investors2018.tex (38714B)
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 \begin{frame}{2.1. The problem} 83 84 3D secure (``verified by visa'') is a nightmare: 85 \begin{minipage}{5cm} 86 \begin{itemize} 87 \item Complicated process 88 \item Shifts liability to consumer 89 \item Significant latency 90 \item Can refuse valid requests 91 \item Legal vendors excluded 92 \item No privacy for buyers 93 \end{itemize} 94 \end{minipage} 95 \begin{minipage}{5cm} 96 \includegraphics[width=\textwidth]{illustrations/cc3ds.pdf} 97 \end{minipage} 98 Cryptographers' paper on 3DS: 99 \begin{center} 100 ``Verified by Visa and MasterCard SecureCode: 101 Or, How Not to Design Authentication'' 102 \end{center} 103 Online credit card payments will be replaced, but with what? 104 \end{frame} 105 106 107 \begin{frame}{2.2. The problem} 108 \vfill 109 \begin{textblock*}{6cm}(0.5cm,1cm) % {block width} (coords) 110 \begin{itemize} 111 \item Global tech companies push oligopolies 112 \item Privacy and federated finance are at risk 113 \item 30\% fees are conceivable 114 \item Economic sovereignty is in danger 115 \end{itemize} 116 \end{textblock*} 117 \begin{textblock*}{4cm}(9.5cm,3.2cm) % {block width} (coords) 118 {\includegraphics[width=\textwidth]{competitor-logos/amazon.png}} 119 \end{textblock*} 120 \begin{textblock*}{2cm}(7cm,1cm) % {block width} (coords) 121 {\includegraphics[width=\textwidth]{competitor-logos/alipay.jpeg}} 122 \end{textblock*} 123 \begin{textblock*}{2cm}(9cm,0.5cm) % {block width} (coords) 124 {\includegraphics[width=\textwidth]{competitor-logos/paypal.jpeg}} 125 \end{textblock*} 126 \begin{textblock*}{2cm}(9cm,2cm) % {block width} (coords) 127 {\includegraphics[width=\textwidth]{competitor-logos/applepay.jpeg}} 128 \end{textblock*} 129 \begin{textblock*}{2cm}(7.5cm,2.9cm) % {block width} (coords) 130 {\includegraphics[width=\textwidth]{competitor-logos/samsungpay.jpeg}} 131 \end{textblock*} 132 \begin{textblock*}{1cm}(9.5cm,3.3cm) % {block width} (coords) 133 {\includegraphics[width=\textwidth]{competitor-logos/android_pay.png}} 134 \end{textblock*} 135 \vfill 136 \end{frame} 137 138 139 140 \begin{frame}{2.3. The Problem} 141 142 \begin{block}{European alternatives are low-tech:} 143 {\includegraphics[width=2cm]{competitor-logos/laterpay.jpeg}} 144 {\includegraphics[width=2cm]{competitor-logos/sofortueberweisung.jpeg}} 145 {\includegraphics[width=2cm]{competitor-logos/paydirect.jpeg}} 146 \end{block} 147 \begin{block}{European regulation requires high-tech:} 148 \begin{center} 149 \includegraphics[width=2cm]{illustrations/ec.png} 150 151 AML, KYC, {\bf GDPR} 152 \end{center} 153 \end{block} 154 \end{frame} 155 156 157 \section{What is Taler?} 158 \begin{frame}{3.1. What is Taler?} 159 \vfill 160 \begin{center} 161 Taler is an electronic instant payment system. 162 \end{center} 163 \begin{itemize} 164 \item Pay in existing currencies (i.e. EUR, USD) 165 \item Uses electronic coins stored in wallets on customer's device 166 \end{itemize} 167 \vfill 168 \end{frame} 169 170 171 \begin{frame} 172 \frametitle{3.2. What is Taler?} 173 \begin{center} 174 \includegraphics[width=0.9\textwidth]{illustrations/taler-arch-full.pdf} 175 176 $\Rightarrow$ Convenient, taxable, privacy-enhancing, \& resource friendly! 177 \end{center} 178 \end{frame} 179 180 181 \begin{frame}{4.1. Advantages of Taler} 182 \begin{itemize} 183 \item{All operations provide cryptographically secured, mathematical proofs for courts \& auditors} 184 \item{Customer can remain anonymous 185 \begin{itemize} 186 \item retain civil liberties in increasingly cash-less world 187 \item eliminates costly customer authentication 188 \item no credit card number theft possible 189 \item merchants do not need to operate expensive certified equipment \& processes (PCI DSS, etc.) 190 \item Taler can give change and refunds, even to anonymous customers 191 \end{itemize}} 192 \item{Merchants are identifiable in each