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Author Topic: ANN - Botchain by Talla Token Sale - Platform For Managing Intelligent Agents  (Read 1550 times)
robmay
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November 16, 2017, 08:55:29 PM
 #1

Hi Everyone,

We are a venture backed company ($12M in equity capital raised) with a strong team that has built and sold enterprise software companies.  Today we are officially announcing our token sale for the Botchain Network, that will start on January 16th.

Official site: https://botchain.talla.com

Telegram: https://t.me/botchainICO

Email updates: https://botchain.talla.com/#subscribe

Webinar next week for questions:  http://pages.talla.com/webinar-botchain-whitepaper

Medium post (with updates coming): https://medium.com/@robmay/explaining-the-botchain-network-part-1-b2f6fa2f2860

If you want to learn more about Talla, I recently gave a talk at Launch Scale on ICOs and how we decided to do one.
https://twitter.com/TWistartups/status/930990099612950528

The challenge in building any network is that you have to show value when the network is small, so that people will use it even before the network effects kick in, otherwise you risk not getting to scale.  But, you also need a system that grows stronger as more people join the network.  Botchain has both pieces.

To start, botchain uses the immutable ledger features of a blockchain to provide archiving, compliance, auditability, and proof of existence for bot activity.  If a bot of some sort has to be part of a compliance workflow like HIPAA or SOC2, that will now be possible.  We have already signed 5 bot partners and will be announcing them as the ICO date approaches.

On top of that, Botchain has features that enable it to become a marketplace for bot skills and knowledge modules, which we expect partners to build and enhance.  In addition to that, we support bot identity, registration, and validation features.

Token details:
There will be 30M tokens.  We expect to sell half publicly through SAFTs, a pre-sale, and the ICO.  Any unsold tokens allocated to the public will be burned.  We will use escrow for a $15M minimum raise.  We will probably impose a cap as well but the final value has not yet been determined.

Everyone who wants to develop for Botchain or use bots on Botchain will need tokens.  If you are a developer with a dApp idea for Botchain, we would love to hear from you. 

We believe in the future, bots will need their own currency as more and more happens in the bot-economy.  We believe Botchain can be the anchor of that economy.  Thank you for taking a look and we look forward to your questions and ideas.
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Fonix
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November 16, 2017, 09:02:53 PM
 #2

I can't see why you need your own token.

"bots will need their own currency as more and more happens in the bot-economy." is is not a reason... More and more happens in the MacDonald's restaurants as well (probably more than the bot-economy) and they are happy without MacToken.

If you already raised $12M, why do you need more? That is a big amount of development money already.
BotChain Team
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November 16, 2017, 09:20:35 PM
 #3

Hi,
The development money was for our first product, which you can reference here: https://talla.com/. Additionally, the token enables bot companies and developers to coordinate on a marketplace that none of them control.
Thanks,
Steph and the BotChain Team
robmay
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November 16, 2017, 09:47:44 PM
 #4

Fonix,
I would add a few points.  First of all, lots of companies do have rewards programs that are very similar to cryptocurrencies.  I haven't been to a McDonald's in many years but perhaps they do have something similar.  Secondly, blockchain technology is new.  McDonald's may indeed have their own cryptocurrency at some point.  I fall into the camp that thinks many many companies will issue their own tokens.  The fact that they haven't done it yet doesn't mean they won't.  It's new technology.  They didn't have the opportunity in the past.

Secondly, this provides a new way to build marketplaces.  The current standard is that as a B2B company, once you get a decent size, you launch your own marketplace.  Each marketplace is different and this sucks for developers.  It stifles competition and causes winner-take-most markets.  For example, if you are building a CRM add-on, you probably build for Salesforce, not the rest of the market.  Wouldn't it be awesome if you could build once and there was a single CRM markeplace?  To get CRM vendors to agree on a technical standard and share a single marketplace is tough.  But a blockchain could help make that work.  It's probably too late for CRM, but the bot ecosystem could evolve this way.

We could indeed raise a Series B round and just build Botchain and own the whole thing, as you could with almost any blockchain concept.  We don't think that is what is best for the bot industry, developers, or customers.  The only way to get people to agree on sharing and trust is to use a system/network that is independent.

Rob
Fonix
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November 17, 2017, 07:24:15 AM
 #5

Rob,

Thank you for the explanation, but I still have a few things I still don't understand.

