gls2020.tex (36512B)
1 \documentclass[c]{beamer} 2 3 %\usepackage{helvet} 4 \usepackage{calc} 5 \usepackage[utf8]{inputenc} % set your input encoding differently, if you want 6 \usepackage[english]{babel} 7 8 \usepackage{enumitem} 9 \usepackage{eurosym} 10 \usepackage{tikz} 11 \usepackage{pgfgantt} 12 \usepackage{amsmath,amssymb} 13 \usetikzlibrary{shapes,arrows} 14 \usetikzlibrary{positioning} 15 \usetikzlibrary{calc} 16 \usepackage[absolute,overlay]{textpos} 17 18 %\setbeameroption{show notes} 19 20 \setlist[itemize]{label=$\bullet$} 21 22 23 \def\checkmark{\tikz\fill[scale=0.4](0,.35) -- (.25,0) -- (1,.7) -- (.25,.15) -- cycle;} 24 25 \setbeamercovered{transparent=10} 26 \setbeamertemplate{navigation symbols}{Presentation --- Taler Systems S.A. --- \today --- Page \insertpagenumber} 27 \setbeamertemplate{section in toc}[sections numbered] 28 29 % Adapt title information 30 % ======================= 31 \title{Taler Systems S.A. \\ {\small {\bf T}axable {\bf A}nonymous {\bf L}ibre {\bf E}lectronic {\bf R}eserves}} 32 \institute{Instant one click payments} 33 \author{Christian Grothoff \& Leon Schumacher} 34 \date{\today} 35 36 % Some common packages 37 % ==================== 38 \usepackage{units} 39 \usepackage{amsbsy} 40 \usepackage{amsmath} 41 \usepackage{amssymb} 42 \usepackage{graphics} 43 \usepackage{epsf} 44 \usepackage{epsfig} 45 \usepackage{fixmath} 46 \usepackage{wrapfig} 47 48 49 \usetikzlibrary{snakes} 50 51 52 \begin{document} 53 54 \begin{frame} 55 \titlepage 56 57 {\tiny 58 ``I think one of the big things that we need to do, is we need to get a way from true-name payments on the Internet. The credit card payment system is one of the worst things that happened for the user, in terms of being able to divorce their access from their identity.'' \\ \hfill --Edward Snowden, IETF 93 (2015)} 59 \end{frame} 60 61 \begin{frame}{Agenda} 62 \tableofcontents 63 \end{frame} 64 65 \section{Unique sales propositions} 66 \begin{frame}{1. Unique sales propositions (USPs)} 67 \begin{itemize} 68 \item Instant one click payments 69 \item Privacy for spender from payment system provider 70 \item No Fraud (compared to credit card online payments) 71 \item No authentication needed for payment 72 \item Micropayments possible 73 \item Low transaction costs 74 \item Open 75 \item Scalable 76 \item Transparent 77 \end{itemize} 78 \end{frame} 79 80 81 \section{The problem} 82 83 \begin{frame}{2.2. The problem} 84 \vfill 85 \begin{textblock*}{7cm}(0.5cm,1cm) % {block width} (coords) 86 \begin{itemize} 87 \item Global tech businesses exploit their oligopolies 88 \item Privacy and federated finance at risk 89 \item Economic sovereignty in danger 90 \end{itemize} 91 \end{textblock*} 92 \begin{textblock*}{4cm}(9.5cm,3.2cm) % {block width} (coords) 93 {\includegraphics[width=\textwidth]{competitor-logos/amazon.png}} 94 \end{textblock*} 95 \begin{textblock*}{2cm}(7cm,1cm) % {block width} (coords) 96 {\includegraphics[width=\textwidth]{competitor-logos/alipay.jpeg}} 97 \end{textblock*} 98 \begin{textblock*}{2cm}(9cm,0.5cm) % {block width} (coords) 99 {\includegraphics[width=\textwidth]{competitor-logos/paypal.jpeg}} 100 \end{textblock*} 101 \begin{textblock*}{2cm}(9cm,2cm) % {block width} (coords) 102 {\includegraphics[width=\textwidth]{competitor-logos/applepay.jpeg}} 103 \end{textblock*} 104 \begin{textblock*}{2cm}(7.5cm,2.9cm) % {block width} (coords) 105 {\includegraphics[width=\textwidth]{competitor-logos/samsungpay.jpeg}} 106 \end{textblock*} 107 \begin{textblock*}{1cm}(9.5cm,3.3cm) % {block width} (coords) 108 {\includegraphics[width=\textwidth]{competitor-logos/android_pay.png}} 109 \end{textblock*} 110 \vfill 111 112 \begin{block}{European alternatives are low-tech:} 113 {\includegraphics[width=2cm]{competitor-logos/laterpay.jpeg}} 114 {\includegraphics[width=2cm]{competitor-logos/sofortueberweisung.jpeg}} 115 {\includegraphics[width=2cm]{competitor-logos/paydirect.jpeg}} 116 \end{block} 117 \begin{block}{European regulation requires high-tech:} 118 \begin{center} 119 \includegraphics[width=0.5cm]{illustrations/ec.png} $\Rightarrow$ AML, KYC, {\bf GDPR} 120 \end{center} 121 \end{block} 122 \end{frame} 123 124 125 \section{What is Taler?