payment they receive 193 \begin{itemize} 194 \item bad for illegal business 195 \item no tax evasion 196 \end{itemize}} 197 \end{itemize} 198 \end{frame} 199 200 201 \begin{frame}{4.2. Advantages of Taler} 202 \begin{itemize} 203 \item{Payments in existing currencies, does not introduce any new currency 204 \begin{itemize} 205 \item financial stability, no risks from currency fluctuation 206 \item payment system, not speculative investment 207 \end{itemize}} 208 \item{Scalable, fast protocol implementation 209 \begin{itemize} 210 \item low transaction costs (in terms of computation at high volume) 211 \end{itemize}} 212 \item{Open standard protocol without patents with free reference implementations 213 \begin{itemize} 214 \item low barrier to entry for new merchants 215 \item governments may adopt as part of digital sovereignty agenda 216 \end{itemize}} 217 \end{itemize} 218 \end{frame} 219 220 221 \begin{frame}{5. Social impact of Taler} 222 \begin{center} 223 \includegraphics[height=0.8\textheight]{../../social-impact.pdf} 224 \end{center} 225 \end{frame} 226 227 228 229 \section{Operating model} 230 231 \begin{frame}{6. Operating model} 232 \begin{center} 233 \includegraphics[width=\textwidth]{illustrations/operating-model.pdf} 234 \end{center} 235 \note{Operator charges transaction fees. 236 Taler Systems develops core technology and provides 237 certification, default selection, support and 238 trademark use to payment service providers. 239 240 In return, payment service providers contribute 241 financially to Taler Systems S.A.} 242 \end{frame} 243 244 245 \section{The market} 246 % FIXME: update, include Visa/Master/PayPal, AliPay in particular! 247 % FIXME: render more nicely? 248 \begin{frame}{7. The market} 249 \begin{textblock*}{0.6\textwidth}(1cm,5cm) % {block width} (coords) 250 \includegraphics[width=\textwidth]{payment_solutions.png} 251 \end{textblock*} 252 \begin{textblock*}{0.6\textwidth}(5.5cm,1cm) % {block width} (coords) 253 \includegraphics[width=\textwidth]{payment_volume.png} 254 \end{textblock*} 255 \note{The market is big.} 256 \end{frame} 257 258 259 \section{Competitors} 260 \begin{frame}{8. Competitor comparison} 261 \begin{center} \small 262 \begin{tabular}{l||c|c|c|c|c} 263 & Cash & Bitcoin & Zerocoin & Creditcard & GNU Taler \\ \hline \hline 264 Online &$-$$-$$-$ & ++ & ++ & + & +++ \\ \hline 265 Offline & +++ & $-$$-$ & $-$$-$ & + & $-$$-$ \\ \hline 266 Trans. cost & + & $-$$-$$-$ & $-$$-$$-$ & $-$ & ++ \\ \hline 267 Speed & + & $-$$-$$-$ & $-$$-$$-$ & o & ++ \\ \hline 268 Taxation & $-$ & $-$$-$ & $-$$-$$-$ & +++ & +++ \\ \hline 269 Payer-anon & ++ & o & ++ & $-$$-$$-$ & +++ \\ \hline 270 Payee-anon & ++ & o & ++ & $-$$-$$-$ & $-$$-$$-$ \\ \hline 271 Security & $-$ & o & o & $-$$-$ & ++ \\ \hline 272 Conversion & +++ & $-$$-$$-$ & $-$$-$$-$ & +++ & +++ \\ \hline 273 Libre & $-$ & +++ & +++ & $-$ $-$ $-$ & +++ \\ 274 \end{tabular} 275 \end{center} 276 \note{Not having payee-anonymity is a good thing as otherwise money laundering 277 becomes a real problem.} 278 \end{frame} 279 280 281 \begin{frame}{9. Payment solutions - pricing} 282 % FIXME: Konkrete Zahlen fuer Beispieltransaktionen 283 \begin{center} 284 \begin{tabular}{l||c} 285 {\bf Provider} & {\bf Pricing} \\ \hline \hline 286 Alipay & 2,0\% - 3,0\% \\ \hline 287 Allied Wallet & 1,95\% + \$ 0,20 \\ \hline 288 Amazon Payments & 2,9\% + \$ 0,30 \\ \hline 289 Avangate & 4,9\% + \$ 2,50 \\ \hline 290 Billpro & 2,1\% + 3,5\% fee \\ \hline 291 BitGold Inc. & 1\% fee on every purchase \\ \hline 292 Bitpay (Bitcoin)& 0\% \\ \hline 293 Checkout.com & 2,95\% - 3,95\% + \pounds 0,15 \\ \hline 294 Coinify (Bitcoin) & 0\% \\ \hline 295 eComCharge & 3,5\% + \EUR{0,35} \\ \hline 296 GoCardless & 1\% up to a maximum of \pounds 2 \\ \hline 297 Western Union & Variable --- From 5\% up 298 \end{tabular} 299 \end{center} 300 \note{Transaction cost in Taler is $\approx$ \EUR{0.0001} (plus salaries and profits).