and beyond in terms of platform development, network growth, governance, and coin distribution. We intend to work with everyone—from individuals to government bodies—within the ecosystem to ensure that all stakeholders understand this new socio-economic paradigm and are fully behind this initiative.
With the continuing improvement and stability in blockchain technologies and governance/DAO frameworks, we expect ongoing development and decision making within the platform to gradually shift from the current structure to our fully decentralized mainnet and network.
We will use a public token sale model for fundraising. This type of model is in alignment with our vision for Bottr.
In order to keep the onboarding process simple and transparent for end users, Botcoins will be sold via a multi-currency (fiat and cryptocurrency supported) payment gateway, stored in the Botcoin wallet, and recorded in the main public ledger. To meet the liquidity needs of both the network and users, Botcoins will become tradable on exchanges soon after the sale period is over.
Funds raised from this sale will be used to build the core team, scale infrastructure, and improve the 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 the HELP foundation.
The founding team is well balanced, with members possessing the right mix of product, technical, and marketing skills. The founders are ex-Deloitte, KPMG, LSE, and IIT. In the angel investment round, the project has already been backed by marquee investors including 500 Startups, Rajan Anandan (Google MD Asia), and Purvi Capital among others, and we are in the process of onboarding additional high profile advisors.
The bigger problem and a noble mission
As a species, we have to continually evolve, in order to meet our changing needs and address emerging challenges.
A potential solution should always be a hypothesis-in-motion—what worked in the past may not necessarily work in the future.
While traditional forms of capitalism have served us well in the past—increasing the wealth of nations and giving birth to many innovations—it has now reached a point where something needs to change so that we can address the growing social divide and the increasing complexity of modern society.
The world we live in today is absurd—a farce dominated by monopolistic companies and driven by shareholder greed and unaccountable governance which creates nothing but inefficiency and corruption.
For instance, we spend countless hours on social media, while companies profit by monetizing our time, behavior, and attention.
At the same time, everything around us is becoming increasingly more cluttered and noisy. Why do we need to shuffle between multiple applications, interfaces, intermediaries, and centralized institutions when this complexity only leads to the inefficient and ineffective use of people’s time and resources?
The Internet and smartphone revolution has provided us with incredible opportunities, but it has undoubtedly also made things more complex as we navigate the seemingly endless choices presented by life online.
Overall, this inefficiency of action has a negative effect on our total economic output and therefore upon our ultimate prosperity.
How can we address the root cause of this problem?
Basically, this problem exists because of a lack of symmetric awareness and the unavailability of a ubiquitous interface for completing online tasks.
The complexity of dealing with many apps/interfaces leads to an ineffective and inefficient use of time.
Limited wealth distribution and lack of incentives lead to the ineffective use of capital.
What the world needs now is "social capitalism" in which everyone has an opportunity to be a 'solopreneur' on within a unified platform and framework that they help develop.
The amount of value this model can create for the economy is huge — think about the potential efficiency gains achieved from timesaving actions, the removal of unnecessary middlemen, and the creation of revenue streams for people with new channels for monetizing their skills, knowledge, and interests.
This seems like a natural step in the ongoing quest to make the global economy flat and connected.
The simplicity of dealing with a unified interface will lead to an effective and efficient use of time.
Distribution of wealth according to contribution will lead to the effective use of capital.
The additional economic value created by this will lead to greater overall wealth and prosperity for everyone.
It's all about "Social netWorking"
The potential of chatbots and cryptocurrency
Thanks to technologies such as AI and cryptocurrencies, all of this is about to become a reality as we transform into a connected but decentralized global community, in which everything becomes instantly discoverable and transparent with democratic incentivization and governance structures.
Essentially, as our many social applications and interfaces have proven, we are always seeking out human connections for answers, recommendations, opinions, advice, and services—we read blogs written by people, access services provided by people, and buy goods made by people.
This is further reinforced by the fact that people love conversations and spend significant amounts of time on messaging apps; in fact, the ‘big four’ messaging apps now have more monthly active users than all social networks combined. The Chinese app WeChat is a case in point as it serves the needs of billions of people through chat-as-an-interface.
We believe that the future is about providing information and services through conversation.