} 126 \begin{frame}{3. What is Taler?} 127 \vfill 128 \begin{center} 129 Taler is an electronic instant payment system. 130 \end{center} 131 \begin{itemize} 132 \item Pay in existing currencies (i.e. EUR, USD) 133 \item Uses electronic coins stored in wallets on customer's device 134 \end{itemize} 135 \vfill 136 \end{frame} 137 138 139 \begin{frame}{4.1. Advantages of Taler} 140 \begin{itemize} 141 \item{All operations provide cryptographically secured, mathematical proofs for courts \& auditors} 142 \item{Customer can remain anonymous 143 \begin{itemize} 144 \item retain civil liberties in increasingly cash-less world 145 \item eliminates costly customer authentication 146 \item no credit card number theft possible 147 \item merchants do not need to operate expensive certified equipment \& processes (PCI DSS, etc.) 148 \item Taler can give change and refunds, even to anonymous customers 149 \end{itemize}} 150 \item{Merchants are identifiable in each payment they receive 151 \begin{itemize} 152 \item bad for illegal business 153 \item no tax evasion 154 \end{itemize}} 155 \end{itemize} 156 \end{frame} 157 158 159 \begin{frame}{4.2. Advantages of Taler} 160 \begin{itemize} 161 \item{Payments in existing currencies, does not introduce any new currency 162 \begin{itemize} 163 \item financial stability, no risks from currency fluctuation 164 \item payment system, not speculative investment 165 \end{itemize}} 166 \item{Scalable, fast protocol implementation 167 \begin{itemize} 168 \item low transaction costs (in terms of computation at high volume) 169 \end{itemize}} 170 \item{Open standard protocol without patents with free reference implementations 171 \begin{itemize} 172 \item low barrier to entry for new merchants 173 \item governments may adopt as part of digital sovereignty agenda 174 \end{itemize}} 175 \end{itemize} 176 \end{frame} 177 178 179 \section{Operating model} 180 181 \begin{frame}{6. Architecture} 182 \begin{center} 183 \includegraphics[width=\textwidth]{taler-arch-full-gls.pdf} 184 \end{center} 185 \note{Operator charges transaction fees.} 186 \end{frame} 187 188 189 190 \section{Competitors} 191 \begin{frame}{8. Competitor comparison} 192 \begin{center} \small 193 \begin{tabular}{l||c|c|c|c|c} 194 & Cash & Bitcoin & Libra & Creditcard & GNU Taler \\ \hline \hline 195 Online &$-$$-$$-$ & ++ & +++ & + & +++ \\ \hline 196 Offline & +++ & $-$$-$ & $-$$-$ & + & $-$$-$ \\ \hline 197 Trans. cost & + & $-$$-$$-$ & $-$$-$ & $-$ & ++ \\ \hline 198 Speed & + & $-$$-$$-$ & $-$ & o & ++ \\ \hline 199 Taxation & $-$ & $-$$-$ & $-$ & +++ & +++ \\ \hline 200 Payer-anon & ++ & o & $-$$-$$-$ & $-$$-$$-$ & +++ \\ \hline 201 Payee-anon & ++ & o & $-$$-$$-$ & $-$$-$$-$ & $-$$-$$-$ \\ \hline 202 Security & $-$ & o & o & $-$$-$ & ++ \\ \hline 203 Conversion & +++ & $-$$-$$-$ & $-$ & +++ & +++ \\ \hline 204 Libre & $-$ & +++ & o & $-$ $-$ $-$& +++ \\ \hline 205 Remittances & $-$$-$ & +++ & +++ & $-$ & $-$ \\ 206 \end{tabular} 207 \end{center} 208 \note{Not having payee-anonymity is a good thing as otherwise money laundering 209 becomes a real problem.} 210 \end{frame} 211 212 213 \section{Use cases} 214 215 \begin{frame}{12.1 Use case: consumers} 216 \begin{center} 217 {\bf Why would a consumer adopt Taler?} 218 \end{center} 219 \begin{itemize} 220 \item Convenient: pay with one click instantly 221 \item Guaranteed: no rejection by false-positives in fraud detection 222 \item Secure: like cash, except no counterfeits 223 \item Privacy-preserving: payment requires no personal information 224 \item Stable: no currency fluctuations, pay in traditional currencies 225 \item Free software: no hidden ``gadgets'', third parties can verify 226 \end{itemize} 227 \end{frame} 228 229 \begin{frame}{12.2 Use case: merchants} 230 \begin{center} 231 {\bf Why would a merchant implement Taler?