investors2017.tex (29694B)
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{amsmath,amssymb} 12 \usetikzlibrary{shapes,arrows} 13 \usetikzlibrary{positioning} 14 \usetikzlibrary{calc} 15 \usepackage[absolute,overlay]{textpos} 16 17 %\setbeameroption{show notes} 18 19 \setlist[itemize]{label=$\bullet$} 20 21 22 \def\checkmark{\tikz\fill[scale=0.4](0,.35) -- (.25,0) -- (1,.7) -- (.25,.15) -- cycle;} 23 24 \setbeamercovered{transparent=10} 25 \setbeamertemplate{navigation symbols}{Investor presentation --- Taler Systems S.A. --- \today --- Page \insertpagenumber} 26 \setbeamertemplate{section in toc}[sections numbered] 27 28 % Adapt title information 29 % ======================= 30 \title{Taler Systems S.A. \\ {\small {\bf T}axable {\bf A}nonymous {\bf L}ibre {\bf E}lectronic {\bf R}eserves}} 31 \institute{Instant Independent One-Click Payments} 32 \author{Christian Grothoff \& Leon Schumacher} 33 \date{\today} 34 35 % Some common packages 36 % ==================== 37 \usepackage{units} 38 \usepackage{amsbsy} 39 \usepackage{amsmath} 40 \usepackage{amssymb} 41 \usepackage{graphics} 42 \usepackage{epsf} 43 \usepackage{epsfig} 44 \usepackage{fixmath} 45 \usepackage{wrapfig} 46 47 48 \usetikzlibrary{snakes} 49 50 51 \begin{document} 52 53 \begin{frame} 54 \titlepage 55 56 {\tiny 57 ``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)} 58 \end{frame} 59 60 \begin{frame}{Agenda} 61 \tableofcontents 62 \end{frame} 63 64 \section{What is Taler?} 65 66 \begin{frame}{1. The Problem} 67 68 \begin{textblock*}{3cm}(0.5cm,1cm) % {block width} (coords) 69 \begin{center} 70 \includegraphics[width=\textwidth]{illustrations/cc3ds.pdf} 71 72 3D Secure\note<1>{Using 3D secure (verified by visa) is a nightmare for customers. 73 The process is complicated, takes a long time to complete and 74 can refuse valid payment requests with obscure errors. 75 76 As a result, cryptographers write short papers with titles like: 77 ``Verified by Visa and MasterCard SecureCode: 78 Or, How Not to Design Authentication''. 79 80 Todays online credit card payments will be replaced, but with what?} 81 \end{center} 82 \end{textblock*} 83 \begin{textblock*}{3cm}(5cm,4cm) % {block width} (coords) 84 \includegraphics[width=2.5cm]{illustrations/bank.pdf} 85 \end{textblock*} 86 \begin{textblock*}{4cm}(9.5cm,3.2cm) % {block width} (coords) 87 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/amazon.png}} 88 \end{textblock*} 89 \begin{textblock*}{2cm}(7cm,1cm) % {block width} (coords) 90 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/alipay.jpeg}} 91 \end{textblock*} 92 \begin{textblock*}{2cm}(9cm,0.5cm) % {block width} (coords) 93 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/paypal.jpeg}} 94 \end{textblock*} 95 \begin{textblock*}{2cm}(9cm,2cm) % {block width} (coords) 96 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/applepay.jpeg}} 97 \end{textblock*} 98 \begin{textblock*}{2cm}(7.5cm,2.9cm) % {block width} (coords) 99 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/samsungpay.jpeg}} 100 \end{textblock*} 101 \begin{textblock*}{1cm}(9.5cm,3.3cm) % {block width} (coords) 102 \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/android_pay.png}} 103 \end{textblock*} 