What if someone who was looking for help, guidance, or recommendations had a channel to directly chat with another person, anywhere on Earth, who had the right set of knowledge or skills to solve the problem at hand?
This would allow us to enjoy what we love doing while making the best use of our time and skills to help others around the world for free or for a fee.
Bottr: The next-generation social economy powered by a smart-messaging platform
Bottr is a modern social economy powered by a smart-messaging platform, utilizing AI/chatbots, cryptocurrency and blockchain technology. Bottr not only connects you with anyone and allows you to manage things that matter to you in one place but also allows you to monetize your time and contributions, in the form of tips, priority chats, premium content, services, commerce and more.
Through the use of micro-transactions, Bottr wants to give the power back to the people and reward them for their actions directly. Think of it as an independent state, an open marketplace free from any external control, where you are your own boss and your own bank.
Bottr’s smart, digital, decentralized ecosystem effectively and efficiently contains all the necessary components of a traditional socio-economic structure, which typically consists 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, we’ve designed an appealing interface that offers both familiarity and novelty to users at the same time.
The design and implementation of all elements – from the chatbot to the cryptocurrency – are straightforward, keeping in mind the expectations of end users who don't necessarily want to know about the underlying technical and conceptual complexities that underpin the decentralized world.
The image below outlines the uncomplicated workflow of the Bottr economy:
A clear vision and precise execution
Our key performance metrics so far
Over the course of a year, we have created a product to be genuinely proud of. Our network has grown organically to encompass more than 15,000 chatbots, 40,000 monthly sessions, 5 million messages, and $150,000 worth of potential economic activity, with 30 million Botcoins already in circulation.
The platform is already used by thousands of bloggers, thought leaders, influencers, professionals, businesses, entrepreneurs, freelancers, creators, designers, developers, students, and more as the perfect channel for interacting with their audience.
Opportunities for growth
Our growth so far has been achieved with zero marketing budget. People are using and sharing their chatbots in different ways and it is this that is fueling our network growth. Some of the common ways that people use their chatbots are:
Our comprehensive SEO engineering and high-quality content postings have been the other main drivers of growth.
Regarding our on-site SEO, we optimized the Bottr website and blog content to increase our overall domain authority and attract organic traffic through potential customers’ use of search engines.
As for content marketing, we are recognized as a pioneer in this space and as such we have contributed value-adding content to top publications, such as VentureBeat, The Mission, Startup Grind, Tech In Asia, SitePoint, Smart Insights, and more.
With reasonably priced coins presenting the network participants with additional incentives, we expect the usage and growth of our platform to further increase after our token sale.
A super-smart, super-powered AI identity
What is a Bottr chatbot?
Chatbots are similar to your personal chat profiles on any other messaging app, which you can use to communicate with your friends, followers, colleagues, customers or anyone else for that matter.
However, what really differentiates chatbots 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 conversational digital avatar, it can then represent you and your information to the world 24×7.
After creating your chatbot there are a number of ways you can share it with your audience, from integrating it into your social bios, feeds, and email signatures, to embedding it as a widget on your site.
Once your chatbot starts getting chat requests and you answer them, you will be able to just tap your chatbot and save any message as a smart reply.
With improvements in our underlying AI/NLP engine, we intend to make the chatbot smarter over time so it can automatically take care of many more things, such as answering similar questions, understanding conversation context, and offering better recommendations.
Chatbot use cases
A chatbot is capable of learning anything you train it for, and it can simplify your daily life with smart conversations. A personal chatbot can be used for any purpose, such as creating:
Online Profiles: Build interactive and unique professional or personal profiles to get noticed. You can even use a chatbot in place of a conventional resume by giving it a semblance of your own personality.
Landing Pages or Blogs: Make your blog stand out with a friendly, informative chatbot. A powerful alternative to traditional blogging, chatbots combine rich content and conversation to provide a genuinely engaging experience for visitors.
Unified Inboxes and Social Graphs: A chatbot can bring all your conversations from various channels, such as emails and chats, under one roof and let you communicate with others in a 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 much easier with a chatbot.
Virtual storefront: A chatbot can be your virtual sales assistant. A storefront chatbot can help engage potential customers, make product suggestions, and guide them through the sale.