} 232 \end{center} 233 \begin{itemize} 234 \item Instant payments: transactions at Web-speed 235 \item Secure: signed contracts, no legitimate customer rejected by fraud detection 236 \item Free software: competitive pricing and support 237 \item Low fees: efficient protocol + no fraud $=$ low costs 238 \item Flexible: any currency, any amount 239 \item Ethical: no fluctuation risk, no pyramid scheme, not suitable for illegal business 240 \item Legal: complies with Regulation (EU) 2016/679 (GDPR)\footnote{Requires privacy by design and data minimization for all data processing in Europe after 25.5.2018.} 241 \end{itemize} 242 \end{frame} 243 244 245 246 \section{Partners} 247 248 \begin{frame}{14. Partners} 249 \begin{minipage}{8cm} 250 {\bf Research and development:} 251 \begin{center} 252 \includegraphics[height=1cm]{partner-logos/gnunet.jpeg} 253 \includegraphics[height=1cm]{partner-logos/tum.png} 254 \includegraphics[height=1cm]{partner-logos/inria.png} 255 \includegraphics[height=0.5cm]{partner-logos/bfh.png} 256 \end{center} 257 258 \vspace{0.1cm} 259 260 {\bf Business development:} 261 262 \begin{center} 263 \includegraphics[height=1cm]{partner-logos/ashoka.png} 264 \includegraphics[height=0.8cm]{partner-logos/rff.png} 265 \includegraphics[height=1cm]{partner-logos/gnu.jpeg} 266 % \includegraphics[height=1cm]{partner-logos/hl.png} 267 \end{center} 268 269 \vspace{0.1cm} 270 \end{minipage} 271 % \hfill 272 % \begin{minipage}{5cm} 273 % {\bf Banks (in discussion):} 274 275 % \includegraphics[height=1cm]{partner-logos/hsbc.jpeg} 276 % \includegraphics[height=1cm]{partner-logos/gls-bank.png} 277 % \vfill 278 % \vspace{1cm} 279 280 % {\bf Merchants:} 281 % \includegraphics[height=0.8cm]{partner-logos/dk.png} 282 % \includegraphics[height=1cm]{partner-logos/spiegel.jpeg} 283 % \includegraphics[height=1cm]{partner-logos/heise.png} 284 % \vfill 285 % \end{minipage} 286 \end{frame} 287 288 289 \begin{frame}{15. Strategic partners for distribution} 290 % \begin{center} 291 \includegraphics[height=1.2cm]{partner-logos/tor.jpeg} \hskip2cm 2+ million daily users 292 \vfill 293 \includegraphics[height=0.8cm]{partner-logos/pep.pdf} 294 \vfill 295 \includegraphics[height=1cm]{partner-logos/tcij.png} 296 \vfill 297 % \includegraphics[height=1cm]{partner-logos/firefox.png} \hskip2cm (in discussions) 298 % \vfill 299 %\end{center} 300 \end{frame} 301 302 303 \begin{frame}{16.1 Next key steps in Technology} 304 \begin{itemize} 305 \item[1.]{Complete GLS integration} 306 \item[2.]{Complete Exchange external security audit} 307 \item[3.]{Complete Merchant external security audit} 308 \item[4.]{Complete Wallet external security audit and 309 integrate with more distribution channels (p$\equiv$p, \ldots)} 310 \item[5.]{Port wallet to iOS} 311 \end{itemize} 312 \end{frame} 313 314 315 \begin{frame}{16.2 Next key steps in Business} 316 \begin{itemize} 317 \item[1.]{Agree on business structure with GLS} 318 \item[2.]{Apply for regulatory approval with BAFIN} 319 \item[3.]{Setup operations (SLA, servers in data center)} 320 \item[4.]{Three stage launch: 321 \begin{itemize} 322 \item Public alpha with selected customers and merchants (Pretix) 323 \item Public beta with selected merchants (Change.org, Wikipedia) 324 \item General launch (once integrated with at least one large commercial partner) 325 \end{itemize}} 326 \end{itemize} 327 \end{frame} 328 329 330 331 \section{Next steps} 332 \begin{frame}{20. Next steps in development and timeline based on current resourcing} 333 \definecolor{barblue}{RGB}{153,204,254} 334 \definecolor{groupblue}{RGB}{51,102,254} 335 \definecolor{donegreen}{RGB}{0,255,0} 336 \definecolor{linkred}{RGB}{165,0,33} 337 \renewcommand\sfdefault{phv} 338 \renewcommand\mddefault{mc} 339 \renewcommand\bfdefault{bc} 340 \sffamily 341 \begin{ganttchart}[ 342 time slot format=isodate, % format for dates, YYYY-MM-DD 343 canvas/.append style={fill=none, draw=black!5, line width=.75pt}, 344 hgrid style/.style={draw=black!5, line width=.75pt}, 345 vgrid={*1{draw=black!5, line width=.75pt}}, 346 today=2020-3-18, % Important: must match \today below! 