uber-like cryptocurrency teller app
TRANSCRIPT
A Distributed Teller App
Part 1 – Business Model
The Problem that needs a solution
Wanted to buy a Gogoro scooter Only had the money in bitcoin and then wanted to change that bitcoin
into cash I aggressive sought bitcoin buyers through meetup.com
Some of you probably remember my spammy emails Realized that there’s generally a problem with getting access to cash Thus, comes the problem of liquidity
The Problem that Needs a Solution
Liquidity Liquidity describes the degree to which an asset or security can be quickly
bought or sold in the market without affecting the asset's price.
Read more: Liquidity Definition | Investopedia http://www.investopedia.com/terms/l/liquidity.asp#ixzz4K8V6gHhf Follow us: Investopedia on Facebook
Turning Cryptocurrencies to cash
PayPal bank transfer to E. Sun Bank Wire transfers
Bitcoin version CEX.IO
Traditional route Bitcoin debit card
XAPO Bitopay – company that is native to Taiwan
Bitcoin ATM There are none that can turn anything into cash
LocalBitcoins.com Few users in Taiwan
The two closest ideas are LocalBitcoins & GoAbra I’d like to combine the strengths of both of these approaches
Localbitcoins.com for everything Problem to be solved – not really localized
GoAbra location based teller model
Legend for the following Graphics
Icon Meaning
Teller/Cryptocurrency Holder
Remittance/ Cash User
LocalBitcoins.com Scope of Services
¥/B/Cc $/B/Cc
Cross-border Cryptocurrency
The GoAbra Model
$¥ GoAbra’s own Cryptocurrency
$$$$$$$$
$
$$$
$$$$$
Benefit of their approach
I believe that they peg their cryptocurrency for stable exchange rates Perhaps they have a dynamic money supply algorithm to control the
value of the coins
Together in One Region
¥/B/Cc
¥/B/CcCNY/B/Cc
JPY/B/Cc$/B/Cc
Cross-border Cryptocurrency
Cross-border Cryptocurrency
Cross-border
Cryptocurrency
The Cryptocurrency Holder as a Cash Teller
Receive Cryptocurrency Transfer Cryptocurrency
Nearest to
Location
Receives Transfer
Gives Cash
User Broadcasts
Request
Teller Accepts
Receives Cash
Transmits Currency
Uses of this model
Localization Service
Localized Cryptocurrency Exchange
Remittance
Costless Transfers
Problem 1- Liquidity
Liquidity
Ease of Currency to
Cash Conversion
Ease of Commodity Conversion
Ease of Service
ConversionEfficient
Access to user base
Expansion of user base
Expansion of User Space
Remittance Users
Alt Coin Holders
Bitcoin Holders
Part 2 – How Would the App Work?
What The Apps Should Achieve
Business Model
RemitLocation 1
Cash SenderLocation 1
Teller
Cryptocurrency Transfer
Location 2 Teller
Location 2 Cash Receiver
Cash ExchangeLocation 1
Cash Sender
Location 1 Teller
Need 2 Apps
Cash Sender/Receiver• Cash holder
Cryptocurrency Sender/Receiver• Cryptocurrency
Holder
Potential Names for Each App
BYoC BYoB
Cash Exchange
¥ BI want
Bitcoin!I want Cash!
Broadcast Accepts
Escrow
Proposal for the app’s functions - Remitting
$ ¥
BroadcastFind TellerFind Teller Teller
AcceptsTeller
Accepts
B B¥
The User ExperiencePart 1: The Cash User
Buying Cryptocurrency with Cash
Define Security Measure•KYC•Verification Process•Registered
Filters•Amount•Security preferences•Distance
Broadcast Request
Wait for Teller to Accept•*money placed in escrow•Messages to confirm
Meetup at Defined Location
Cc Buyer Presses Paid
Cc Disburses to the right wallet
Remittances
Define Security Measure Filters Send Request to
Receiver
Receiver Accepts•Security Preferences•Filters
Cash Sender and Receiver
both Broadcast to Tellers
Tellers Accept•*Cc Sender Cc placed in escrow
Cash Sender goes to Defined
Location
Cc Sender Presses
Received
Cash Receiver Presses
ReceivedCc released to Cc Receiver
Part 3 - Layers of the App
On the Tech side, what’s necessary?
Back-end
Data
Collaboration
Business Logic
Security
Front-end
Container
Device Data Layer
Off Syncing
User Experience
Still in the Process of Crowdsourcing Ideas on the previous slide: