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BotChain (BOTC) — Paxtradings Report

//BotChain (BOTC) — Paxtradings Report

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What is BotChain?

BotChain provides identity verification and audit capability to increase trust and and decrease friction between AI developers and their customers. The platform is built by a coalition of developers that collectively reach 400 million end users to deliver this critical piece of infrastructure for the rapidly growing ecosystem.

— Rob May, CEO & Co-Founder

Paxtradings Quick Facts:

  1. BotChain brings the ecosystem of AI and RPA developers together to provide a more transparent, trustworthy offering to enterprises and users
  2. $2.50 USD = 1 BOTC
  3. Pre-ICO Date: May 8, 2018 — June 28, 2018
    ICO Start Date: TBA in Q3 2018
  4. 22,000,000 total available / 40,000,000 total supply
  5. 5. MVP beta available — $4M raised in private sale, backed by Galaxy
Meet the Team Behind BotChain (the blockchain solution for identity and audit of AI systems)

Q&A with Rob May, Chief Executive Officer

Paxtradings: For those who are not familiar with BotChain, can you explain what it is and what the team aims to accomplish?

May: BotChain is a ​decentralized​ ​bot​ ​registration, ​identification,​ ​collaboration,​ ​and​ ​audit platform​ ​built​ ​on​ ​the​ ​Ethereum​ ​blockchain.

Setting the standard for bot compliance, BotChain allows bot developers, enterprises, software companies and system integrators to verify bot identity, audit interactions and control the boundaries of bot autonomy. By driving developmental software standards and creating a marketplace of developers and users, BotChain incentivizes bot innovation and adoption through secure and powerful intelligent machine usage within a range of enterprise environments.

As bot adoption and innovation accelerates, the mainstream failures are frightening. Software is becoming more intelligent; creating more powerful and less predictable bots. And yet, critical systems, standards and means to validate, certify and manage the millions of bots and billions of transactions are effectively non-existent. Autonomous technology holds massive potential but is dangerously under supported.

BotChain solves the fundamental limiting issue of ‘black box’ opacity in how A.I.s make decisions and operate. The solution provides easy means to understand and improve bot responses and choices, while creating a vibrant ecosystem where bot software and service innovations are shared. This improves the quality and availability of autonomous agent technologies worldwide.

BotChain is a decentralized platform developed by a partnership of like-minded bot and AI companies representing more than 50,000 developers and upwards of 150,000 enterprise and consumer facing bots that interact with nearly 400 million end users globally. The BotChain team brings decades of entrepreneurial experience building large scale business applications and networks.

Paxtradings: How does BotCoin function within the platform and why is it needed?

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May: BotCoin removes barriers for developers and customers of AI to collaborate, by creating a trusted environment. It is a programmable currency, designed specifically for the needs and uses of artificial intelligence, and allows ecosystem participants to prescribe value and rules for transactions. Tokens can be spent on activities like registration and verification, and can also be earned by supporting the key functions of BotChain. BotCoin Tokens are also a proxy for ownership in the ecosystem, and are an important mechanism for aligning incentives and motivating growth of the platform.

Most transactions on BotChain require a BotCoin (or fraction of a BotCoin). For example, an AI developer who wants to offer immutable audit functionality to their customers will spend a BotCoin to write a hash of each transaction to BotChain (and will likely pass those costs on to their customer). Bot developers who want to prove that their bot is legitimate will pay a token for their bot to be validated and certified by BotChain, and others may pay to query if a bot is indeed who they say they are. Additional services may be developed over time, including a reputational system as well as a marketplace for discovering, promoting, and acquiring skills and knowledge for bots. BotCoin will be the basic currency for all such services.

Paxtradings: BotChain is a platform that provides various services, such as registration and auditing. Why do bots need to be registered?

May: Registration is a fundamental building block of BotChain, providing a gateway to all other services that will be available on the platform, and rewarding good behavior in the ecosystem. Registration allows for identification, which supports purpose, role and participation in the community, and supports discovery, when desired. Most immediately, registration as an AI developer with verified AI assets allows use of the hashed auditing functionality of the platform. Once you start hashing all of your bot actions — you can be certified as a BotChain bot which signals to the market a level of trust and transparency critical to enterprise business development.

BotChain effectively becomes the ledger of bot instances that allows for validation during conversations, requests, and interactions with other bots. Leveraging blockchain technology via BotChain provides both the validating means for bot identification while also creating a ledger of activity so that all interactions and corresponding actions are tracked. Bad behavior, dishonest activity manipulation and spoofing are all effectively addressed with registry and validation functionality.

Paxtradings: You utilize blockchain to facilitate interactions between bots and users. What benefits does blockchain provide for these interactions?

May: Enterprise employees and customers of enterprise companies engage with autonomous software in many ways, and often without realizing it. There are a few things those users expect from big companies, in particular, that their engagements are in fact with that company, and that anything they share is handled appropriately by the company. A certified BotChain Bot, with its corresponding branding, signals to a user “you can trust me.” The user can ask the Bot to verify itself and a BotChain protocol can provide the user with proof of identity.