347 today label=\today, % render date when presentation was compiled here 348 today rule/.style={ 349 draw=black!64, 350 dash pattern=on 3.5pt off 4.5pt, 351 line width=1.5pt 352 }, 353 x unit = 0.5pt, % how wide is one day? Scaled so that 9 months fit the window 354 y unit chart = 0.6cm, % height of a bar in the chart 355 y unit title = 1cm, % height of the title bar 356 today label font=\small\bfseries, 357 title/.style={draw=none, fill=none}, 358 title label font=\bfseries\footnotesize, 359 title label node/.append style={below=7pt}, 360 include title in canvas=false, 361 bar label font=\mdseries\small\color{black!70}, 362 bar label node/.append style={left=2cm}, 363 bar/.append style={draw=none, fill=donegreen}, % color of progress bar when done 364 bar incomplete/.append style={fill=barblue}, % color of progress bar not yet done 365 bar progress label font=\mdseries\footnotesize\color{black!70}, 366 group incomplete/.append style={fill=groupblue}, 367 group left shift=0, 368 group right shift=0, 369 group height=0.5, 370 group peaks tip position=0, 371 group label node/.append style={left=.6cm}, 372 group progress label font=\bfseries\small, 373 group/.append style={draw=none, fill=donegreen}, % black!63}, 374 link/.style={-latex, line width=1.5pt, linkred}, 375 link label font=\scriptsize\bfseries, 376 link label node/.append style={below left=-2pt and 0pt} 377 ]{2020-1-1}{2020-12-31} 378 \gantttitle[ 379 title label node/.append style={below left=7pt and -3pt} 380 ]{Month: \qquad 1}{12} % We show 9 months, start at '1' 381 \gantttitlelist{2,...,12}{31} \\ % a month has ~31 days (tss per label given) 382 \ganttgroup[progress=75, 383 progress label text={GLS bank integration}]{v0.6}{2020-1-1}{2020-3-31} \\ 384 \ganttgroup[progress=50, 385 progress label text={Synchronization and backup}]{v0.7}{2020-1-1}{2020-5-30} \\ 386 \ganttgroup[progress=50, 387 progress label text={Exchange security audit}]{v0.7.1}{2020-1-1}{2020-6-31} \\ 388 \ganttgroup[progress=0, 389 progress label text={Merchant backend security audit}]{v0.8}{2020-4-1}{2020-9-30} \\ 390 \ganttgroup[progress=15, 391 progress label text={Anastasis}]{v0.8.1}{2020-1-1}{2020-10-31} \\ 392 \ganttgroup[progress=0, 393 progress label text={Regulatory compliance features}]{v0.9}{2020-5-1}{2020-9-31} \\ 394 \ganttgroup[progress=0, 395 progress label text={iOS wallet}]{v1.0}{2020-7-1}{2020-12-31} 396 \end{ganttchart} 397 398 Development details can be found under: 399 {\color{blue} \url{https://gnunet.org/bugs/roadmap_page.php}} \\ 400 Demo of real system: {\color{blue} \url{https://demo.taler.net/}} 401 402 \vfill 403 {\bf Resources:} Currently development is funded until mid 2021 404 \end{frame} 405 406 407 408 \begin{frame}{Contact details} 409 \begin{center} 410 \begin{tabular}{p{5cm}p{5cm}} 411 % {\bf CEO} & {\bf CTO} \\ & \\ 412 Leon Schumacher & Dr. Christian Grothoff \\ 413 {\tt leon@taler.net} & {\tt christian@taler.net} \\ 414 +41-79-865-9365 & +41-78-692-6894 \\ 415 % \url{http://taler.net/ceo/} & \url{http://taler.net/cto/} \\ 416 \end{tabular} 417 418 \vspace{2cm} 419 \url{https://www.taler.net/} 420 \end{center} 421 \end{frame} 422 423 424 \begin{frame} 425 \begin{center} 426 \includegraphics[width=0.66\textwidth]{taler-logo-2018.pdf} 427 \end{center} 428 \end{frame} 429 430 431 \begin{frame}{2.1. The problem} 432 433 3D secure (``verified by visa'') is a nightmare: 434 \begin{minipage}{5cm} 435 \begin{itemize} 436 \item Complicated process 437 \item Shifts liability to consumer 438 \item Significant latency 439 \item Can refuse valid requests 440 \item Legal vendors excluded 441 \item No privacy for buyers 442 \end{itemize} 443 \end{minipage} 444 \begin{minipage}{5cm} 445 \includegraphics[width=\textwidth]{illustrations/cc3ds.pdf} 446 \end{minipage} 447 Cryptographers' paper on 3DS: 448 \begin{center} 449 ``Verified by Visa and MasterCard SecureCode: 450 Or, How Not to Design Authentication'' 451 \end{center} 452 Online credit card payments will be replaced, but with what? 453 \end{frame} 454 455 456 457 458 \begin{frame}{5. Social impact of Taler} 459 \begin{center} 460 \includegraphics[height=0.8\textheight]{../../social-impact.pdf} 461 \end{center} 462 \end{frame} 463 464 465 \section*{The market} 466 % FIXME: update, include Visa/Master/PayPal, AliPay in particular! 467 % FIXME: render more nicely? 