BotChain Basic Review

Name: BOTCHAIN
Ticker symbol: BOTC
Project type: Business
Extended company description: BotChain is a platform offering bot registry, identity validation and audit capabilities for A.I. products.
Name: BOTCHAIN
Ticker symbol: BOTC
Project type: Business
Extended company description: BotChain is a platform offering bot registry, identity validation and audit capabilities for A.I. products.

Company: BotChain

Website
Whitepaper

ICO Details

Public pre-sale ICO start: TBA
Public pre-sale ICO end: TBA
Crowdsale: Q3 2018
Token sale duration (weeks): N/A
Token type: ERC20
Token emission: 40 000 000
Tokens available on sale (Pre-Sale + Public ICO): 22 000 000
Investment goal: network building
1 BOTC price: $2.50
Accepted currency: ETH, BTC, USD
Bounty: No bounty
Token role: functional

Team

Team (number of people): 8
Advisors and partners (number of people): 4
GitHub

 

BotChain - BotChain is a platform offering standardized bot registry, identity validation and an immutable event ledger for audit of AI products.

The project creates an AI and RPA development ecosystem to provide more transparent and reliable offer for enterprises and end users.

Initial development of the platform has been implemented by Talla Inc, which has been building autonomous agents for enterprises since 2015. Currently, Talla has attracted more than $12 million of venture investments.

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. 


The function of sharing knowledge and skills between intelligent agents will be added in the future.  

Project Advisors: 

  • Michael Maloney (https://www.linkedin.com/in/michael-maloney-47650b24/) - CEO at Vestchain, Managing Director at Galaxy Digital Labs, previously worked for eduDAO as a technical director, also led VestChain and worked as a manager at EY;
  • Michael Morton  (https://www.linkedin.com/in/michael-morton-aa958937/) - founder and CEO of GNEISS. He is CFO at Autonio. The founder of Morton Bitcoin Management. Has worked as chief analyst at Ethereum Labs;
  • Victor Santos (https://www.linkedin.com/in/victordossantos/) - CEO and the co-founder of Airfox. He has previously worked for The Bee Token as a consultant. He was also a blockchain consultant at Tallo;
  • Dr. Roman Yampolskiy (https://www.linkedin.com/in/romanyam/) - Associate Professor at the University of Louisville. He worked as an analyst at Harris RF Communications.

Project Partners: 

  • Polly (https://www.polly.ai/) - business platform for creating surveys, researches and templates;
  • CareerLark (https://www.careerlark.com/) - platform for feedback;
  • Disco (https://justdisco.com/) - business platform that helps to customize interaction between employees;
  • Zoom.ai (https://www.zoom.ai/) - platform-helper, which helps organize meetings, make schedules, etc.;
  • Botkeeper (https://www.botkeeper.com/) - platform for creating bots for business and work with financial statements;
  • Howdy (https://www.howdy.ai/) - platform for building bots, integrating chats, voice recognition, etc.;
  • Gupshup (http://www.gupshup.io/developer/home) - platform for creating bots for sales, marketing and customer support.
  • Passage.ai http://www.passage.ai/  - platform that combines AI & deep learning tech with bot building tools that allow companies to build and deploy conversational interfaces

Attracted funds: BotChain has raised more than $5 million in private sale from leading investors including Galaxy, Alpine and other institutions.

The project is based on a platform that makes it easier to manage AI software by avoiding some of the pitfalls and risks with systems that change and adapt over time.

Strengths of the project:

  • The market the project enters is dynamically developing;
  • Experienced team and advisors;
  • Presence of strategic partnerships.

Weaknesses of the project:

  • The MVP release date as not yet been presented

The scaling strategy is not disclosing.  

BotChain can be used by any autonomous software process or product.

According to forecasts, global bot services market alone will grow by 28.5% annually between 2018 and 2022.  [https://globenewswire.com/news-release/2018/02/05/1332772/0/en/Global-Bot-Services-Market-2018-2022-Market-to-Grow-at-a-CAGR-of-28-49-with-Amazon-com-IBM-Microsoft-Oracle-Dominating.html]

The project enters the bot services market. 

In addition, traditional software companies are increasingly exploring and implementing more intelligence and automation behind their existing data sets.

Comments: The market demonstrates high growth rates which indicates the possibility for the project to occupy its niche.

In the course of our research, we have identified the following competitors:

Seedtoken focuses on access to AI models and information, a different use case than BotChain

Summary: The main difference of BotChain from the competitors is that it solves a different problem than other AI / bot / blockchain projects. BotChain serves to give greater trust and transparency into autonomous agents and the processes they handle.

The platform being developed by the BotChain team is a decentralized application based on the Ethereum blockchain, and it introduces the BotCoin tokens (BOTC) which serves as the internal currency and provides the incentive mechanisms for decentralized, independent actors to work together to provide the BotChain services.

BotChain core smart contracts provide an immutable storage layer, high level network security and overall governance policies for the BotChain network. These smart contracts have been reviewed and audited by an independent security firm. In addition, BotChain smart contracts use Library driven development patterns that allow for smooth upgrade of smart contracts.

BotChain nodes are independent services run by AI and RPA developers.  These services provide key functionality to the ecosystem that enables developers and customers to add transparency and trust to their product offerings.

Botchain provides ecosystem participants with complete documentation, simple instructions and recommendations to build BotChain-compatible bots.

On a high level, there are 4 distinct actors in the BotChain network.

  1. BotChain Core - Blockchain based Decentralized Application that stores data & provides governance
  2. BotChain Nodes - Independent nodes or stakeholders who provide the services
  3. Application -  A digital service that runs on top of BotChain Network
  4. Users - Enterprises / Small Businesses / Individuals

BotCoin (BOTC) tokens incentivizes all participants to contribute to the ecosystem. It plays multiple roles across the BotChain network.