Social Feeds: Create a chatbot to take care of your social media presence. Replace cluttered feeds on multiple social platforms with one chatbot.
Real chat bot examples
An online profile/resume chatbot on Bottr
A popular YouTube influencer's chatbot on Bottr
A small business FAQ chatbot on Bottr
Creating a fair and rewarding experience for everyone
Botcoin utility and the 'Proof-of-Value' ecosystem
Our basic crypto-economics is based on a ‘Proof-of-Value’ protocol.
All of us spend increasing amounts of time and skills—both quantifiably scarce resources—on various social media activities, but so far there has been no way to monetize this, partly because it is not in the interest of existing social media companies and partly because of the lack of a robust micro-transaction method. Botcoin will change all of this.
Using an alternative method (e.g. USD or BTC) is not feasible for bootstrapping network growth as it creates initial friction for consumers, leads to unnecessary transaction fees, and doesn't fulfill the core objective of money distribution among network participants.
Additionally, native 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 ensuring better governance and meeting early development costs.
Unlike many other altcoins, Botcoin has an intrinsic value representing skills and time and can be easily quantified and used as a medium of exchange.
Through Botcoin, market participants are able to perceive and appropriately reward the value offered by other parties. In a conversational context, at a granular level, the standard 'Proof-of-Value' protocol consists of:
Here are some specific ways in which the coins will be used in the economy:
A real example of Botcoin use in the current system
Platform’s value economics
By definition, there are only a limited number of productive hours and skills available in any economy. Thus, 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 is how we calculate economic output—equivalent to GDP—generated on our platform (aligned with P*Q in the quantity theory of money equation):
The 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 n total participants:
Over the next five years, the number of users is projected to grow at a steady rate using a gamma distribution function along with average time spent on the platform at a linearly increasing $/hr average hourly rate.
Where, x = time step, ɑ = 6.5, β = 3
Botcoin mining and expected utility over time
Our emission/airdrop policy is carefully designed to align with decentralization’s core objective, which is the fair and furthest distribution of coins while ensuring optimal liquidity levels. In truly meritocratic style, 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 the 'Proof-of-Work' protocol.
To explain, the earlier someone joins and starts contributing to the ecosystem, the more they stand to earn. Therefore, early network members are rewarded for their belief and faith in the system.
There will only 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 progressively fewer coins according to a set exponential distribution function (see below).
Where, x = number of users at that point, for lambda (λ) see below table
Anyone joining the system will receive a certain number of 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.
If coins remain unused by the new participants beyond their validity period, the majority will be returned to the Bottr store and added to the remaining balance available to be issued. Some coins will be distributed among network participants as bonuses based on their Botscores.
With this meritocratic and transparent issuance schedule, it is hoped that the network will see Botcoins in the hands of hundreds of millions of people over the next few years.
Using the quantity theory of money and the potential economic output calculated above, the expected utility of Botcoin 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
The issued supply of coins to users is clear at any given point, as 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 on the platform.
Since the platform basically calculates the economy's GDP by putting an average hourly price on time and skills, if increasing numbers of users join the network and spend increasing amounts of time, the overall GDP of the economy will rise requiring a larger monetary base to support the liquidity needs of the system.
Here is how user growth, coin supply, and Botcoin utility potentially correlate with each other over time:
The coins have a clear utility in the current platform and will become universal tokens for the ecosystem. With a fixed coin supply, and as the network utility grows, Botcoins will become increasingly valuable to participants. Key levers driving demand for Botcoin will be:
A smart social reputation and accountability system
Botscore objective and its use cases
Social reputation is an approximate measure of the integrity of any participant in a given socio-economic system; essentially, it indicates how trusted an individual is within a community. Social reputation models are employed in many different scenarios—from general elections to online buying behavior, we put trust and faith in other parties based on their words and actions.
However, these traditional online and offline reputation systems appear to be corrupted and are very prone to gaming, as in the case of fake reviews, ratings, followers, and news. In the absence of any strong fundamental measures, they seem to reward those who are most vocal, rather than those who are 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 community. This commitment will be quantified in the form of a Botscore.