Consider a bank who uses a bot to handle inbound questions about account balance or charges on a consumer credit card. A BotChain certification can empower the user with confidence their interaction with the bot is safe.

Blockchain is a valuable and appropriate technical choice for BotChain because it provides impartial, third party objectivity in an area of low inherent trust. As AI processes evolve to include multiple software systems and players, a neutral mediator of truth becomes a necessity.

Paxtradings: What Incentives does a bot creator have to list their creation?

May: Obtaining a BotChain certification signifies to the market that a bot and its creator bring a level of trust and transparency on top of their software. Enterprise customers are more likely to do business with a BotChain certified creator than someone who is not certified. Talla, for example, plans to have two-tiers of pricing for its bot whereby a premium level is BotChain certified and all actions are stored on BotChain.

While we are still refining the details of the token economy, we take an ecosystem-first approach and will incentivize bot creators to be early adopters and to help the platform grow by giving them the opportunity to earn tokens.

Paxtradings: How does BotChain ensure the long-term viability of bots?

May: We believe bots and AI will continue to grow and become more and more pervasive over time independent of our project; however, things can be done to accelerate their adoption and impact on the world of business. BotChain, through providing collaboration protocols and tools which establish transparency and trust, will bring developers and enterprises together faster as collaborative builders of an AI ecosystem. Many of the greatest sources of innovation in AI and autonomous agents are young, relatively unproven companies. A BotChain certification eliminates friction in the buying process for enterprises wanting to explore such new technologies by providing a layer of trust where there was no prior relationship.

Paxtradings: One of the main aspects of the platform is the authentication and validation of bots. How can BotChain help users be more secure?

May: Users who engage with bots will have the ability to verify the authenticity of a bot. Wherever a bot presents a UI that engages an end user, the bot can display the BotChain certification identifier — thus bringing security and trust into the exchange. This identifier can be independently confirmed by the user.

Paxtradings: Bots are becoming more and more popular, and may become an element of future industries, like Signal Network, What will BotChain’s role in this new bot economy be?

May: We take an ecosystem-first approach, and have built flexibility and adaptability into the design of the platform. By providing a layer of services and standards that is available to the entire Bot ecosystem, BotChain accelerates growth, makes it easier to collaborate, and can scale and evolve to meet the needs of these new economies.

Paxtradings: AI is a new field that has the potential to revolutionize the tech industry. How will BotChain effect that growth?

May: BotChain is an accelerant to and foundation for the AI industry. Thanks to a universal standard for bot identification, verification and compliance certification — AI can serve more enterprises and impact more end users with intelligent improvement of work. Bots can more easily collaborate thanks to standard protocols for sharing skills and assets which means exciting new advances happen faster when two disparate bot developers can share knowledge.

Paxtradings: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?

May: We are currently in Beta on the Kovan testnet, and developers can apply to be partners and early BotChain participants (application available on our website). We are building out our governance board and ensuring that incentives are aligned across this decentralized network. BotChain will be in production starting in May, and developers and users will be able to register and validate bots and complete simple audit transactions at that time. Our roadmap is available on the website, but in general, we expect all of our early partners to have registered their bots by the end of 2018 and for initial partners to begin implementing the process of decision and action hashing. During this window, we will also ensure that our registration and verification processes are moving towards distributed voting across our decentralized platform.

Paxtradings: As a non-BotChain question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

May: We believe cryptocurrency will have fundamentally transformed some major industries in the coming years and that the general population will appreciate the value and importance of blockchain versus the perception of cryptocurrency as a relative or extension of fiat. We think the projects being built today that are around in 3–5 years will be those which have leadership and management ability to navigate turbulent times and unforeseen challenges.

Pre-ICO Information

The Pre-ICO will begin on May 8, 2018 and will end on June 28, 2018. There are a total of 22,000,000 (BOTC) tokens available during the Pre-ICO, representing 55% of the total (BOTC) supply of 40,000,000. A soft cap of $10,000,000 is set for this period.

ICO Information

The main ICO start date will be announced in Q3 2018. There are a total of 22,000,000 (BOTC) tokens available during the main ICO, representing 55% of the total (BOTC) supply of 40,000,000. A hard cap of $40,000,000 is set for this period.

$2.50 USD = 1 BOTC token

Current accepted currencies for BotChain will be Bitcoin (BTC) or Ether (ETH).

BotChain is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the (BOTC) tokens.

Token Distribution Information

Tokens will be created and distributed in a one-time Token Generation Event (TGE) following the completion of the sale. After this, no BOTC tokens will be minted.

Allocation

Roadmap

Team

View the BotChain website here.

View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.

References

  1. BotChain Website, BotChain (2018)
    www.botchain.talla.com/
  2. BotChain Whitepaper, BotChain (2018)
2018-04-25T22:35:13+00:00 April 25th, 2018|Categories: ICOs|

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