} 301 \end{frame} 302 303 304 \section{About us} 305 306 \begin{frame} 307 \frametitle{10. Why now and why us?} 308 \begin{block}{Why now?} 309 {%\tiny 310 \begin{itemize} 311 \item{Chaum's original patents\footnote{\tiny USPTO 5878140, 5781631, 5712913} from 1996-1999 have expired} 312 \item{Increased awareness of issue of privacy in payment systems {\tiny 313 \begin{itemize} 314 \item Contemporary payment systems fail on privacy 315 \item Cash is disappearing 316 \item Alternatives urgently needed 317 \end{itemize}}} 318 \item{Cryptocurrencies threaten control over money supply and tax base of governments} 319 \end{itemize} 320 } 321 \end{block} 322 \begin{block}{Why us?} 323 {%\tiny 324 \begin{itemize} 325 \item{solved (technical) problem of unlinkability} 326 \item{designed a modern, open standards based version} 327 \item{technical expertise to really build it} 328 % : {\tiny 329 % \begin{itemize} 330 % \item{15 years of research in network security and privacy} 331 % \item{Founder of GNUnet and related projects} 332 % \end{itemize}}} 333 \item{good contacts: free software movement, press, academics} 334 \end{itemize} 335 } 336 \end{block} 337 \end{frame} 338 339 340 \begin{frame} 341 \frametitle{9. Team \hfill \& \hfill advisory board \hfill} 342 \begin{minipage}{5cm} 343 \setlist[description]{leftmargin=1cm,labelindent=0cm} 344 \begin{description} 345 \item[Leon Schumacher]\ \\ co-founder, executive 346 \item[Dr. Christian Grothoff]\ \\ co-founder, executive 347 \item[Michael Widmer]\ \\ Lawyer, executive 348 \item[Dr. Jeff Burdges]\ \\ PostDoc 349 \item[Florian Dold]\ \\ PhD Student 350 \end{description} 351 352 \end{minipage} 353 \begin{minipage}{5.5cm} 354 {\tiny 355 \begin{description} 356 \item[Prof. Mikhail Atallah] \ \\ 357 Cryptographer, co-founder 358 Arxan Technologies Inc. 359 \item[Prof. Roberto Di Cosmo] \ \\ 360 Director IRILL 361 \item[Greg Framke] \ \\ 362 CIO Manulife, \\ 363 former COO Etrade 364 \item[Ante Gulam] \ \\ 365 Global Head of Information Security --- CISO \\ 366 MetaPack Group 367 \item[Dr. Richard Stallman]\ \\ 368 Founder of the \\ \mbox{Free Software movement} 369 \item[Chris Pagett] \ \\ 370 former Group Head Security/ \ \\ 371 Fraud/Geo Risk HSBC 372 \item[Prof. Alex Pentland] \ \\ 373 MIT Media Lab 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/michael-widmer.jpg}\hfill 381 \includegraphics[height=0.1\textwidth]{team-images/jeff-burdges.jpg}\hfill 382 \includegraphics[height=0.1\textwidth]{team-images/florian-dold.jpg}\hfill 383 \includegraphics[height=0.1\textwidth]{board-images/mja.jpg} \hfill 384 \includegraphics[height=0.1\textwidth]{board-images/roberto-di-cosmo.jpg} \hfill 385 \includegraphics[height=0.1\textwidth]{board-images/greg-framke.jpg} \hfill 386 \includegraphics[height=0.1\textwidth]{board-images/ante-gulam.jpg} \hfill 387 \includegraphics[height=0.1\textwidth]{board-images/alex-pentland.jpg} 388 %\note{Advisory board still under construction.} 389 \end{frame} 390 391 392 \section{Use cases} 393 394 \begin{frame}{10. Use case: consumers} 395 \begin{center} 396 {\bf Why would a consumer adopt Taler?} 397 \end{center} 398 \begin{itemize} 399 \item Convenient: pay with one click instantly 400 \item Guaranteed: no rejection by false-positives in fraud detection 401 \item Secure: like cash, except no counterfeits 402 \item Privacy-preserving: payment requires no personal information 403 \item Stable: no currency fluctuations, pay in traditional currencies 404 \item Free software: no hidden ``gadgets'', third parties can verify 405 \end{itemize} 406 \end{frame} 407 408 \begin{frame}{11. Use case: merchants} 409 \begin{center} 410 {\bf Why would a merchant implement Taler?