Botscore, as a measure of anyone’s social reputation based on a smart assessment of various factors as illustrated below, will be used for many purposes, such as:
Governance: A carefully designed social reputation model can democratically help participants ascend the credibility ladder based on their actual performance and value added to the ecosystem. From selecting project managers to electing local representatives to Bottr’s board, leaders for any initiative can be more objectively appointed.
Commerce: The system of social recommendations is completely broken. Online review and rating systems are plagued with false information and paid behavior making it extremely difficult to separate the signal from the noise. A more socially grounded measure based on trusted opinions will make the whole system more trustworthy.
Hiring: In a connected socio-economic world, a verifiable and accessible measure of an individual’s skills and knowledge will remove many of the current inefficient practices, such as identity verification and background checks, that hamper modern employment methods.
The key factors contributing to Botscore
Using game theory principles, data, and advanced algorithms, a 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 negative actions in order to maintain the quality of the network.
Everyone who joins the platform will start off with a score of 50, and this score will fluctuate depending on their contributions over time. Scores within these five ranges could mean, for example:
A general purpose, scalable and accessible infrastructure
The need for a public blockchain to support a decentralized economy
While the desired outcome of a decentralized economy on top of a unified platform can theoretically be achieved through a completely traditional centralized/middleman 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 trust a central source to handle their data and faithfully record transactions, which is no different from relying on a central institution such as Facebook for personal data, a bank for transaction processing, or a governmental institution to conduct the electoral process.
Transparency: Unlike walled gardens and big companies acting as gatekeepers of user data and proprietary IP, an open-source, transparent infrastructure would stimulate the developer ecosystem and discourage behavior driven by 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 refund processing, server maintenance, dispute resolutions, and support teams. Under a lightweight decentralized system, these costly fees can largely be avoided.
Costs: Compared to running a centralized server, it is theoretically possible to reduce costs by making use of idle, distributed data-storage systems in a lightweight consensus model and utilizing IPFS-style file-storage models.
The shortcomings of existing public blockchains
While we love the idea of cryptocurrencies operating on blockchain technology, we feel there are a number of factors holding the market back. Take the problems facing Bitcoin, for example.
High fees: While banks charge between $0.20 to $0.60 per transaction, miners on cryptocurrency networks, such as Bitcoin, often charge 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 resources.
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 of Bitcoin transactions gives rise to problems of its own—from money laundering to financing terrorism.
Imperfect security measures: Time and again, crypto exchanges and wallets have been compromised, costing investors millions of dollars.
Energy consumption: Enormous amounts of electricity and machine power are consumed daily to maintain and update the almighty ledger.
Complex experience: As technologically advanced as the core cryptocommunity is, very few people in the world actually know what blockchains are or what they could be used for. For that matter, even regular cryptocurrency traders have confessed to not understanding blockchain technology.
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 the recent SegWit2x drama.
Based on the above issues, and as displayed in the image below, the utility of any cryptocurrency will change substantially depending on the degree of underlying infrastructure decentralization.
For example, a higher degree of centralization would mean greater control of data, incentives, and power by a central body but provides more convenience, accountability, and ease of management.
The more decentralized a system is, the more complex it becomes to manage, but it naturally creates better security measures and transparency.
In terms of utility, we believe that cryptocurrencies need to be decentralized to ensure they meet fair distribution and transparency standards. However, blockchains and governance layers can be gradually decentralized until more scalable solutions are discovered, so that the convenience and experience for mainstream users are not compromised.
Botchain - A blockchain 2.0 solution
With obvious shortcomings in existing public blockchain systems, our strategy with Botchain is 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) technology, 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 and our partners are evaluating many existing open-source solutions to identify an ideal starting point. From completely public blockchains, such as Bitcoin and Ethereum, to more private distributed-ledger solutions, such as Quorum and Hyperledger, all options are being considered. Some of the core design aspects of Botchain architecture are illustrated below:
Over time, as blockchain technology and conceptual designs mature, these principles will be refined to ensure we design an optimal solution for the platform. Here is 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), it follows this basic process:
As currently applied to transactions, this model can be scaled to any type of dynamic data payload, such as messages, profiles, or contracts.
Similar to the Bitcoin blockchain, there is a provision to use Merkle trees to prune transactions off the block and only use the root hash of a block (made up of many transaction hashes and timestamps) to check the integrity of the data. This allows nodes to verify small sections of the Botchain as the data grows exponentially.