468 \begin{frame}{7. The market} 469 \begin{textblock*}{0.6\textwidth}(1cm,5cm) % {block width} (coords) 470 \includegraphics[width=\textwidth]{payment_solutions.png} 471 \end{textblock*} 472 \begin{textblock*}{0.6\textwidth}(5.5cm,1cm) % {block width} (coords) 473 \includegraphics[width=\textwidth]{payment_volume.png} 474 \end{textblock*} 475 \note{The market is big.} 476 \end{frame} 477 478 479 480 \begin{frame}{9. Payment solutions - pricing} 481 % FIXME: Konkrete Zahlen fuer Beispieltransaktionen 482 \begin{center} 483 \begin{tabular}{l||c} 484 {\bf Provider} & {\bf Pricing} \\ \hline \hline 485 Alipay & 2,0\% - 3,0\% \\ \hline 486 Allied Wallet & 1,95\% + \$ 0,20 \\ \hline 487 Amazon Payments & 2,9\% + \$ 0,30 \\ \hline 488 Avangate & 4,9\% + \$ 2,50 \\ \hline 489 Billpro & 2,1\% + 3,5\% fee \\ \hline 490 BitGold Inc. & 1\% fee on every purchase \\ \hline 491 Bitpay (Bitcoin)& 0\% \\ \hline 492 Checkout.com & 2,95\% - 3,95\% + \pounds 0,15 \\ \hline 493 Coinify (Bitcoin) & 0\% \\ \hline 494 eComCharge & 3,5\% + \EUR{0,35} \\ \hline 495 GoCardless & 1\% up to a maximum of \pounds 2 \\ \hline 496 Western Union & Variable --- From 5\% up 497 \end{tabular} 498 \end{center} 499 \note{Transaction cost in Taler is $\approx$ \EUR{0.0001} (plus salaries and profits).} 500 \end{frame} 501 502 503 \section*{About us} 504 505 \begin{frame} 506 \frametitle{10. Why now and why us?} 507 \begin{block}{Why now?} 508 {%\tiny 509 \begin{itemize} 510 \item{Chaum's original patents\footnote{\tiny USPTO 5878140, 5781631, 5712913} from 1996-1999 have expired} 511 \item{Increased awareness of issue of privacy in payment systems {\tiny 512 \begin{itemize} 513 \item Contemporary payment systems fail on privacy 514 \item Cash is disappearing 515 \item Alternatives urgently needed 516 \end{itemize}}} 517 \item{Cryptocurrencies threaten control over money supply and tax base of governments} 518 \end{itemize} 519 } 520 \end{block} 521 \begin{block}{Why us?} 522 {%\tiny 523 \begin{itemize} 524 \item{solved (technical) problem of unlinkability} 525 \item{designed a modern, open standards based version} 526 \item{technical expertise to really build it} 527 % : {\tiny 528 % \begin{itemize} 529 % \item{15 years of research in network security and privacy} 530 % \item{Founder of GNUnet and related projects} 531 % \end{itemize}}} 532 \item{good contacts: free software movement, press, academics} 533 \end{itemize} 534 } 535 \end{block} 536 \end{frame} 537 538 539 \begin{frame} 540 \frametitle{11. Team \hfill \& \hfill advisory board \hfill} 541 \begin{minipage}{5cm} 542 \setlist[description]{leftmargin=1cm,labelindent=0cm} 543 \begin{description} 544 \item[Leon Schumacher]\ \\ co-founder, executive 545 \item[Dr. Christian Grothoff]\ \\ co-founder, executive 546 \item[Dr. Florian Dold]\ \\ CTO 547 \item[Michael Widmer]\ \\ Lawyer, executive 548 \end{description} 549 550 \end{minipage} 551 \begin{minipage}{5.5cm} 552 {\tiny 553 \begin{description} 554 \item[Prof. Mikhail Atallah] \ \\ 555 Cryptographer, co-founder 556 Arxan Technologies Inc. 557 \item[Prof. Roberto Di Cosmo] \ \\ 558 Director IRILL 559 \item[Greg Framke] \ \\ 560 CIO Manulife, \\ 561 former COO Etrade 562 \item[Ante Gulam] \ \\ 563 Global Head of Information Security --- CISO \\ 564 MetaPack Group 565 \item[Dr. Richard Stallman]\ \\ 566 Founder of the \\ \mbox{Free Software movement} 567 \item[Chris Pagett] \ \\ 568 former Group Head Security/ \ \\ 569 Fraud/Geo Risk HSBC 570 \item[Prof. Alex Pentland] \ \\ 571 MIT Media Lab 572 \end{description} 573 } 574 \end{minipage} 575 \vfill 576 \includegraphics[height=0.1\textwidth]{team-images/leon-schumacher.jpg} \hfill 577 \includegraphics[height=0.1\textwidth]{team-images/christian-grothoff.jpg}\hfill 578 \includegraphics[height=0.1\textwidth]{team-images/michael-widmer.jpg}\hfill 579 \includegraphics[height=0.1\textwidth]{team-images/florian-dold.jpg}\hfill 580 \includegraphics[height=0.1\textwidth]{board-images/mja.jpg} \hfill 581 \includegraphics[height=0.1\textwidth]{board-images/roberto-di-cosmo.jpg} \hfill 582 \includegraphics[height=0.1\textwidth]{board-images/greg-framke.jpg} \hfill 583 \includegraphics[height=0.1\textwidth]{board-images/ante-gulam.jpg} \hfill 584 \includegraphics[height=0.1\textwidth]{board-images/alex-pentland.jpg} 585 %\note{Advisory board still under construction.