104 \begin{textblock*}{4cm}(4.5cm,7cm) % {block width} (coords) 105 \begin{center} 106 \only<2,3,4,5>{\includegraphics[width=2cm]{illustrations/ec.png} 107 108 AML, KYC}\only<5>{, {\bf GDPR} 109 } 110 \end{center} 111 \end{textblock*} 112 \begin{textblock*}{3cm}(9cm,6cm) % {block width} (coords) 113 \only<4,5>{\includegraphics[width=2cm]{competitor-logos/laterpay.jpeg}} 114 \end{textblock*} 115 \begin{textblock*}{3cm}(9cm,7cm) % {block width} (coords) 116 \only<4,5>{\includegraphics[width=2cm]{competitor-logos/sofortueberweisung.jpeg}} 117 \end{textblock*} 118 \begin{textblock*}{3cm}(9cm,8cm) % {block width} (coords) 119 \only<4,5>{\includegraphics[width=2cm]{competitor-logos/paydirect.jpeg}} 120 \end{textblock*} 121 \begin{textblock*}{3cm}(8.5cm,6cm) % {block width} (coords) 122 \only<5>{\includegraphics[width=3cm]{illustrations/ban.pdf}} 123 \end{textblock*} 124 \note<2>{Any technology deployed by European banks also needs to 125 be compliant with applicable regulation, such as anti-money laundering 126 and know-your-customer rules.} 127 \note<3>{Foreign technological providers will use their established 128 brands and platforms to both ignore regulations (see ``safe harbor'') 129 and to enthrall customers with payment solutions that exploit the 130 ``trusted'' platform. Amazon can offer one-click payments today, 131 but smaller business cannot. 132 133 Eventually, these providers will obtain banking licenses. 134 135 The day Google attaches a bank account to every Gmail account 136 offering one-click payments via all Android devices and free 137 personal banking will be the beginning of the 138 end of European banking (and economic/political independence).} 139 \note<4>{European competitors fail to be global, and are technologically 140 and economically disadvantaged compared to the global brands. They 141 also are decades behind the technical state of the art. Cryptographers 142 (or CCC hackers) will write more papers. 143 144 Some banks will continue to follow the blockchain meme, ignoring 145 performance, scalability, compliance or usability concerns. 146 147 (Blockchains are P2P protocols implementing Byzantine consensus 148 using computationally expensive puzzles for leader election. 149 Our research team has worked on secure P2P protocols for over 150 15 years and published papers on Byzantine consensus in 2016. 151 While we are thus subject-experts, Taler does aggregation at the payment provider, 152 thus rarely needs multi-party consensus and simply relies on 153 traditional wire transfers (including possibly Bitcoin) to 154 settle in aggregate.)} 155 \note<5>{Once the EU's general data protection regulation mandating 156 privacy-by-design and data minimization is enforce, all of these 157 providers will be out of compliance, as none implement strict data 158 minimization or privacy-by-default. 159 160 Non-EU providers will continue their quest for dominance and 161 operate extra-legally, extra-teritorially if necessary, ready 162 to take over the market once regulation allows it.} 163 \end{frame} 164 165 166 \begin{frame}{2. What is Taler?} 167 \vfill 168 \begin{center} 169 Taler is an instant electronic payment system. 