However, it should be noted that since Botchain transaction processing times don’t rely on distributed block mining or Proof-of-Work 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 the network will start playing a role in ensuring the security and transparency of the data, such as storage/editing of the ledger in multiple random nodes, dynamic sharding, chained-payment channels, and more.
Once the platform infrastructure is fully developed, it will be open to the developer ecosystem for the creation of many DApps related to identity, payments, content, skills, governance, and analytics.
Some specific future protocols/APIs provided by the platform may include:
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 the network.
While transactions happen in a centralized way on the platform, the ledger is open to public scrutiny at any point, with each transaction being added as a block in the chain. The current ledger structure is illustrated in the figure below.
Here are some of Botcoin’s salient technical properties to ensure transparency and security:
Botcoin competitive advantages
As a cryptocurrency and method 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 across a variety of metrics and offer clear benefits, such as:
Intrinsic value: Botcoin offers clear intrinsic value in the form of ‘time spent’ and ‘skills used’. Owning Botcoin represents value in the economy of time.
Fixed supply: here will be a total supply of 1,000,000,000 Botcoins in the Bottr economy with a pre-defined split and a majority reserved for users.
Fair distribution: There is a fair and transparent mathematical distribution process to issue coins to users who sign up and use the platform. The earlier someone joins, the more they can earn.
Zero fees: Botcoin offers a seamless medium of exchange for making micro-transactions, enabling the monetization of data traditionally offered for free. Botcoin offers a seamless medium of exchange for making micro-transactions, enabling the monetization of data traditionally offered for free.
Secure: The privacy-oriented design of Botcoin offers many security benefits, such as complete end-to-end encryption.
Identifiable: With clearly linked and seamlessly stored physical identities, Botcoin can become the true source of anyone’s digital identity.
Transparent: Botcoin represents a decentralized way to record and distribute the ledger, ensuring complete transparency of transactions.
Stability: Sound monetary policies ensure liquidity and stability of the prices in the short-term.
Interoperability: With clear plans for nourishing the developer ecosystem and DApps, Botcoin will become the de facto choice for many developers. Moreover, it can also be used outside of the Bottr ecosystem where micro-transactions are considered difficult to conduct.
Fast: A distributed architecture allows for efficient routing and fast confirmation times, ensuring superior performance over existing systems.
Here is our evaluation of Botcoin against other types of crypto and non-crypto currencies:
A user-friendly cryptocurrency and wallet system
The rules for distributing, using, and keeping track of cryptocurrencies with a finite supply are transparent and straightforward.
However, 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 have not seen mass adoption from mainstream society yet.
That is about to change.
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 Botcoins, Bottr will have its own wallet to make the process as seamless as possible for any user with some experience of online banking or commerce.
Once users create an account on the platform, they will be able to conveniently transact and store the coins in their 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 identities, paving the way for a secure, decentralized personal identity management tool.
Vision and roadmap
Onboarding a billion people into the crypto-economy
As a horizontal, end-to-end platform that cuts across categories, our ecosystem will allow consumers and creators of content to meet in an accessible, mutually-beneficial space. Initially targeting individuals, the Bottr ecosystem will eventually support groups, corporations, and institutions.
Ultimately, our vision is to organize information and services around messaging and become the dashboard for everyone’s daily life. A close analogy would be the Chinese app WeChat which has become the lifeline for billions of Chinese people 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 the next five years.
Botcoin will also become a universal token as we release our platform APIs/Protocols on our blockchain and nurture the developer marketplace to allow external participants to build applications and plugins on top of the existing platform.
Gradually, the ongoing development and governance of the platform will shift from the founding team to a decentralized, fully-operational network by 2020. The management of Bottr, its raised funds, and its reserves will then be under the umbrella of the 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. Our ongoing focus will be on improving the experience of core features, such as messaging, AI, feed, wallet, and score as well as 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, and reputation score, to support the development of multiple apps and tools
Apps and tools: Based on the APIs and protocols, many DApps specific to various domains, including content, recruitment, marketing, analytics, and education, can be created.
