Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Botocean on October 07, 2020. This guest star Dragos Lipa, CEO Botocean . If you were unable to join the live AMA, no worries, here comes our 75th AMA recap!
We are glad to meet here:
Dragos Lipa, CEO at Botocean
For taking your time out from busy schedule for the AMA!
Q1: Can you introduce yourself to the community? What is your background and how did you join Botocean?
Sure! My name is Dragos and I studied in Geneva for my Bachelor Degree in BBA. Back in 2013 I initially started mining BTC with a small home setup but that quickly turned into a spiral which eventually concluded with me picking up trading and ever since then I’ve been doing that pretty much full time. After so many years though, I figured there must be a better way to trade, especially in a market that works 24/7 so that led to Orka Labs which is an algo trading fund.
orkalabs.com for whoever is interested
Q2: Can you briefly describe what is Botocean? and what makes Botocean different from other competitors?
BotOcean is our way of sharing with people something we’ve built and we know works. As I just told you, we already own Orka Labs which is an algorithmic trading fund and for that, we built our own proprietary tools and having gone through the whole ordeal and knowing what it means we decided to open this up to people and allow them to build their own strategies with 0 coding skills.
It really went from one checkpoint to another. From mining to trading, from trading to automation, and finally from having something that works to share it with people. We already have an initial live demo which you can see here: demo.botocean.com but I can also walk you through some of the things in there if you want. Please note that demo.botocean.com is just a demo, it is by no means the final design or functionalities. It’s there just to give you an idea about the product.
Bot Ocean stands out with its multiple features – First of all, there is the Strategy builder where you can build a trading strategy by drag&drop, then there is the backtester where you can backtest the strategies that you created. Besides this, we will have the Live Trading area, which consists of the trading bot which you can connect to your exchange account and trade the strategies you created. And there will also be a strategy marketplace where people can rent out their strategies.
Host: Really Interesting, Everyone can try Demo Products from Botocean on this links: http://demo.botocean.com
Dragos: Should I share the pitch deck as well, so people can get a better understanding about our project? We will release the whitepaper soon
Q3: What is the use-case of the Botocean token?
First of all, the tokens are used to pay the fees of BotOcean. Our platform has a very specific use and with the Bot Ocean Token, you can reduce the amount you have to pay for these services. Additionally, it will be used for governance in several scenarios. You can vote to add members to a particular index portfolio and even make proposals for the platform.
As for the fee reduction itself, this applies to both shipwrights (strategy creators) and anglers (people who copy strategies). As time passes we will also start offering exclusive deals to our token holders, from market reports to constant newsletters and much more. Token holders will also get exclusive access to custom portfolios made by us.
Also, you don’t have to pay using the platform token, but you will benefit from fee discounts if you do. How much we charge depends on your level on the platform, more info on that soon but I can tell you that overall the token has a good foundation in terms of actually making it valuable.
Q4: When will the token sale take place and how many phases are there?
We already started the seed phase privately and we are almost finishing it further considering if we want to do a public sale or not because the interest that the project generated until now makes me think that we will sell out privately really fast. So it’s either Seed + Private only or Seed + Private + Public. I think you could create a poll and if the community is interested in our sale we could maybe find a way to collaborate this way too. What do you think?
This is just our second AMA, yesterday was the first. We focused solely on the product until now so we can launch in 2 months.
We already have a team of developers working on the project since a few months
Q5: Lots of investors hit and run in the sales session and sell after listing on the first exchange, How is the Botocean to prevent early investors from selling their token and what benefit will Botocean give to them?
First of all the team has 2 years of vesting, we really believe in the future of this platform, and then there is the vesting that the investors from the seed phase and private have. Mostly I think the price pressure will be upwards because we only sell $1.35M so not everyone will get an allocation
There is a big incentive as well for people to buy the token because it reduces their fees by a huge margin
Q1: The main source of trouble at DeFi is the vulnerability of smart contracts, which has led to the loss of funds, are there any special steps that $BotOcean has taken to avoid this incident in the future?
As we have a security expert on our team, the code of the bot will be reviewed in detail. We will also do a 3rd party private audit on our backend code to make sure we haven’t missed any vulnerabilities. On top of that, all of the instances of the bots will be dockerized(sandboxed), so in case of a breach, the attacker will not be able to escalate privileges and access the rest of the platform.