} 411 \end{center} 412 \begin{itemize} 413 \item Instant payments: transactions at Web-speed 414 \item Secure: signed contracts, no legitimate customer rejected by fraud detection 415 \item Free software: competitive pricing and support 416 \item Low fees: efficient protocol + no fraud $=$ low costs 417 \item Flexible: any currency, any amount 418 \item Ethical: no fluctuation risk, no pyramid scheme, not suitable for illegal business 419 \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.} 420 \end{itemize} 421 \end{frame} 422 423 424 \begin{frame}{12.1 Use cases --- potential niches for launch} 425 \begin{itemize} 426 \item[1.]{Non-bankable / unbanked people 427 \begin{itemize} 428 \item Children 429 \item Refugees / Displaced population 430 \item Developing markets {\tiny (Africa)} 431 \end{itemize} 432 } 433 \item[2.]{Instant one click Web purchases 434 \begin{itemize} 435 \item Newspaper articles {\tiny (see Spiegel's LaterPay)} 436 \item Platform provider with exposure risk {\tiny (see Spotify)} 437 \end{itemize} 438 } 439 \item[3.]{Niche markets 440 \begin{itemize} 441 \item Entertainment \& Media 442 \item Tor users {\tiny (when privacy is required)} 443 \item Bitcoin payments 444 \end{itemize} 445 } 446 \item[4.]{Micropayments 447 \begin{itemize} 448 \item Gaming {\tiny (in-game payments)} 449 \item Eliminate spam {\tiny (require payment to display unsolicited e-mails)} 450 \end{itemize} 451 } 452 \end{itemize} 453 \end{frame} 454 455 456 \begin{frame}{12.2 Use cases --- potential niches for launch: Anti-Spam} 457 p$\equiv$p provides authenticated encryption for e-mail: 458 \begin{itemize} 459 \item Free software 460 \item Easy to use opportunistic encryption 461 \item Available for Outlook, Android, Enigmail 462 \item Committed strategic partner 463 \end{itemize} 464 Attach Taler payment to secure e-mail communication channel: 465 \begin{itemize} 466 \item Avoids two-sided market: peer-to-peer payments (this is how PayPal launched) 467 \item If unsolicited sender (i.e. not in address book), hide messages from user 468 automatically request payment from sender 469 \item Sender can attach Taler payment to be moved to inbox 470 \item Receiver can grant refund to sender \\ 471 (Taler still collects applicable transaction fees) 472 \end{itemize} 473 \begin{center} 474 Telegram just had a \$2 billion ICO based on a similar idea. 475 \end{center} 476 \end{frame} 477 478 479 \begin{frame}{13. Taler and Blockchains} 480 \begin{block}{What can Taler do for Blockchains?} 481 Blockchains have inherently high transaction {\bf costs} and little 482 {\bf privacy}. Taler can operate as a {\bf side-chain}, providing 483 enhanced privacy and {\bf performance} for crypto currencies. 484 \end{block} 485 \begin{block}{What can Blockchains do for Taler?} 486 Taler cannot cryptographically prove the {\bf timing} of 487 transactions. Using a blockchain for {\bf timestamping} would 488 allow GNU Taler to provide hard proof of {\bf when} a payment 489 happened. 490 \end{block} 491 \end{frame} 492 493 494 %\begin{frame}{13. Use Cases --- Used in financial model} 495 % \begin{itemize} 496 % \item Newspaper articles (ex. Spiegel) 497 % \item Platform provider with exposure risk (ex. Spotify) 498 % \item Entertainment \& Media 499 % \item Tor users 500 % \end{itemize} 501 %\end{frame} 502 503 504 \section{Partners} 505 506 \begin{frame}{14. Partners} 507 \begin{minipage}{5cm} 508 {\bf Research and development:} 509 \begin{center} 510 \includegraphics[height=1cm]{partner-logos/inria.png} 511 \includegraphics[height=1cm]{partner-logos/tum.png} 512 513 \includegraphics[height=1cm]{partner-logos/gnu.jpeg} 514 \includegraphics[height=1cm]{partner-logos/gnunet.jpeg} 515 \end{center} 516 517 \vspace{0.1cm} 518 519 {\bf Business development:} 520 521 \begin{center} 522 \includegraphics[height=1cm]{partner-logos/ashoka.png} 523 \includegraphics[height=1cm]{partner-logos/hl.png} 524 \end{center} 525 526 \vspace{0.1cm} 527 \end{minipage} 528 % \hfill 529 % \begin{minipage}{5cm} 530 % {\bf Banks (in discussion):} 531 532 % \includegraphics[height=1cm]{partner-logos/hsbc.jpeg} 533 % \includegraphics[height=1cm]{partner-logos/gls-bank.png} 