Why is your company going to succeed?
Product:AiBB is committed to higher-level intelligence than current companies and will provide a superior product in a market with the competition focused on less robust bot solutions. It includes three layers that communicate with each other to return the best answers: listening mode, learning mode, and looking mode. All three feed our Ai Analytics layer and exchange layer, making our machine learning an integral part of how the app serves users better.
It also connects crypto data to voice and chat, and instead of delivering tons of unusable data, it gives actionable trading advice. In other words, our product is tailored to product/market fit from the start. Feedback from traders was baked into the development and will drive new features so we never fail to serve our community.
We’ve partnered with several top blockchain companies like Skael and Iagon on our Ai and our cloud storage so we can bring together resources users can’t get anywhere else and we can have stronger technology in each area – from Ai to security. We’ve initiated the process of getting an EML in the EU as well, so that we can offer banking services, like a regular ATM card, for easier and more liquid transactions for our EU users, too.
Market:The cryptocurrency market is growing exponentially and provides a naturally growing user base for AiBB.
Trading is also growing; the biggest exchange reports days with $9.5 billion trading volume and use of cryptocurrency is growing even more, with 100,000 new accounts on an exchange like Coinbase created daily. Trading volume has “skyrocketed” according to CNBC, and Coinbase reports a valuation of $8bn and volume of $150bn in traded assets on the platform. The cryptocurrency market has expanded 3x since 2016, making trading more visible for newcomers than ever. This growing market has a naturally increasing user-base, especially for tools to help minimize barriers to entry.
Business Model: AiBB’s financial plan is lean. By initially targeting the trading community, we are able to grow our user base frugally, get feedback on our existing prototype, and add features over time to increase user retention and attract new users.
Trading fees are in line with existing services, but adoption of the AiBB platform instead comes from the incentivizing free Ai assistant, which makes trading more efficient for experts and newcomers alike. Employees typically spend 54% of their time researching what decision to make – traders have the same problem. Using AiBB makes successful trading easier to execute quickly and successfully and case studies showing successful use will be used to increase trader adoption.
Further, merchant services and licensing provide future revenue sources above and beyond capturing the trader market.
Where did your team members meet originally?
Our founder, Kelghe D’cruz, found talent from a worldwide pool in Ai and tech sectors as a multiple-startup founder with a global history himself.
D’cruz and chief Ai advisor Baba Nadimpalli 16 years ago in Australia when both were involved in IT and later software development. D’cruz was working with enterprise IT provider CSW and Nadimpalli was at CommCube, a startup he founded in Melbourne where he was interested in carrier-grade networks and IP telephony. After three years, the startup netted $6M annually and Nadimpalli sold his startup and was head-hunted to Dimension Data.
The two kept in touch on IT when Nadimpalli left for a new startup in San Francisco focusing on machine learning. Hearing about what Skael was doing, D’cruz immediately saw the chance that this B2B Ai technology could be applied to his clients’ needs.
By 2009, D’Cruz was interested in trading and mining. He met advisor Darren Franceschini and by 2013 they were building mining rigs together. Franceschini went on to create multiple coins and advise in fintech, primarily for banks and business applications. Similarly, when D’cruz continued his interest in trading, Franceschini’s continued interest in fintech had also evolved to make for a logical pairing. Franceschini was able to introduce D’cruz to other important contributors in data protection, security, and fintech.
D’cruz met Dr. Lisa Palleson in July 2017 at a meeting on blockchain technology. She was a fellow founder and was also looking at projects that incorporated blockchain for future projects.
D’cruz and Dr. Jessica Share met in the same way – already interested in blockchain technology, working with ICOs, and interested in the startup space.
With tech, licensing provideblockchain, and marketing experience, the team began working toward identifying how to bring the technology to traders and improve security using blockchain. The team has grown to a global, decentralized group introduced through meetings, events, and mutual connections in both blockchain technology and marketing.
What are the top five risks you see for your business?
1. Regulation Changes Cryptocurrency trading is alternately encouraged and outlawed in different jurisdictions. Like any blockchain startup, this is an ongoing risk. Making sure legal regulations are followed and are up-to-date, and traders on our platform are not at risk, not put the company at risk, is a core concern. AiBB wants to extend trading to anyone who wants to participate, and is encouraged by the explosive growth in the area, but with explosive growth comes the attention of government regulators and constant new guidelines.
2. Perception of ICOs and Crypto-Space Businesses Similarly, crowdfunding has had its regulatory moment, and ICOs must have theirs. Investment in cryptocurrency outside a small circle of tech-savvy investors is still not mainstream. We think that the reputation of ICO projects and cryptocurrency in general is an obstacle to adoption, as scepticism of scams and instability is still a common reaction to projects like ours. However, the market is growing so quickly we hope this perception is eradicated with better regulation and increasing adoption in all sectors, not just trading.
3. Competitor Companies Our problem – that trading is inefficient with way too much information and not enough correct information and analysis – is the largest problem in this space, and there are many blockchain companies using Ai in addition to blockchain to solve problems as it is. We were initially afraid that copycat technology was a primary concern, especially as many blockchain companies are former traders or enthusiasts who may want to serve other traders or enthusiasts. To solve this risk, we made sure our Ai is more than advanced data analysis – it actually learns as it goes and gets smarter, requiring less and less instruction in order to do more for users. We wanted the best technology that wasn’t easily duplicatable.
In addition, we’ve added partnerships with other startups to improve security as well as offer banking services and other features so that our users have a better experience than the competition as well as a smarter crypto advisor in their pocket.
4. Scalability Issues Because the number of supported transactions is low, shifting to Syscoin’s blockchain and helping increase transaction speeds has been a focus for us. Several solutions exist for the scalability issue, but user growth continues to outpace the current state-of-the-art transaction speed and transaction volume.
5. Security Issues AiBB wants to make use of multiple exchanges seamless with a single login and KYC so that arbitrage is made more efficient and traders can harness the power of existing platforms all within AiBB. This means maintaining security on all transactions that pass through AiBB. It’s another possibility that AiBB’s Ai itself could be hacked.
Fear of hacks and mining attacks is an industry risk. We’re working with the best storage solution to mitigate this risk for our data. We’re also making sure our Ai can learn from hacks across layers and share what it learns with other layers within AiBB, as well as shutting off access to unaffected layers in the case of a breach. Biometrics, account freeze, token retreat, password, intruder alerts, and 2 pin codes are ways we have built security into AiBB but also allowed users access to efficient trading.