170 \end{center} 171 \begin{itemize} 172 \item Pay in existing currencies (i.e. EUR, USD) 173 \item Uses electronic coins stored in wallets on customer's device 174 \end{itemize} 175 \vfill 176 \end{frame} 177 178 179 \begin{frame} 180 \frametitle{2. What is Taler?} 181 \begin{center} 182 \includegraphics[width=0.9\textwidth]{illustrations/taler-arch-full.pdf} 183 184 $\Rightarrow$ Convenient, taxable, privacy-enhancing, \& resource friendly! 185 \end{center} 186 \note{Taler is a modern payment system based on cryptography, providing 187 an open standard with a free software reference implementation. 188 Taler avoids authentication during payments, enabling convenient and fast 189 one-click payments in compliance with applicable regulation (AML, KYC and GDPR). 190 191 We have a public demonstrator running at \url{https://demo.taler.net/}.} 192 \end{frame} 193 194 195 \begin{frame}{2. Advantages of Taler} 196 \begin{itemize} 197 \item{All operations provide cryptographically secured, mathematical proofs for courts \& auditors} 198 \item{Customer can remain anonymous 199 \begin{itemize} 200 \item retain civil liberties in increasingly cash-less world 201 \item eliminates costly customer authentication 202 \item no credit card number theft possible 203 \item merchants do not need to operate expensive certified equipment \& processes (PCI DSS, etc.) 204 \item Taler can give change and refunds, even to anonymous customers 205 \end{itemize}} 206 \item{Merchants are identifiable in each payment they receive 207 \begin{itemize} 208 \item bad for illegal business 209 \item no tax evasion 210 \end{itemize}} 211 \end{itemize} 212 \end{frame} 213 214 215 \begin{frame}{2. Advantages of Taler} 216 \begin{itemize} 217 \item{Payments in existing currencies, does not introduce any new currency 218 \begin{itemize} 219 \item financial stability, no risks from currency fluctuation 220 \item payment system, not speculative investment 221 \end{itemize}} 222 \item{Scalable, fast protocol implementation 223 \begin{itemize} 224 \item low transaction costs (in terms of computation at high volume) 225 \end{itemize}} 226 \item{Open standard protocol without patents with free reference implementations 227 \begin{itemize} 228 \item low barrier to entry for new merchants 229 \item governments may adopt as part of digital sovereignty agenda 230 \end{itemize}} 231 \end{itemize} 232 \end{frame} 233 234 235 236 \begin{frame}{3. Operating Model} 237 \begin{center} 238 \includegraphics[width=\textwidth]{illustrations/operating-model.pdf} 239 \end{center} 240 \note{Operator charges transaction fees. 241 Taler Systems develops core technology and provides 242 exclusive support to payment service provider. 243 244 In return, payment service provider contributes 245 financially to Taler Systems S.A.} 246 \end{frame} 247 248 249 \section{The Market} 250 % FIXME: update, include Visa/Master/PayPal, AliPay in particular! 251 % FIXME: render more nicely? 252 \begin{frame}{4. The Market} 253 \begin{textblock*}{0.6\textwidth}(1cm,5cm) % {block width} (coords) 254 \includegraphics[width=\textwidth]{payment_solutions.png} 255 \end{textblock*} 256 \begin{textblock*}{0.6\textwidth}(5.5cm,1cm) % {block width} (coords) 257 \includegraphics[width=\textwidth]{payment_volume.png} 258 \end{textblock*} 259 \note{The market is big.