534 % \vfill 535 % \vspace{1cm} 536 537 % {\bf Merchants:} 538 % \includegraphics[height=0.8cm]{partner-logos/dk.png} 539 % \includegraphics[height=1cm]{partner-logos/spiegel.jpeg} 540 % \includegraphics[height=1cm]{partner-logos/heise.png} 541 % \vfill 542 % \end{minipage} 543 \end{frame} 544 545 546 \begin{frame}{15. Strategic partners for distribution} 547 % \begin{center} 548 \includegraphics[height=1.2cm]{partner-logos/tor.jpeg} \hskip2cm 2+ million daily users (in discussions) 549 \vfill 550 \includegraphics[height=0.8cm]{partner-logos/rff.png} 551 \vfill 552 \includegraphics[height=0.8cm]{partner-logos/pep.pdf} 553 \vfill 554 \includegraphics[height=1cm]{partner-logos/tcij.png} 555 \vfill 556 \includegraphics[height=1cm]{partner-logos/firefox.png} \hskip2cm (in discussions) 557 \vfill 558 %\end{center} 559 \end{frame} 560 561 562 \begin{frame}{16. Next steps} 563 \begin{itemize} 564 \item[1.]{Complete solution in v0.5 (alpha)} 565 \item[2.]{Complete first seed funding round for \EUR{1.5-2m}} 566 \item[3.]{Integrate with more distribution channels \\ 567 (Android wallet, p$\equiv$p, \ldots)} 568 \item[4.]{Launch successfully in one of the niches 569 \begin{itemize} 570 \item Newspapers 571 \item Entertainment \& Media 572 \item Gaming 573 \item Platform provider under threat from \\ 574 ApplePay, GooglePay, Amazon, \ldots 575 \end{itemize}} 576 \end{itemize} 577 \end{frame} 578 579 580 \section{Risks} 581 \begin{frame}{17. Main risks} 582 \begin{itemize} 583 \item[1.]{Technical risk --- {\color{green} resolved}} 584 \item[2.]{Cryptographic risk --- {\color{green} resolved}} 585 \item[3.]{Distribution on customer side challenging} 586 \item[4.]{Distribution on merchant side challenging} 587 \item[5.]{Regulator does not approve} 588 \item[6.]{System hacked (by internal admin staff)} 589 \end{itemize} 590 \end{frame} 591 592 593 \begin{frame}{18. Risk Mitigation} 594 \begin{itemize} 595 \item[1.]{Technical risk --- {\color{green} resolved}} 596 \item[2.]{Cryptographic risk --- {\color{green} resolved}} 597 \item[3.]{Distribution on customer side challenging \\ 598 {\color{green} Partner with reach on consumer end}} 599 \item[4.]{Distribution on merchant side challenging \\ 600 {\color{green} Partner with platform merchant, or \\ 601 Partner with large financial service player \\ 602 Focus on e-commerce}} 603 \item[5.]{Regulator does not approve \\ 604 {\color{green} Initial reviews by specialists see no issues \\ 605 Partner with large financial service player}} 606 \item[6.]{System hacked (by internal admin staff) \\ 607 {\color{green} Automated reporting shows maximum exposure \\ 608 Audits conducted regularly \\ 609 Vetting of admin personnel}} 610 \end{itemize} 611 \end{frame} 612 613 614 \begin{frame}{19. Business risks and measures} 615 \begin{center} \tiny 616 \begin{tabular}{p{3cm}|p{3cm}|p{3cm}} 617 {\bf Risk} & {\bf Impact} & {\bf Countermeasure} \\ \hline \hline 618 Usability too low & few users, insufficient income & usability testing \\ \hline 619 Exchange data loss & financial damage & backups \\ \hline 620 Exchange compromise & financial damage & limit loss by key rotation \\ \hline 621 Exchange offline & reputation loss & redundant \mbox{operation} \\ \hline 622 Compliance issues & illegal to operate & work with \mbox{regulators} \\ \hline 623 No bank license & illegal to operate & work with banks \\ 624 \end{tabular} 625 \end{center} 626 \end{frame} 627 628 629 %\begin{frame}{20. Recent Press} 630 % {\tiny 631 % \setlist[description]{leftmargin=1cm,labelindent=0.5cm} 632 % \begin{description} 633 % \item[09-2015]\ \\ 634 % \begin{itemize} 635 % \item \url{https://bitcoinmagazine.com/21901/bitcoin-governments-without-privacy-taxes/} 636 % \item \url{http://www.heise.de/tp/artikel/46/46089/1.html} 637 % \end{itemize} 638 % \item[06-2016]\ \\ 639 % \begin{itemize} 640 % \item \url{http://www.theregister.co.uk/2016/06/06/gnu_cryptocurrency_aims_at_the_mainstream_economy_not_the_black_market/} 