} 586 \end{frame} 587 588 589 \begin{frame}{12.3 Use cases --- potential niches for launch} 590 \begin{itemize} 591 \item[1.]{Non-bankable / unbanked people 592 \begin{itemize} 593 \item Children 594 \item Refugees / Displaced population 595 \item Developing markets 596 \end{itemize} 597 } 598 \item[2.]{Instant one click Web purchases 599 \begin{itemize} 600 \item Newspaper articles 601 \item Platform provider with exposure risk {\tiny (see Spotify)} 602 \end{itemize} 603 } 604 \item[3.]{Niche markets 605 \begin{itemize} 606 \item Entertainment \& Media 607 \item Tor users {\tiny (when privacy is required)} 608 \item Bitcoin payments 609 \end{itemize} 610 } 611 \item[4.]{Micropayments 612 \begin{itemize} 613 \item Gaming {\tiny (in-game payments)} 614 \item Eliminate spam {\tiny (require payment to display unsolicited e-mails)} 615 \end{itemize} 616 } 617 \end{itemize} 618 \end{frame} 619 620 621 \begin{frame}{12.3 Use cases --- potential niches for launch: Anti-Spam} 622 p$\equiv$p provides authenticated encryption for e-mail: 623 \begin{itemize} 624 \item Free software 625 \item Easy to use opportunistic encryption 626 \item Available for Outlook, Android, Enigmail 627 \item Committed strategic partner 628 \end{itemize} 629 Attach Taler payment to secure e-mail communication channel: 630 \begin{itemize} 631 \item Avoids two-sided market: peer-to-peer payments (this is how PayPal launched) 632 \item If unsolicited sender (i.e. not in address book), hide messages from user 633 automatically request payment from sender 634 \item Sender can attach Taler payment to be moved to inbox 635 \item Receiver can grant refund to sender \\ 636 (Taler still collects applicable transaction fees) 637 \end{itemize} 638 \end{frame} 639 640 641 642 \begin{frame}{13. Taler and Blockchains} 643 \begin{block}{What can Taler do for Blockchains?} 644 Blockchains have inherently high transaction {\bf costs} and little 645 {\bf privacy}. Taler can operate as a {\bf side-chain}, providing 646 enhanced privacy and {\bf performance} for crypto currencies. 647 \end{block} 648 \begin{block}{What can Blockchains do for Taler?} 649 Taler cannot cryptographically prove the {\bf timing} of 650 transactions. Using a blockchain for {\bf timestamping} would 651 allow GNU Taler to provide hard proof of {\bf when} a payment 652 happened. 653 \end{block} 654 \end{frame} 655 656 \section*{Risks} 657 \begin{frame}{17. Main risks} 658 \begin{itemize} 659 \item[1.]{Technical risk --- {\color{green} resolved}} 660 \item[2.]{Cryptographic risk --- {\color{green} resolved}} 661 \item[3.]{Distribution on customer side challenging} 662 \item[4.]{Distribution on merchant side challenging} 663 \item[5.]{Regulator does not approve} 664 \item[6.]{System hacked (by internal admin staff)} 665 \end{itemize} 666 \end{frame} 667 668 669 \begin{frame}{18. Risk Mitigation} 670 \begin{itemize} 671 \item[1.]{Technical risk --- {\color{green} resolved}} 672 \item[2.]{Cryptographic risk --- {\color{green} resolved}} 673 \item[3.]{Distribution on customer side challenging \\ 674 {\color{green} Partner with reach on consumer end (Tor, Firefox, p$\equiv$p)}} 675 \item[4.]{Distribution on merchant side challenging \\ 676 {\color{green} Large network, prioritize by ROI \\ 677 Improve documentation, outsource integration effort}} 678 \item[5.]{Regulator does not approve \\ 679 {\color{green} Ideally, launch as joint-venture with GLS Bank}} 680 \item[6.]{System hacked (by internal admin staff) \\ 681 {\color{green} Automated reporting shows maximum exposure \\ 682 Audits conducted regularly \\ 683 Vetting of admin personnel}} 684 \end{itemize} 685 \end{frame} 686 687 688 \begin{frame}{19. Business risks and measures} 689 \begin{center} \tiny 690 \begin{tabular}{p{3cm}|p{3cm}|p{3cm}} 691 {\bf Risk} & {\bf Impact} & {\bf Countermeasure} \\ \hline \hline 692 Usability too low & few users, insufficient income & usability testing \\ \hline 693 Exchange data loss & financial damage & backups \\ \hline 694 Exchange compromise & financial damage & limit loss by key rotation \\ \hline 695 Exchange offline & reputation loss & redundant \mbox{operation} \\ \hline 696 Compliance issues & illegal to operate & work with \mbox{regulators} \\ \hline 697 No bank license & illegal to operate & work with banks \\ 698 \end{tabular} 699 \end{center} 700 \end{frame} 701 702 703 704 \end{document} 705 706 \begin{frame}{License model} 707 \begin{center} 708 \begin{tabular}{p{2cm}|c|p{5.5cm}} 709 {\bf Component} & {\bf License} & {\bf Why?