And to give a bit more info on our security expert, he’s a member of a top global CTF team (no.2 in the world in 2019), has developed his own pentesting challenges in web, blockchain, and even quantum coding and in addition to this, he even won several competitions including DefCamp for 3 years in a row, which is the most important annual conference on Hacking & Information Security in Central Eastern Europe. We take security very seriously
Q2: I tried bot for trading before but it was not effective. What assurance you can promise to your clients that the money paid to you will be worth it? What kind of strategy do you use? How effective is Bot Ocean in gaining profit and taking ROI?
First of all, Bot Ocean will have a Marketplace of strategies where the company that I am currently running (Orka Labs – trackrecord.orkalabs.com) will post some successful strategies, so users can enjoy renting great quality strategies from the beginning. Regarding the infrastructure itself, I mean the bot, I can assure you that the technology behind it is reliable.
Check out that link to see some samples
Q3: Privacy and confidentiality of information and user property are important issues, so what solutions do BotOceanInc have about that? Does BotOceanInc have a plan to issue its own Coin or Token to bring more benefits to users and partners?
Bot Ocean does not perform KYC on users because we are a non-custodial platform; the funds stay ion your exchange account, which you can easily connect to our platform through API keys.
Regarding the Token benefits, we put a lot of effort into making it as interesting as possible including lots of benefits.
As I said before, the token holders can significantly reduce the payment for the services provided by the Bot Ocean platform, and also have early access to the new features. They can take part in governance through many ways – they can propose and vote, for example, the composition of the new strategy indexes added to the platform. We are going to explain the further details in the Whitepaper.
Q4: Can BotOcean meet all the features and needs of the financial ecosystem? Can it offer Speed,Security,strong infrastructure, innovative ecosystem,stable use and traditional bank solutions together? Can BotOcean be the chief architect of the financial ecosystem?
We specialize in only a small part of the financial ecosystem, so in that regard I could say that yes we will meet all the criteria of being the best in our space. We will use existing infrastructure from Orka Labs when we build this platform so you can be assured that the bots have the speed and security levels expected by the community.
Q5: How do you guarantee that your trading strategies are solvent? What are the advanced algorithms with which these strategies were backtested?
trackrecord.orkalabs.com have a look at some of our strategies that we are currently running for almost a year on live trading. Everything from the backtester, to the strategy creator and live trading bot are built custom by us so we can ensure that we have a solid infrastructure. And regarding our strategies we have simple ones with only a few parameters to complex machine learning algorithms. We are a succesful trading firm which wants to make its infrastracture available to everyone.
Q1. Security issues are currently a headache for both investors and projects. So how will personal information and investors’ assets be protected by #Bootcean? If there is hacked hacker Botocean will handle how?
I answered a question before on the topic of security so you can check that out and also keep in mind that we are a non-custodial platform which means that the funds stay in your account and you easily connect it to our platform trough API Keys. So no money can be lost by hacking.
Q2. What marketing strategy does Botocean plan to use to make itself known in the community and on social networks? How much of your funds do you expect to devote to this?
We will have collaborations with some big crypto influencers and we will create a great refferal system so everyone has an incentive to promote the platform and earn money. We plan to use 24% of the funds for Marketing.
Q3. Manual trading is time consuming and demands too much attention. With the use of trading bot, can I leave my trade overnight?
Yes, the bot does all the work for you. You have 2 options: 1) you create your own strategy by drag and drop with NO coding and you start trading it live or 2) you rent a strategy made by another user from the market place. you will see all the statistics that you need in order to make the best choices
Q4. What proves that speculation will certainly be eliminated?
The vesting period for the investors and the never ending incentive for users to buy the token in order to reduce their fees, similarly to binance token. so if the platform grows, the token grows.
Q5. Looking back on your Timeline/, we’ve seen great steps forward! What are the next big milestones for BotOcean’s ecosystem development?
The next big step is launching the platform. We expect this to happen in the next 2 months, we are working really hard to make this happen.
Q6. You organized an AMA session with rewards and received a lot of questions related to Liquidity Security utilities and technology etc. What exactly do you want to receive from the community?
We want to receive feedback on the features that the community wants on the platform. We want to build a platform that the users really can easily use. At the moment there are different competitors but there is no complete solution to algo trading for cryptocurrencies yet
For more questions come on @botocean and meet some of the people in the team as well and ask them about the project. I think that would be great
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Botocean
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