} 260 \end{frame} 261 262 263 \begin{frame}{5. Competitor comparison} 264 \begin{center} \small 265 \begin{tabular}{l||c|c|c|c|c} 266 & Cash & Bitcoin & Zerocoin & Creditcard & GNU Taler \\ \hline \hline 267 Online &$-$$-$$-$ & ++ & ++ & + & +++ \\ \hline 268 Offline & +++ & $-$$-$ & $-$$-$ & + & $-$$-$ \\ \hline 269 Trans. cost & + & $-$$-$$-$ & $-$$-$$-$ & $-$ & ++ \\ \hline 270 Speed & + & $-$$-$$-$ & $-$$-$$-$ & o & ++ \\ \hline 271 Taxation & $-$ & $-$$-$ & $-$$-$$-$ & +++ & +++ \\ \hline 272 Payer-anon & ++ & o & ++ & $-$$-$$-$ & +++ \\ \hline 273 Payee-anon & ++ & o & ++ & $-$$-$$-$ & $-$$-$$-$ \\ \hline 274 Security & $-$ & o & o & $-$$-$ & ++ \\ \hline 275 Conversion & +++ & $-$$-$$-$ & $-$$-$$-$ & +++ & +++ \\ \hline 276 Libre & $-$ & +++ & +++ & $-$ $-$ $-$ & +++ \\ 277 \end{tabular} 278 \end{center} 279 \note{Not having payee-anonymity is a good thing as otherwise money laundering 280 becomes a real problem.} 281 \end{frame} 282 283 284 \begin{frame}{6. Payment solutions - Pricing} 285 % FIXME: Konkrete Zahlen fuer Beispieltransaktionen 286 \begin{center} 287 \begin{tabular}{l||c} 288 {\bf Provider} & {\bf Pricing} \\ \hline \hline 289 Alipay & 2,0\% - 3,0\% \\ \hline 290 Allied Wallet & 1,95\% + \$ 0,20 \\ \hline 291 Amazon Payments & 2,9\% + \$ 0,30 \\ \hline 292 Avangate & 4,9\% + \$ 2,50 \\ \hline 293 Billpro & 2,1\% + 3,5\% fee \\ \hline 294 BitGold Inc. & 1\% fee on every purchase \\ \hline 295 Bitpay (Bitcoin)& 0\% \\ \hline 296 Checkout.com & 2,95\% - 3,95\% + \pounds 0,15 \\ \hline 297 Coinify (Bitcoin) & 0\% \\ \hline 298 eComCharge & 3,5\% + \EUR{0,35} \\ \hline 299 GoCardless & 1\% up to a maximum of \pounds 2 \\ \hline 300 Western Union & Variable --- From 5\% up 301 \end{tabular} 302 \end{center} 303 \note{Transaction cost in Taler is $\approx$ \EUR{0.0001} (plus salaries and profits).} 304 \end{frame} 305 306 307 \section{About Us} 308 309 \begin{frame} 310 \frametitle{7. Why now and why us?} 311 \begin{block}{Why now?} 312 {%\tiny 313 \begin{itemize} 314 \item{Chaum's original patents\footnote{\tiny USPTO 5878140, 5781631, 5712913} from 1996-1999 have expired} 315 \item{Increased awareness of issue of privacy in payment systems {\tiny 316 \begin{itemize} 317 \item Contemporary payment systems fail on privacy 318 \item Cash is disappearing 319 \item Alternatives urgently needed 320 \end{itemize}}} 321 \item{Cryptocurrencies threaten control over money supply and tax base of governments} 322 \end{itemize} 323 } 324 \end{block} 325 \begin{block}{Why us?} 326 {%\tiny 327 \begin{itemize} 328 \item{solved (technical) problem of unlinkability} 329 \item{designed a modern, open standards based version} 330 \item{technical expertise to really build it: {\tiny 331 \begin{itemize} 332 \item{15 years of research in network security and privacy} 333 \item{Founder of GNUnet and related projects} 334 \end{itemize}}} 335 \item{good contacts: free software movement, press, academics} 336 \end{itemize} 337 } 338 \end{block} 339 \end{frame} 340 341 342 \begin{frame} 343 \frametitle{8. Team \hfill \& \hfill Advisory Board} 344 \begin{minipage}{5cm} 345 \setlist[description]{leftmargin=1cm,labelindent=0cm} 346 \begin{description} 347 \item[Leon Schumacher]\ \\ CEO, co-founder 348 \item[Dr. Christian Grothoff]\ \\ CTO, co-founder 349 \item[Dr. Jeff Burdges]\ \\ PostDoc 350 \item[Dr. Christina Onete]\ \\ PostDoc 351 \item[Florian Dold]\ \\ PhD student 352 \end{description} 353 354 \end{minipage} 355 \begin{minipage}{5cm} 356 {\small 357 \begin{description} 358 \item[Prof. Mikhail Atallah] \ \\ 359 Cryptographer, co-founder 360 Arxan Technologies Inc. 361 \item[Prof. Roberto Di Cosmo] \ \\ 362 Director IRILL 363 \item[Greg Framke] \ \\ 364 CIO Manulife, \\ 365 former COO Etrade 366 \item[Dr. Richard Stallman]\ \\ 367 Founder of the \\ \mbox{Free Software movement} 368 \item[Chris Pagett] \ \\ 369 former Group Head Security/ \ \\ 370 Fraud/Geo Risk HSBC 371 \item[Ante Gulam] \ \\ 372 Global Head of Information Security \\ 373 MetaPack Group 374 \end{description} 375 } 376 \end{minipage} 377 \vfill 378 \includegraphics[height=0.1\textwidth]{team-images/leon-schumacher.jpg} \hfill 379 \includegraphics[height=0.1\textwidth]{team-images/christian-grothoff.jpg}\hfill 380 \includegraphics[height=0.1\textwidth]{team-images/jeff-burdges.jpg}\hfill 381 \includegraphics[height=0.1\textwidth]{team-images/cristina-onete.jpg}\hfill 382 \includegraphics[height=0.1\textwidth]{board-images/mja.jpg} \hfill 383 \includegraphics[height=0.1\textwidth]{board-images/roberto-di-cosmo.jpg} \hfill 384 \includegraphics[height=0.1\textwidth]{board-images/greg-framke.jpg} \hfill 385 \includegraphics[height=0.1\textwidth]{board-images/richard-stallman.jpg}\hfill 386 \includegraphics[height=0.1\textwidth]{board-images/ante-gulam.jpg} 387 \note{Advisory board still under construction.} 388 \end{frame} 389 390 391 \section{The Plan} 392 393 \begin{frame}{9. Status quo and plan} 394 \begin{tikzpicture}[snake=zigzag, line before snake = 5mm, line after snake = 5mm] 395 % draw horizontal line 396 \draw (0,0) -- (6,0); 397 \draw[snake] (6,0) -- (8,0); 398 399 % draw vertical lines 400 \foreach \x in {0,1,2,3,4,5,6,8} 401 \draw (\x cm,3pt) -- (\x cm,-3pt); 402 403 % draw nodes 404 \draw (0,0) node[below=3pt] {today} node[above=3pt, rotate=45, anchor=south west] {Public release and demo}; 405 \draw (1,0) node[below=3pt] { 6 m} node[above=3pt, rotate=45, anchor=south west] {Bank and investor signed}; 406 \draw (2,0) node[below=3pt] {12 m} node[above=3pt, rotate=45, anchor=south west] {First bank operational}; 407 \draw (3,0) node[below=3pt] {18 m} node[above=3pt, rotate=45, anchor=south west] {Major publisher operational}; 408 \draw (4,0) node[below=3pt] {24 m} node[above=3pt, rotate=45, anchor=south west] {Mobile app launched}; 409 \draw (5,0) node[below=3pt] {30 m} node[above=3pt, rotate=45, anchor=south west] {Financial break even (EU)}; 410 \draw (6,0) node[below=3pt] {36 m} node[above=3pt, rotate=45, anchor=south west] {Expansion to US market}; 411 \draw (8,0) node[below=3pt] {60 m} node[above=3pt, rotate=45, anchor=south west] {Global operation}; 412 \end{tikzpicture} 413 \noindent 414 \begin{itemize} 415 \item[500 k]{Bank operational (integration, documentation, auditing)} 416 \item[500 k]{Publisher operational (training, integration, marketing)} 