Second... I fail to see how a token issued by a company could help "vendors to agree on a technical standard and share a single marketplace". What would be the reason and motivation for every vendor to accept a custom token issued and controlled by someone else as a medium of exchange. Why would they be happy to accept XYZ token instead of USD or EURO?

First.. Indeed, many companies have reward programs and issue different coupons you can spend when you shop with them. The most important difference, the main medium of transaction is local fiat currency. You can used your air mileage from your credit card, but the ticket you are buying is available in your local fiat currency and you can have a discount until your air mileages lasts. The ticket is not priced in air mileages, you don't need to buy air mileages first if you want to purchase the plane ticket. Same, in MacDonald's you can use a coupon if you want, but the food and drinks are priced in your local fiat currency. The coupon and air mileage is not tradeable, they worth nothing, you can't sell them... They are not even similar to cryptocurrencies.

Let's see an example. Amazon and eBay are competitors. Amazon won't change it's policy, but eBay issue an eBay token and stop accepting local fiat currency. From now on, if you want to buy anything on eBay, you would need to buy Bitcoin, transfer it to an exchange where eBay token is listed, buy eBay token, transfer it to eBay wallet and buy the product you would like to have. If no other purchase necessary, do the whole process again and withdraw your local currency from Coinbase to your credit card.

There are three big issue here
1, It is almost impossible or at least very difficult to exactly know how much fiat currency you would need to spend on Bitcoin to end up with the correct amount of eBay token. Most of the time you would need to buy more Bitcoin than necessary to be safe after all the transaction fees.
2, Bitcoin price and the token prices are highly volatile, eBay either adopt a dynamic pricing or it would see the product's price change upto 50% daily either way. Dynamic pricing will make the first point impossible, but not having a dynamic pricing would make the prices impossibly noncompetitive/unpredictable.
3, Why would anyone chose to continue to shop on eBay and go through all the hurdle (buying and selling 2 cryptocurrencies on 2 different platform and transferring then twice both ways) and end up paying more for the goods (transaction fees and leftover tokens) when they can have the same good from Amazon using a 1-click credit card payment?

I would like to understand the opportunity here as I fail to see the improvement.
robmay
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November 17, 2017, 12:00:01 PM
 #6

Fonix,
Your statements about airline miles are incorrect.  You can indeed buy miles directly, and most times when you buy a ticket, they will offer you the chance to purchase extra miles.  You can also sell or trade your airline miles.  Google it and many sites will come up.  This is what you are missing - having a currency that ties to the underlying activity on the platform enables shared value creation. 

Your ebay and amazon analogy doesn't accurately characterize tokenization use cases.  Think about how it works today with bitcoin - most sites that accept bitcoin price in their local currency, but you can pay with an equivalent amount of bitcoin that varies all the time.  Why would anyone do that instead of just using local fiat?  Because bitcoin offers benefits local fiat doesn't.  Tokens are about programmable money that can take on new properties for the network as needed.

As for your concerns about transfer, when you send a message across the internet, it goes through multiple layers of protocols, and is transformed at every one as needed, from English text all the way down to optical pulses of light.  It's seamless.  And tokenization will be the same.  You will still pay in local fiat currency at your interface point to the customer, but the connections between people on the network will use the token the same way they use any other protocol.

Here's the issue, let's say I want to do bot validation, and I want to do it without a token.  How does that work?  I need a centralized server to do that, or, if I have decentralized servers, I need an approval process to add new servers, and I need to figure out how to pay them.  If your server is in Moscow and mine is in Seattle and we both need to validate that a bot is who it says, how does each party get paid?  One has to buy the fiat currency of the other and pay them, or at least, someone at some point has to do that.  It's actually a more complicated supply chain now. 

I think you are missing the big picture here.  Tokenization provides a lot of value for almost any kind of network use case beyond what fiat currency can do.  I think in the next 10 years almost every network will be tokenized because of these advantages.

Rob
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November 20, 2017, 08:12:26 PM
 #7

I was not clear what the Talla USP is?

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robmay
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November 21, 2017, 12:12:42 PM
 #8

2bfree,
Do you mean for bot developers or users?  For users, there are many USPs.  The first one is that you can validate bot ownership.  If you have followed Civic and seen how they (and a few other companies) are using blockchain to verify personal identity, we are doing that for bots.  Since bots are starting to be spoofed, this is one USP.

The second USP for users is that the audit and compliance capabilities of the blockchain allow users to deploy bots in workflows that require compliance, which they can't do today because bots are not auditable.