641 % \item \url{http://www.golem.de/news/halbanonymes-bezahlsystem-gnu-taler-soll-kryptowaehrungen-gerechter-machen-1606-121323.html} 642 % \item \url{http://www.heise.de/newsticker/meldung/GNU-Taler-Open-Source-Protokoll-fuer-Zahlungen-in-Version-0-0-0-erschienen-3228525.html} 643 % \end{itemize} 644 % \item[08-2016]\ \\ 645 % \begin{itemize} 646 % \item \url{https://www.theguardian.com/technology/2016/sep/01/online-publishers-readers-ad-block-surveillance-donate-anonymously} 647 % \end{itemize} 648 % \item[02-2017]\ \\ 649 % \begin{itemize} 650 % \item \url{http://hackerpublicradio.org/eps.php?id=2222} 651 % \end{itemize} 652 % \end{description} 653 % } 654 % \begin{center} 655 % Complete list at \url{https://taler.net/press} 656 % \end{center} 657 %\end{frame} 658 659 \section{Next steps} 660 \begin{frame}{20. Next steps in development and timeline based on current resourcing} 661 \definecolor{barblue}{RGB}{153,204,254} 662 \definecolor{groupblue}{RGB}{51,102,254} 663 \definecolor{donegreen}{RGB}{0,255,0} 664 \definecolor{linkred}{RGB}{165,0,33} 665 \renewcommand\sfdefault{phv} 666 \renewcommand\mddefault{mc} 667 \renewcommand\bfdefault{bc} 668 \sffamily 669 \begin{ganttchart}[ 670 time slot format=isodate, % format for dates, YYYY-MM-DD 671 canvas/.append style={fill=none, draw=black!5, line width=.75pt}, 672 hgrid style/.style={draw=black!5, line width=.75pt}, 673 vgrid={*1{draw=black!5, line width=.75pt}}, 674 today=2018-1-18, % Important: must match \today below! 675 today label=\today, % render date when presentation was compiled here 676 today rule/.style={ 677 draw=black!64, 678 dash pattern=on 3.5pt off 4.5pt, 679 line width=1.5pt 680 }, 681 x unit = 0.9pt, % how wide is one day? Scaled so that 9 months fit the window 682 y unit chart = 0.6cm, % height of a bar in the chart 683 y unit title = 1cm, % height of the title bar 684 today label font=\small\bfseries, 685 title/.style={draw=none, fill=none}, 686 title label font=\bfseries\footnotesize, 687 title label node/.append style={below=7pt}, 688 include title in canvas=false, 689 bar label font=\mdseries\small\color{black!70}, 690 bar label node/.append style={left=2cm}, 691 bar/.append style={draw=none, fill=donegreen}, % color of progress bar when done 692 bar incomplete/.append style={fill=barblue}, % color of progress bar not yet done 693 bar progress label font=\mdseries\footnotesize\color{black!70}, 694 group incomplete/.append style={fill=groupblue}, 695 group left shift=0, 696 group right shift=0, 697 group height=0.5, 698 group peaks tip position=0, 699 group label node/.append style={left=.6cm}, 700 group progress label font=\bfseries\small, 701 group/.append style={draw=none, fill=donegreen}, % black!63}, 702 link/.style={-latex, line width=1.5pt, linkred}, 703 link label font=\scriptsize\bfseries, 704 link label node/.append style={below left=-2pt and 0pt} 705 ]{2018-1-1}{2018-12-31} 706 \gantttitle[ 707 title label node/.append style={below left=7pt and -3pt} 708 ]{Month: \qquad 1}{9} % We show 9 months, start at '1' 709 \gantttitlelist{2,...,9}{31} \\ % a month has ~31 days (tss per label given) 710 \ganttgroup[progress=90, 711 progress label text={optimizations and tipping}]{v0.5}{2018-1-1}{2018-1-31} \\ 712 \ganttgroup[progress=0, 713 progress label text={fault-injection testing}]{v0.6}{2018-2-1}{2018-3-31} \\ 714 \ganttgroup[progress=0, 715 progress label text={misc. cleanup}]{v0.7}{2018-4-1}{2018-5-15} \\ 716 \ganttgroup[progress=0, 717 progress label text={wallet backup}]{v0.8}{2018-5-15}{2018-6-30} \\ 718 \ganttgroup[progress=0, 719 progress label text={data export}]{v0.9}{2018-7-1}{2018-8-30} 720 \end{ganttchart} 721 722 Development details can be found under: 723 {\color{blue} \url{https://gnunet.org/bugs/roadmap_page.php}} \\ 724 Demo of real system: {\color{blue} \url{https://demo.taler.net/}} 725 726 \vfill 727 {\bf Resources:} Currently development is funded until mid 2018 728 \end{frame} 729 730 731 732 \section{Investment use} 733 \begin{frame}{21. Use of investment} 734 \begin{itemize} 735 \item Wallet support on more platforms (Android, iOS, NFC, PEP) 736 \item Web-shop integration for popular Web shops (Magento, WordPress) 737 \item Bank and/or blockchain integration of exchange backend 738 \item External security audits (to appease regulators and partners) 739 \item User interface design polishing (UI/UX) and internationalization 740 \item Improved documentation and operations manuals 741 \item Strategic marketing and partner acquisition 742 \item Product launch (hardware purchases, regulatory fees) 743 \end{itemize} 744 \end{frame} 745 746 747 %\input rff-only.tex 748 749 750 \begin{frame}{Contact details} 751 \begin{center} 752 \begin{tabular}{p{5cm}p{5cm}} 753 % {\bf CEO} & {\bf CTO} \\ & \\ 754 Leon Schumacher & Dr. Christian Grothoff \\ 755 {\tt leon@taler.net} & {\tt christian@taler.net} \\ 756 +41-79-865-9365 & +41-78-692-6894 \\ 757 % \url{http://taler.net/ceo/} & \url{http://taler.net/cto/} \\ 758 \end{tabular} 759 760 \vspace{2cm} 761 \url{https://www.taler.net/} 762 \end{center} 763 \end{frame} 764 765 766 \begin{frame} 767 \begin{center} 768 \includegraphics[width=0.66\textwidth]{taler-logo-2018.pdf} 769 \end{center} 770 \end{frame} 771 772 \end{document} 773 774 \begin{frame}{License model} 775 \begin{center} 776 \begin{tabular}{p{2cm}|c|p{5.5cm}} 777 {\bf Component} & {\bf License} & {\bf Why?} \\ \hline \hline 778 Exchange & Affero GPL & competitors must share \mbox{extensions} \\ \hline 779 Wallets & GPLv3+ & enable community development \\ \hline 780 Merchant & Lesser GPL & maximize market adoption \\ 781 \end{tabular} 782 \end{center} 783 \end{frame} 784 785 \end{document} 786 787 788 789 790 791 792 \begin{frame}{17. Efforts needed to reach v0.7} 793 % \begin{center} 794 \begin{tabular}{rp{7.5cm}cr} 795 1. & Support refunds from merchant & - & 2 PM \\ 796 2. & Support refunds from (bankrupt) PSP & - & 2 PM \\ 797 3. & X.509 integration of merchant keys & - & 1 PM \\ 798 4. & Performance tuning & - & 4 PM \\ 799 5. & Extensive testing incl. fault injection & - & 6 PM \\ 800 6. & Documentation, minor features & - & 6 PM 801 \end{tabular} 802 % \end{center} 803 804 \vfill 805 806 21 PM $\times$ \EUR{6k/month} $=$ \EUR{126k} \\ 807 808 {\bf Budget envelope: \EUR{150-200k}} 809 810 \vfill 811 {\tiny 812 813 \noindent 814 PSP $=$ Payment Service Provider / Exchange \\ 815 \noindent 816 PM $=$ Person month 817 } 818 \end{frame} 819 820 821 \begin{frame}{18. Efforts for other critical elements} 822 % \begin{center} 823 \begin{tabular}{rp{7.5cm}cr} 824 1. & Wallet backup and cross-device synchronization & - & 4 PM \\ 825 2. & Wallet App for Android & - & 18 PM \\ 826 3. & Wallet App for iOS & - & 18 PM \\ 827 4. & Translation of user interfaces & - & 3 PM \\ 828 \\ 829 5. & External security audit & - & \EUR{100k} 830 \end{tabular} 831 % \end{center} 832 833 \vfill 834 835 \begin{tabular}{lcr} 836 43 PM $\times$ \EUR{6k/month} & $=$ & \EUR{256k} \\ 837 External audit & $=$ & \EUR{100k} \\ 838 {\bf Budget envelope:} & & {\bf \EUR{360-400k}} 839 \end{tabular} 840 \vfill 841 \end{frame} 842 843 844 \begin{frame}{19. Extra efforts needed for refugee scenario\footnote{Optional special case}} 845 % \begin{center} 846 \begin{tabular}{rp{7.5cm}cr} 847 1. & Shop App for Android & - & 12 PM \\ 848 2. & Shop App for iOS & - & 12 PM \\ 849 3. & Simplify exchange installation & - & 2 PM \\ 850 4. & Stand-alone basic-income bank & - & 6 PM \\ 851 5. & Translate Taler operator manuals & - & 2 PM \\ 852 6. & Network-challenged backup procedures & - & 3 PM \\ 853 \end{tabular} 854 % \end{center} 855 856 \vfill 857 858 \begin{tabular}{lcr} 859 27 PM $\times$ \EUR{6k/month} & $=$ & \EUR{222k} \\ 860 {\bf Budget envelope:} & & {\bf \EUR{250-280k}} 861 \end{tabular} 862 \end{frame} 863 864 865 \begin{frame}{20. Sizing