417 \item[500 k]{Mobile app for major platforms (incl. NFC protocol)} 418 \item[500 k]{Operational overheads until break even} 419 \end{itemize} 420 \noindent 421 {\small 422 \begin{tabular}{l||r|r|r|r|r||r} 423 & Year 1 & Year 2 & Year 3 & Year 4 & Year 5 & Invest \\ \hline 424 EBIT & -208 & -2.666 & -2.902 & 1.689 & 9.542 & 5 M \\% \hline 425 % EBIT & -104 & -290 & -77 & 72 & 394 & 500 k \\ 426 % EBIT (optimistic) & -208 & -2.666 & -2.902 & 1.689 & 9.542 & 5 M \\ \hline 427 % EBIT (conservative) & -104 & -290 & -77 & 72 & 394 & 500 k \\ 428 \end{tabular} 429 } 430 \end{frame} 431 432 433 \section{Supplemental Materials} 434 435 \begin{frame}{10. Contact details} 436 \begin{center} 437 \begin{tabular}{p{5cm}p{5cm}} 438 {\bf CEO} & {\bf CTO} \\ & \\ 439 Leon Schumacher & Dr. Christian Grothoff \\ 440 {\tt ceo@taler.net} & {\tt cto@taler.net} \\ 441 +41-79-865-9365 & +33-2-99-84-71-45 \\ 442 % \url{http://taler.net/ceo/} & \url{http://taler.net/cto/} \\ 443 \end{tabular} 444 445 \vspace{2cm} 446 \url{https://www.taler.net/} 447 \end{center} 448 \end{frame} 449 450 451 \begin{frame} 452 \begin{center} 453 \includegraphics[width=0.66\textwidth]{taler-logo-2017.pdf} 454 \end{center} 455 \end{frame} 456 457 %\end{document} 458 459 \begin{frame}{Partners} 460 \begin{minipage}{5cm} 461 {\bf Research and development:} 462 \begin{center} 463 \includegraphics[height=1cm]{partner-logos/inria.png} 464 \includegraphics[height=1cm]{partner-logos/tum.png} 465 466 \includegraphics[height=1cm]{partner-logos/gnu.jpeg} 467 \includegraphics[height=1cm]{partner-logos/gnunet.jpeg} 468 \end{center} 469 470 \vspace{0.1cm} 471 472 {\bf Business development:} 473 474 \begin{center} 475 \includegraphics[height=1cm]{partner-logos/ashoka.png} 476 \includegraphics[height=1cm]{partner-logos/hl.png} 477 \end{center} 478 479 \vspace{0.1cm} 480 481 {\bf Strategic partners:} 482 483 \begin{center} 484 \includegraphics[height=0.8cm]{partner-logos/rff.png} 485 \includegraphics[height=1cm]{partner-logos/pep.pdf} 486 \includegraphics[height=1cm]{partner-logos/tor.jpeg} 487 \includegraphics[height=1cm]{partner-logos/tcij.png} 488 \end{center} 489 \end{minipage} 490 \hfill 491 \begin{minipage}{5cm} 492 % {\bf Banks (in discussion):} 493 494 % \includegraphics[height=1cm]{partner-logos/hsbc.jpeg} 495 % \includegraphics[height=1cm]{partner-logos/gls-bank.png} 496 % \vfill 497 % \vspace{1cm} 498 499 {\bf Merchants:} 500 501 \includegraphics[height=0.8cm]{partner-logos/dk.png} 502 503 \includegraphics[height=1cm]{partner-logos/spiegel.jpeg} 504 \includegraphics[height=1cm]{partner-logos/heise.png} 505 \vfill 506 \end{minipage} 507 \end{frame} 508 509 510 \begin{frame}{Recent Press} 511 {\tiny 512 \setlist[description]{leftmargin=1cm,labelindent=0.5cm} 513 \begin{description} 514 \item[09-2015]\ \\ 515 \begin{itemize} 516 \item \url{https://bitcoinmagazine.com/21901/bitcoin-governments-without-privacy-taxes/} 517 \item \url{http://www.heise.de/tp/artikel/46/46089/1.html} 518 \end{itemize} 519 \item[06-2016]\ \\ 520 \begin{itemize} 521 \item \url{http://www.theregister.co.uk/2016/06/06/gnu_cryptocurrency_aims_at_the_mainstream_economy_not_the_black_market/} 522 \item \url{http://www.golem.de/news/halbanonymes-bezahlsystem-gnu-taler-soll-kryptowaehrungen-gerechter-machen-1606-121323.html} 523 \item \url{http://www.heise.de/newsticker/meldung/GNU-Taler-Open-Source-Protokoll-fuer-Zahlungen-in-Version-0-0-0-erschienen-3228525.html} 524 \end{itemize} 525 \item[08-2016]\ \\ 526 \begin{itemize} 527 \item \url{https://www.theguardian.com/technology/2016/sep/01/online-publishers-readers-ad-block-surveillance-donate-anonymously} 528 \end{itemize} 529 \item[02-2017]\ \\ 530 \begin{itemize} 531 \item \url{http://hackerpublicradio.org/eps.php?id=2222} 532 \end{itemize} 533 \end{description} 534 } 535 \begin{center} 536 Complete list at \url{https://taler.net/press} 537 \end{center} 538 \end{frame} 539 540 541 \begin{frame}{Business risks and measures} 542 \begin{center} \tiny 543 \begin{tabular}{p{3cm}|p{3cm}|p{3cm}} 544 {\bf Risk} & {\bf Impact} & {\bf Countermeasure} \\ \hline \hline 545 Usability too low & few users, insufficient income & usability testing \\ \hline 546 Exchange data loss & financial damage & backups \\ \hline 547 Exchange compromise & financial damage & limit loss by key rotation \\ \hline 548 Exchange offline & reputation loss & redundant \mbox{operation} \\ \hline 549 Compliance issues & illegal to operate & work with \mbox{regulators} \\ \hline 550 No bank license & illegal to operate & work with banks \\ 551 \end{tabular} 552 \end{center} 553 \end{frame} 554 555 556 \begin{frame}{License model} 557 \begin{center} 558 \begin{tabular}{p{2cm}|c|p{5.5cm}} 559 {\bf Component} & {\bf License} & {\bf Why?} \\ \hline \hline 560 Exchange & Affero GPL & competitors must share \mbox{extensions} \\ \hline 561 Wallets & GPLv3+ & enable community development \\ \hline 562 Merchant & Lesser GPL & maximize market adoption \\ 563 \end{tabular} 564 \end{center} 565 \end{frame} 566 567 568 \section{Financials} 569 570 \begin{frame}{Balance Sheet: Year 1, 2, 3 (kEUR)} 571 \scalebox{0.8}{ 572 \tiny 573 \begin{tabular}{l|r|r|r|c|l|r|r|r} 574 & Year 1 & Year 2 & Year 3 & & & Year 1 & Year 2 & Year 3 \\ \hline 575 {\bf Fixed assets} & & & & & {\bf Equity} & & & \\ \hline 576 Incorporation costs & 5 & 4 & 3 & & Share capital & 45 & 45 & 45 \\ \hline 577 Intangible assets & 16 & 63 & 40 & & Share premium & 5'350 & 10'350 & 10'350 \\ \hline 578 Tangible assets & 20 & 44 & 68 & & Reserves & & & \\ \hline 579 Financial assets & 0 & 0 & 0 & & Retained earnings & 0 & -1'477 & -4'987 \\ \hline 580 {\bf Current assets} & & & & & Profit/loss for the year & -1'477 & -3'510 & -1'500 \\ \hline 581 Inventory & & & & & Provisions & 0 & 23 & 168 \\ \hline 582 Accounts receivable (clients) & & 30 & 200 & & {\bf Long-term debts $>$ 1 year} & & & \\ \hline 583 Accounts receivable (affiliated) & & & & & Bank loans & 0 & 0 & 0 \\ \hline 584 Other current assets & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 585 Cash in bank & 3'898 & 5'364 & 3'840 & & {\bf Short-term debts $<$ 1 year} & & & \\ \hline 586 & & & & & Bank loans & 0 & 0 & 0 \\ \hline 587 & & & & & Accounts payable (suppliers) & 0 & 0 & 0 \\ \hline 588 & & & & & Fiscal and social debt & 21 & 74 & 75 \\ \hline 589 & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 590 & & & & & Other liabilities & 0 & 0 & 0 \\ \hline 591 {\bf TOTAL ASSETS} & 3'939 & 5'505 & 4'151 & & {\bf TOTAL EQUITY + LIABILITIES} & 3'939 & 5'505 & 4'151 \\ 592 \end{tabular}} 593 \vfill 594 \begin{center} 595 Projections for years 4--6 available upon request. 