The third USP for users is that they get a full marketplace controlled by the Botchain so that bots can find any new skills or information they need to do their work.

For developers, the  first USP is that they can now sell to enterprises because they can add compliance features to their bots.  The second USP is that they get faster growth and adoption because they get access to a marketplace shared by all bots.

So far, we have 12 other bot developers signed on, which we will announce closer to the ICO date.

Rob
BotChain Team
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February 19, 2018, 05:56:52 PM
 #9

Announcing BotChain's New Partner Program and Initial Launch Partners

https://medium.com/talla-inc/announcement-botchains-new-partner-program-initial-launch-partners-561adea085ff

Quick update on progress on the BotChain since we've last posted. We've announced our initial launch partners, which include several leading bot development companies. In discussions with partners and other potential partners, we've seen a strong need for our use case, which will help drive trust and adoption of A.I. bots and other robotic process automation software.

 Here are a few stats from the group that has joined us so far:

"Combined, BotChain’s early partners represent more than 50,000 developers and upwards of 150,000 enterprise and consumer facing bots that interact with nearly 400 million end-users globally, sending billions of messages each month."
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March 15, 2018, 06:45:26 PM
 #10

Dear, Botchain by Talla community Please see our latest blog post - Emerging Problems In AI, and Blockchain As a Solution https://hackernoon.com/emerging-problems-in-ai-and-blockchain-as-a-solution-19c04883b642
James19_402
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March 16, 2018, 06:57:17 PM
 #11

Crypto Investor Show panel clip. Check it out!


https://www.youtube.com/watch?v=Hyn61wlqHMw&feature=youtu.be&a=
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March 17, 2018, 11:46:20 AM
 #12

Check out the newest blog from the team about The Governance Model For Botchain and Botcoin link here:

https://medium.com/talla-inc/the-governance-model-for-botchain-and-botcoin-dc0d96e2f682
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March 19, 2018, 10:45:41 AM
 #13

HI Everyone.  If you are new, you may appreciate this older post, one of the first written about Botchain https://devops.com/automation-addressing-bot-security-botchain/
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March 21, 2018, 09:36:35 PM
 #14

Talla CEO Rob May, is speaking in NYC at Wall Street and the Internet Of Money Conference Tomorrow March 22


https://cryptoworldco.com/
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March 22, 2018, 04:03:46 AM
 #15

Talla CEO Rob May, is speaking in NYC at Wall Street and the Internet Of Money Conference Tomorrow March 22


https://cryptoworldco.com/

The talk is going to be at 4:30pm

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March 22, 2018, 04:28:58 AM
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...
To start, botchain uses the immutable ledger features of a blockchain to provide archiving, compliance, auditability, and proof of existence for bot activity.  If a bot of some sort has to be part of a compliance workflow like HIPAA or SOC2, that will now be possible. 
...

...
Everyone who wants to develop for Botchain or use bots on Botchain will need tokens. 
...
We believe in the future, bots will need their own currency as more and more happens in the bot-economy.  ...

I don't think I fully understand the bot-economy yet.  I read the botchain article, but still I don't see the relevance quite fully.

If I am a developer of a bot, the logging of what my bots are doing is significant to me, but I wouldn't be so concerned about what my competitor's bots are doing.  Unless I want to reverse engineer and see how they come to beat my bot's algorithm.

Since the bots are to be used in transactions, the relevance would the transactional details which should be recorded on the public ledger.

I also fail to see how botchain translates to a new botchain token(s)/coin(s).

As a developer of an ecosystem, it would certainly benefit you, but as a bot developer, I don't see why I wouldn't be able to use other tokens/coins.  Or use some asset translation coins and limit my developmental effort.



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March 22, 2018, 03:32:53 PM
 #17

Dear, community. In case you missed, please be sure to read our blog post -

The Governance Model For BotChain and BotCoin
- https://medium.com/talla-inc/the-governance-model-for-botchain-and-botcoin-dc0d96e2f682
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March 22, 2018, 09:09:24 PM
 #18

Botchain CEO, Rob May, at the CryptoWorld conference in NYC today

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March 24, 2018, 03:50:13 AM
 #19

To learn more about Botchain by Talla and its technology. please check out the whitepaper here:

https://botchain.talla.com/whitepaper.pdf
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March 26, 2018, 01:35:50 AM
 #20

If you have questions regarding Botchain, feel free to visit https://t.me/botchainICO and discuss with us there.

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