} \\ \hline \hline 710 Exchange & Affero GPL & competitors must share \mbox{extensions} \\ \hline 711 Wallets & GPLv3+ & enable community development \\ \hline 712 Merchant & Lesser GPL & maximize market adoption \\ 713 \end{tabular} 714 \end{center} 715 \end{frame} 716 717 \end{document} 718 719 720 721 722 723 724 \begin{frame}{17. Efforts needed to reach v0.7} 725 % \begin{center} 726 \begin{tabular}{rp{7.5cm}cr} 727 1. & Support refunds from merchant & - & 2 PM \\ 728 2. & Support refunds from (bankrupt) PSP & - & 2 PM \\ 729 3. & X.509 integration of merchant keys & - & 1 PM \\ 730 4. & Performance tuning & - & 4 PM \\ 731 5. & Extensive testing incl. fault injection & - & 6 PM \\ 732 6. & Documentation, minor features & - & 6 PM 733 \end{tabular} 734 % \end{center} 735 736 \vfill 737 738 21 PM $\times$ \EUR{6k/month} $=$ \EUR{126k} \\ 739 740 {\bf Budget envelope: \EUR{150-200k}} 741 742 \vfill 743 {\tiny 744 745 \noindent 746 PSP $=$ Payment Service Provider / Exchange \\ 747 \noindent 748 PM $=$ Person month 749 } 750 \end{frame} 751 752 753 \begin{frame}{18. Efforts for other critical elements} 754 % \begin{center} 755 \begin{tabular}{rp{7.5cm}cr} 756 1. & Wallet backup and cross-device synchronization & - & 4 PM \\ 757 2. & Wallet App for Android & - & 18 PM \\ 758 3. & Wallet App for iOS & - & 18 PM \\ 759 4. & Translation of user interfaces & - & 3 PM \\ 760 \\ 761 5. & External security audit & - & \EUR{100k} 762 \end{tabular} 763 % \end{center} 764 765 \vfill 766 767 \begin{tabular}{lcr} 768 43 PM $\times$ \EUR{6k/month} & $=$ & \EUR{256k} \\ 769 External audit & $=$ & \EUR{100k} \\ 770 {\bf Budget envelope:} & & {\bf \EUR{360-400k}} 771 \end{tabular} 772 \vfill 773 \end{frame} 774 775 776 \begin{frame}{19. Extra efforts needed for refugee scenario\footnote{Optional special case}} 777 % \begin{center} 778 \begin{tabular}{rp{7.5cm}cr} 779 1. & Shop App for Android & - & 12 PM \\ 780 2. & Shop App for iOS & - & 12 PM \\ 781 3. & Simplify exchange installation & - & 2 PM \\ 782 4. & Stand-alone basic-income bank & - & 6 PM \\ 783 5. & Translate Taler operator manuals & - & 2 PM \\ 784 6. & Network-challenged backup procedures & - & 3 PM \\ 785 \end{tabular} 786 % \end{center} 787 788 \vfill 789 790 \begin{tabular}{lcr} 791 27 PM $\times$ \EUR{6k/month} & $=$ & \EUR{222k} \\ 792 {\bf Budget envelope:} & & {\bf \EUR{250-280k}} 793 \end{tabular} 794 \end{frame} 795 796 797 \begin{frame}{20. Sizing of Seed Round} 798 % \begin{center} 799 \begin{tabular}{rp{7.5cm}r} 800 1. & Development / Programming & \EUR{600k} \\ 801 2. & GoToMarket and Partner Sign-up & \EUR{350k} \\ 802 3. & Integration efforts with merchants & \EUR{225k} \\ 803 4. & Administrative \& Overhead & \EUR{325k} \\ 804 \\ 805 \\ 806 & {\bf Size of seed round (until 12/2018):} & \EUR{1.5m} \\ 807 & {\bf Time line:} & Q4 2017 \\ 808 \\ 809 & (Special optional refugee addition & \EUR{300k}) \\ 810 \end{tabular} 811 % \end{center} 812 \end{frame} 813 814 815 816 \section{Financials} 817 818 \begin{frame}{Balance Sheet: Year 1, 2, 3 (kEUR)} 819 \scalebox{0.8}{ 820 \tiny 821 \begin{tabular}{l|r|r|r|c|l|r|r|r} 822 & Year 1 & Year 2 & Year 3 & & & Year 1 & Year 2 & Year 3 \\ \hline 823 {\bf Fixed assets} & & & & & {\bf Equity} & & & \\ \hline 824 Incorporation costs & 5 & 4 & 3 & & Share capital & 45 & 45 & 45 \\ \hline 825 Intangible assets & 16 & 63 & 40 & & Share premium & 5'350 & 10'350 & 10'350 \\ \hline 826 Tangible assets & 20 & 44 & 68 & & Reserves & & & \\ \hline 827 Financial assets & 0 & 0 & 0 & & Retained earnings & 0 & -1'477 & -4'987 \\ \hline 828 {\bf Current