Service seekers and providers: These are the majority of network participants who spend time on the platform to create and consume different types of information and services. The initial focus will be on acquiring early cryptocommunity members, content creators, influencers, and bloggers. The second wave of acquisition will focus on professionals, freelancers, small businesses, and students. The third wave of acquisition efforts will be focused on working with Businesses and Governments to onboard public services.
Developers: This includes platform developers who will build and scale core application features, DApps, tools, and other platform requirements. Once a scalable infrastructure 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, perform tasks on behalf of groups, and actively intervene in any dispute/conflict situations anonymously.
Data service providers: To eventually make the system scalable and more responsive, a few independent data nodes can also become active service providers.
The HELP foundation board: This will be the core advisory board charged with making decisions related to the platform's core rules, strategy, vision, monetary policies, network escalations, and basic minimums/UBI. This may be set up as a public benefits corporation or as a non-profit foundation going forward.
Management: The platform will be subject to a fair vote allocation and a consensus-driven, day-to-day governance model focused upon ongoing developments, such as advisory board selection, feature prioritization, local representatives and moderators election, vendor selection, conflict resolution, and privacy matters.
As a small, professional team, we have been executing relentlessly for the last year, but we have even bolder and more ambitious plans for the next 18 months and beyond, in terms of platform development, network growth, and coin distribution.
The Botcoin sale process
Offering the most convenient and fair way for anyone to participate in a token sale
Aligned with the overall Bottr mission, our objective with the public sale of Botcoin is to give our mainstream audience an opportunity to participate in the cryptocurrency movement and join the next-generation social economy.
Current token sale tools, such as smart contracts and ERC20 tokens, adopted by many other projects don’t appeal to us mainly because of their complexity, various third-party dependencies, and an overall lack of security in the process.
Many people who want to participate in token sales these days cannot because the barriers to entry are so high. We have simplified the whole process into three steps and made it as easy as placing an order on an online shopping site. We intend to use a tried and trusted multi-currency payment gateway, supporting fiat, BTC, and altcoins, to ensure a seamless and secure user-experience for everyone when purchasing Botcoins.
Here is a simple comparison to illustrate the straightforwardness of the process:
ERC20 tokens vs Botcoin
ERC20: Complex, expensive, insecure and slow.
Botcoin: Simple, cheap, secure and fast.
Botcoin key sales data and information
There will be a finite total supply of 1,000,000,000 Botcoins in the economy with the following initial split:
Buying coins: Coins can be bought directly from Bottr. Just sign up on the platform and head over to your wallet. Then, click the ‘Buy Botcoins’ link and it will take you through a secure checkout process. Just enter the amount and make the purchase using any currency you prefer—fiat, Bitcoin or other altcoins. You should receive an invoice at your registered email address 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 of exponential distribution functions depending on the number of Botcoins sold until that point. This ensures that early adopters have an opportunity to buy them at a heavy discount while everyone has an opportunity to participate in the process.
Distribution of tokens: Botcoin is one of the few digital currencies that offers clear utility value from the time you purchase your coins. Botcoin gives you the ability to start using the coins on Bottr immediately after you purchase them. Your purchased coins will immediately be reflected in your chatbot’s wallet.
Trading coins: The sales process will be considered complete when either: 1) all 100 million coins are sold, 2) the hard cap is reached, or 3) three months elapses after the public launch (whichever event happens first). Once the sale period is over, users should be able to trade with other currencies after listing and integration on mainstream exchanges. At least a 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 chatbot URL. The system keeps a track of members joining Bottr via your chatbot 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 unlock/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 the long-term success of the project.
Unsold coins: If the hard cap of $6,000,000 is reached before all the coins are sold, 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
The proceeds from the sale of Botcoins will be solely used to build the core founding team for the next 12–24 months, execute the platform development roadmap, and meet the operational and marketing expenditure.
A well-balanced founding team with strong investors, advisors, and partner support
The core team is well balanced with the 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 an angel round, including 500 Startups, Rajan Anandan (Google MD Asia), and Purvi Capital to name a few. We are also in the process of onboarding some leading cryptocommunity members as advisors.
Founding team and early investors:
|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 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.
|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: The 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 increase 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 the 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 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 any reason, the 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 any passive income, any return on investment, or any profit; and should not be construed as any of the foregoing.
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.