I wanted to take another look at Crypto. The long-term impact predictions from earlier posts are that it is especially useful in the future because it enables interactions with bots and AI. Therefore, the currency I want to look at now is Botcoin. Yes, Botcoin – not Bitcoin (It took me some time to convince Google that it wasn’t a typo, but finally I got some interesting insights).
This currency intersects exactly at that junction – between cryptocurrencies and chatbots. It describes itself as: ‘A digital currency that values your time and contributions!’ – A bit vague, but definitely curious.
Botcoin is the native Cryptocurrency of Bottr. It is a smart massaging platform, that provides you with a personalized chat bot and a reward system where you can earn Botcoins in exchange for valuable social interactions (on FB, Twitter etc.). It sets out to be a next generation social economy.
Have you ever stopped to appreciate the wonders of the internet? Since the very beginning it has opened us up to free information. No issue has not been had by someone else in the world – been asked and answered in the worldwide web. The unfathomable reality is, that we can find the specifications of German zoning law, the determination of our children’s weird nose bleed and a generationally-handed-down recipe for Cock o Vin with a simple search. There are in depth discussions, opinions, options, definitions (and some trolls) – a global discourse on absolutely everything.
We also socialize for hours on the web. We share thoughts, images, creative ideas, stories and advice with each other – isn’t it obvious to monetarize this huge asset?
We literally live in the Information age. In our capitalistic world this should be great together.
Don’t get me wrong I am a fierce defender of free access to information – as it ensures equality. However, being rewarded for your online effort and payed for personal advice sounds pretty fair to me. And I think basing this system on crypto is a neat idea, that could turn out to be working very well.
To go even further, it could help us monetarize things we are currently not, opening us up to a whole new discussion of what activities and assets should be of value in our society.
It could be the way to take cryptocurrency into the mainstream and into our daily lives – adding real value itself.
Update 20 April 2018
So, Botcoin gives us the opportunity to monetarize outside the traditional system. This is the purpose. Anything else?
Yes! There is Governance in the tech. Blockchain can follow different governance models: Truly decentralized like Bitcoin (which is facing long-term decision-making challenges), a dictatorship like Ethereum (which is effective, but doesn’t meet the expectations) and a sort of democratic (based on majority vote) which hasn’t been figured out yet.
For BotChain the system underlying Bottrs Botcoin, they are trying out this approach:
- Establish an initial Governance Board.
- Lasting 3 years.
- Its goal is to make itself obsolete after these 3 years, implementing a better governance model.