assets} & & & & & Profit/loss for the year & -1'477 & -3'510 & -1'500 \\ \hline 829 Inventory & & & & & Provisions & 0 & 23 & 168 \\ \hline 830 Accounts receivable (clients) & & 30 & 200 & & {\bf Long-term debts $>$ 1 year} & & & \\ \hline 831 Accounts receivable (affiliated) & & & & & Bank loans & 0 & 0 & 0 \\ \hline 832 Other current assets & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 833 Cash in bank & 3'898 & 5'364 & 3'840 & & {\bf Short-term debts $<$ 1 year} & & & \\ \hline 834 & & & & & Bank loans & 0 & 0 & 0 \\ \hline 835 & & & & & Accounts payable (suppliers) & 0 & 0 & 0 \\ \hline 836 & & & & & Fiscal and social debt & 21 & 74 & 75 \\ \hline 837 & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 838 & & & & & Other liabilities & 0 & 0 & 0 \\ \hline 839 {\bf TOTAL ASSETS} & 3'939 & 5'505 & 4'151 & & {\bf TOTAL EQUITY + LIABILITIES} & 3'939 & 5'505 & 4'151 \\ 840 \end{tabular}} 841 \vfill 842 \begin{center} 843 Projections for years 4--6 available upon request. 844 \end{center} 845 \end{frame} 846 847 848 \begin{frame}{Income Statement: Year 1, 2, 3 (kEUR)} 849 \small 850 \begin{tabular}{l|r|r|r} 851 {\bf Profit or loss} & Year 1 & Year 2 & Year 3 \\ \hline 852 & & & \\ \hline 853 Turnover & 0 & 129 & 2'520 \\ \hline 854 Other operating income & 0 & 0 & 0 \\ \hline 855 Cost of goods sold & 0 & 0 & 0 \\ \hline 856 Personnel costs & -1'066 & -2'804 & -3'085 \\ \hline 857 Value adjustments & 0 & 0 & 0 \\ \hline 858 Other operating charges & -412 & -835 & -935 \\ \hline 859 {\bf Operating result} & -1'477 & -3'510 & -1'500 \\ \hline 860 Interest \& similar income & 0 & 0 & 0 \\ \hline 861 Interest \& similar charges & 0 & 0 & 0 \\ \hline 862 {\bf Financial result} & 0 & 0 & 0 \\ \hline 863 {\bf Result from ord. act. before taxation} & -1'477 & -3'510 & -1'500 \\ \hline 864 Extraordinary income & 0 & 0 & 0 \\ \hline 865 Extraordinary expenses & 0 & 0 & 0 \\ \hline 866 {\bf Extraordinary result} & 0 & 0 & 0 \\ \hline 867 Taxes & 0 & 0 & 0 \\ \hline 868 {\bf Profit or loss fiscal year} & -1'477 & -3'510 & -1'500 \\ \hline 869 \end{tabular} 870 \end{frame} 871 872 873 \begin{frame}{Cashflow Statement: Quarter 1 to 12 (kEUR)} 874 \scalebox{0.7}{ 875 \tiny 876 \begin{tabular}{l|c|r|r|r|r|r|r|r|r|r|r|r|r} 877 {\bf Cash flow (Q1-Q12)} & & Q1 & Q2 & Q3 & Q4 & Q5 & Q6 & Q7 & Q8 & Q9 & Q10 & Q11 & Q12 \\ \hline 878 & & & & & & & & & & & & & \\ \hline 879 {\bf Beginning Cash Balance ($A$)} & & 0 & 298 & 5'065 & 4'561 & 3'898 & 3'084 & 2'214 & 1'263 & 5'364 & 4'633 & 4'107 & 3'794 \\ \hline 880 {\bf Cash Inflows} & & & & & & & & & & & & & \\ \hline 881 Turnover (inc VAT) & & 0 & 0 & 0 & 0 & 0 & 2 & 7 & 120 & 300 & 480 & 690 & 1'050 \\ \hline 882 R\&D subsidy & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 883 Initial capital & & 45 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 884 Capital contribution/Loans & & 350 & 5'000 & 0 & 0 & 0 & 0 & 0 & 5'000 & 0 & 0 & 0 & 0 \\ \hline 885 Other income & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 886 & & & & & & & & & & & & & \\ \hline 887 Total Cash Inflows ($B$) & & 395 & 5'000 & 0 & 0 & 0 & 2 & 7 & 5'120 & 300 & 480 & 690 & 1'050 \\ \hline 888 {\bf Cash Outflows} & & & & & & & & & & & & & \\ \hline 889 Personnel costs & & 47 & 128 & 373 & 518 & 644 & 685 & 712 & 763 & 776 & 770 & 770 & 770 \\ \hline 890 External costs & & 20 & 49 & 37 & 64 & 69 & 72 & 72 & 76 & 75 & 57 & 57 & 57 \\ \hline 891 & & & & & & & & & & & & & \\ \hline 892 Investments & & 2 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 \\ \hline 893 Other expenses & & 28 & 88 & 88 & 76 & 95 & 109 & 168 & 174 & 174 & 173 & 171 & 171 \\ \hline 894 & & & & & & & & & & & & & \\ \hline 895 Total Cash Outflows ($C$) & & 97 & 503 & 503 & 664 & 814 & 872 & 958 & 1'019 & 1'031 & 1'006 & 1'004 & 1'004 \\ \hline 896 Ending Cash Balance ($A+B-C$) & & 298 & 4'561 & 4'561 & 3'898 & 3'084 & 2'214 & 1'263 & 5'364 & 4'633 & 4'107 & 3'794 & 3'840 \\ 897 \end{tabular} 898 } 899 \end{frame} 900 901 902 \begin{frame} 903 \begin{center} 904 \includegraphics[width=0.66\textwidth]{taler-logo-2018.pdf} 905 \end{center} 906 \end{frame} 907 908 909 \end{document}