596 \end{center} 597 \end{frame} 598 599 600 \begin{frame}{Income Statement: Year 1, 2, 3 (kEUR)} 601 \small 602 \begin{tabular}{l|r|r|r} 603 {\bf Profit or loss} & Year 1 & Year 2 & Year 3 \\ \hline 604 & & & \\ \hline 605 Turnover & 0 & 129 & 2'520 \\ \hline 606 Other operating income & 0 & 0 & 0 \\ \hline 607 Cost of goods sold & 0 & 0 & 0 \\ \hline 608 Personnel costs & -1'066 & -2'804 & -3'085 \\ \hline 609 Value adjustments & 0 & 0 & 0 \\ \hline 610 Other operating charges & -412 & -835 & -935 \\ \hline 611 {\bf Operating result} & -1'477 & -3'510 & -1'500 \\ \hline 612 Interest \& similar income & 0 & 0 & 0 \\ \hline 613 Interest \& similar charges & 0 & 0 & 0 \\ \hline 614 {\bf Financial result} & 0 & 0 & 0 \\ \hline 615 {\bf Result from ord. act. before taxation} & -1'477 & -3'510 & -1'500 \\ \hline 616 Extraordinary income & 0 & 0 & 0 \\ \hline 617 Extraordinary expenses & 0 & 0 & 0 \\ \hline 618 {\bf Extraordinary result} & 0 & 0 & 0 \\ \hline 619 Taxes & 0 & 0 & 0 \\ \hline 620 {\bf Profit or loss fiscal year} & -1'477 & -3'510 & -1'500 \\ \hline 621 \end{tabular} 622 \end{frame} 623 624 625 \begin{frame}{Cashflow Statement: Quarter 1 to 12 (kEUR)} 626 \scalebox{0.7}{ 627 \tiny 628 \begin{tabular}{l|c|r|r|r|r|r|r|r|r|r|r|r|r} 629 {\bf Cash flow (Q1-Q12)} & & Q1 & Q2 & Q3 & Q4 & Q5 & Q6 & Q7 & Q8 & Q9 & Q10 & Q11 & Q12 \\ \hline 630 & & & & & & & & & & & & & \\ \hline 631 {\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 632 {\bf Cash Inflows} & & & & & & & & & & & & & \\ \hline 633 Turnover (inc VAT) & & 0 & 0 & 0 & 0 & 0 & 2 & 7 & 120 & 300 & 480 & 690 & 1'050 \\ \hline 634 R\&D subsidy & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 635 Initial capital & & 45 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 636 Capital contribution/Loans & & 350 & 5'000 & 0 & 0 & 0 & 0 & 0 & 5'000 & 0 & 0 & 0 & 0 \\ \hline 637 Other income & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 638 & & & & & & & & & & & & & \\ \hline 639 Total Cash Inflows ($B$) & & 395 & 5'000 & 0 & 0 & 0 & 2 & 7 & 5'120 & 300 & 480 & 690 & 1'050 \\ \hline 640 {\bf Cash Outflows} & & & & & & & & & & & & & \\ \hline 641 Personnel costs & & 47 & 128 & 373 & 518 & 644 & 685 & 712 & 763 & 776 & 770 & 770 & 770 \\ \hline 642 External costs & & 20 & 49 & 37 & 64 & 69 & 72 & 72 & 76 & 75 & 57 & 57 & 57 \\ \hline 643 & & & & & & & & & & & & & \\ \hline 644 Investments & & 2 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 \\ \hline 645 Other expenses & & 28 & 88 & 88 & 76 & 95 & 109 & 168 & 174 & 174 & 173 & 171 & 171 \\ \hline 646 & & & & & & & & & & & & & \\ \hline 647 Total Cash Outflows ($C$) & & 97 & 503 & 503 & 664 & 814 & 872 & 958 & 1'019 & 1'031 & 1'006 & 1'004 & 1'004 \\ \hline 648 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 \\ 649 \end{tabular} 650 } 651 \end{frame} 652 653 654 \begin{frame} 655 \begin{center} 656 \includegraphics[width=0.66\textwidth]{taler-logo-2017.pdf} 657 \end{center} 658 \end{frame} 659 660 661 \end{document}