  • It plays an important role in governance and setting up network security for BotChain Core
  • It provides incentive for the maintenance of the core Registry
  • It provides incentive to the supply side to provide a BotChain service
  • It helps connect the BotChain network with the users by providing high quality applications
  • It provides an standard and an easy way to pay for services 

The ecosystem is expected to develop such that BotChain and third party service providers will provide applications and services in exchange for BOTC.

Comments: According to the statement of the team, MVP will soon be announced.

Technology Roadmap

In the future, with the development of technology and the amount of data it is planned to implement:

- April 2018 - trial testing of the network;

- May 2018 - launch of the network;

- November 2018 - introduction of audit and identification functions;

- April 2019 - launch of the Marketplace;

- November 2019 - implementation of the Bot2Bot protocol.

Comments: The team presented a step-by-step strategy of the project development. Currently, the smart contract is not available.

Documentation 

We have analyzed the website and BOTCHAIN documentation for sufficiency and consistency for making an investment decision.

Information about the project is contained in the White Paper, Privacy Policy, Disclaimer and Terms of Use. The documentation is presented in English. The White Paper presents a description of the project. The main emphasis is on the description of the platform's functions and its infrastructure.

The website also provides information about the project, the roadmap, the team, advisors, partners and developer access to the BotChain public beta. The website is presented in English. 

Summary: The documentation allows forming a comprehensive view of the project. The documentation describes the project in sufficient detail.

Tokens issued for sale: 55%
Public ICO start date: TBD
Token type: ERC20
Accepted currency: ETH
1 BOTC price: $2.50

BotCoin (BOTC) token powers the BotChain protocol, by acting as a means of value exchange and incentivizing the nodes in the BotChain network to perform specialized tasks. On a high level:

  • Core platform earns BotCoin for providing security, maintenance, and governance to the BotChain network
  • Service Providers earn BotCoin for providing applications that sit on top of the BotChain Network
  • Companies or Users pay BotCoin to access these applications built on top of the BotChain Network
  • Companies or Users have the ability to participate in the Governance of the BotChain network to earn BotCoin

Token limitation: 40,000,000

Advantages of token holders: tokens are functional, which allows users either to sell them or to use them for accessing the platform services.

Dividends: none
Additional token emission: none
Hard cap: $40 000 000
Soft cap: $10 000 000
Bonus: Sale uses a discount structure, rather than bonuses.

Comments: All unallocated tokens will be burned.

Token and Funds Allocation 

Tokens and funds are allocated according to the following scheme: A significant portion of the tokens (20%) go to building and incentivizing the ecosystem of bot and AI developers.

Summary: Tokens do not affect the distribution of shares in the company. The incentive system is built in such way that it is more profitable to buy tokens at early stages.

The Roadmap:

Summary: The team focuses on technical development of the project. On the partnership side, the team approached initial platform participants directly and work closely with other main players in the AI and bot ecosystem to develop a product that is beneficial for all parties involved. However, main players in the AI and bot ecosystem were not named.

The team consists of 8 people and 4 advisors. Information about the main team members based on LinkedIn is given below:

  • Rob May (https://www.linkedin.com/in/robmay) - co-founder and CEO. Business Angel invested in more than 45 AI and blockchain companies. Previously, he was CEO and co-founder of Buckupify. Author of Inside AI. He also founded and leads the Talla project, previously was an independent board member at AdmitHub, was a partner and business angel at Half Court Ventures, worked for Datto Inc. on the post of vice-president for business development; 
  • Byron Galbraith (https://www.linkedin.com/in/byrongalbraith) - data director. He has a PhD in cognitive and neuroscientific systems (Boston University) and a master's degree in bioinformatics at Marquette University, previously worked as a system analyst, programmer and software developer at Table XL Partners and Northwestern University (Feinburg School of Medicine);
  • Catharina Lavers Mallet (https://www.linkedin.com/in/catharina) - Chief Operating Officer. Previously, she worked in London King Digital Entertainment as general manager. Also worked at EA (Electronic Arts) as executive producer. Has a MBA in MIT Sloan and a bachelor in Harvard.

Summary: All members of the team indicated their affiliation with the project. The team is mostly from the USA, Boston. The team also has the following specialists: Chief Engineer, Vice President of Blockchain Division, Managing Partner, Blockchain Engineer and Marketing Director.

Information about the project is available on various popular services such as Telegram, Medium, BitcoinTalk and YouTube. The project does not have the Bounty program. BotChain is working with Wachsman for traditional public relations, Renowned for other marketing consulting and services, and AmaZix for community management.

The team conducts an advertising campaign on social media. Twitter and Facebook update news regularly. The format of the articles about the project shows that they were written mainly by order of the team as a project review.

Comments: The users are interested in the project. The marketing campaign is developed mainly on Facebook and Twitter.

Summary: Based on the available data, it is possible to make a conclusion that the users’ interest in the project is gradually growing. The team conducts an advertising campaign on Twitter and Facebook, communicates with users on Telegram and maintains a blog on Medium.

According to the team, on the marketing side, the project focused most heavily on events and speaking because the face-to-face interaction has been a powerful acquisition channel for us. The team published a good amount of content on https://medium.com/botchain and other publications like CoinDesk, Hackernoon, etc. Then, they've done ads and other campaigns, particularly those that include a direct-to-investor component.

The project website was recently created, therefore we do not provide metrics in this review. [https://www.similarweb.com/error/notfound] Activity of the main website - Talla.com since January is 10 thousand visits per month. [https://be1.ru/stat/talla.com#menu_similar]

The developers can be contacted using the links below:

Website
Twitter
Telegram
Medium
BitcoinTalk
YouTube

 

 

The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.

Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.

We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.