of Seed Round} 866 % \begin{center} 867 \begin{tabular}{rp{7.5cm}r} 868 1. & Development / Programming & \EUR{600k} \\ 869 2. & GoToMarket and Partner Sign-up & \EUR{350k} \\ 870 3. & Integration efforts with merchants & \EUR{225k} \\ 871 4. & Administrative \& Overhead & \EUR{325k} \\ 872 \\ 873 \\ 874 & {\bf Size of seed round (until 12/2018):} & \EUR{1.5m} \\ 875 & {\bf Time line:} & Q4 2017 \\ 876 \\ 877 & (Special optional refugee addition & \EUR{300k}) \\ 878 \end{tabular} 879 % \end{center} 880 \end{frame} 881 882 883 884 \section{Financials} 885 886 \begin{frame}{Balance Sheet: Year 1, 2, 3 (kEUR)} 887 \scalebox{0.8}{ 888 \tiny 889 \begin{tabular}{l|r|r|r|c|l|r|r|r} 890 & Year 1 & Year 2 & Year 3 & & & Year 1 & Year 2 & Year 3 \\ \hline 891 {\bf Fixed assets} & & & & & {\bf Equity} & & & \\ \hline 892 Incorporation costs & 5 & 4 & 3 & & Share capital & 45 & 45 & 45 \\ \hline 893 Intangible assets & 16 & 63 & 40 & & Share premium & 5'350 & 10'350 & 10'350 \\ \hline 894 Tangible assets & 20 & 44 & 68 & & Reserves & & & \\ \hline 895 Financial assets & 0 & 0 & 0 & & Retained earnings & 0 & -1'477 & -4'987 \\ \hline 896 {\bf Current assets} & & & & & Profit/loss for the year & -1'477 & -3'510 & -1'500 \\ \hline 897 Inventory & & & & & Provisions & 0 & 23 & 168 \\ \hline 898 Accounts receivable (clients) & & 30 & 200 & & {\bf Long-term debts $>$ 1 year} & & & \\ \hline 899 Accounts receivable (affiliated) & & & & & Bank loans & 0 & 0 & 0 \\ \hline 900 Other current assets & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 901 Cash in bank & 3'898 & 5'364 & 3'840 & & {\bf Short-term debts $<$ 1 year} & & & \\ \hline 902 & & & & & Bank loans & 0 & 0 & 0 \\ \hline 903 & & & & & Accounts payable (suppliers) & 0 & 0 & 0 \\ \hline 904 & & & & & Fiscal and social debt & 21 & 74 & 75 \\ \hline 905 & & & & & Accounts payable (affiliated) & 0 & 0 & 0 \\ \hline 906 & & & & & Other liabilities & 0 & 0 & 0 \\ \hline 907 {\bf TOTAL ASSETS} & 3'939 & 5'505 & 4'151 & & {\bf TOTAL EQUITY + LIABILITIES} & 3'939 & 5'505 & 4'151 \\ 908 \end{tabular}} 909 \vfill 910 \begin{center} 911 Projections for years 4--6 available upon request. 912 \end{center} 913 \end{frame} 914 915 916 \begin{frame}{Income Statement: Year 1, 2, 3 (kEUR)} 917 \small 918 \begin{tabular}{l|r|r|r} 919 {\bf Profit or loss} & Year 1 & Year 2 & Year 3 \\ \hline 920 & & & \\ \hline 921 Turnover & 0 & 129 & 2'520 \\ \hline 922 Other operating income & 0 & 0 & 0 \\ \hline 923 Cost of goods sold & 0 & 0 & 0 \\ \hline 924 Personnel costs & -1'066 & -2'804 & -3'085 \\ \hline 925 Value adjustments & 0 & 0 & 0 \\ \hline 926 Other operating charges & -412 & -835 & -935 \\ \hline 927 {\bf Operating result} & -1'477 & -3'510 & -1'500 \\ \hline 928 Interest \& similar income & 0 & 0 & 0 \\ \hline 929 Interest \& similar charges & 0 & 0 & 0 \\ \hline 930 {\bf Financial result} & 0 & 0 & 0 \\ \hline 931 {\bf Result from ord. act. before taxation} & -1'477 & -3'510 & -1'500 \\ \hline 932 Extraordinary income & 0 & 0 & 0 \\ \hline 933 Extraordinary expenses & 0 & 0 & 0 \\ \hline 934 {\bf Extraordinary result} & 0 & 0 & 0 \\ \hline 935 Taxes & 0 & 0 & 0 \\ \hline 936 {\bf Profit or loss fiscal year} & -1'477 & -3'510 & -1'500 \\ \hline 937 \end{tabular} 938 \end{frame} 939 940 941 \begin{frame}{Cashflow Statement: Quarter 1 to 12 (kEUR)} 942 \scalebox{0.7}{ 943 \tiny 944 \begin{tabular}{l|c|r|r|r|r|r|r|r|r|r|r|r|r} 945 {\bf Cash flow (Q1-Q12)} & & Q1 & Q2 & Q3 & Q4 & Q5 & Q6 & Q7 & Q8 & Q9 & Q10 & Q11 & Q12 \\ \hline 946 & & & & & & & & & & & & & \\ \hline 947 {\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 948 {\bf Cash Inflows} & & & & & & & & & & & & & \\ \hline 949 Turnover (inc VAT) & & 0 & 0 & 0 & 0 & 0 & 2 & 7 & 120 & 300 & 480 & 690 & 1'050 \\ \hline 950 R\&D subsidy & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 951 Initial capital & & 45 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 952 Capital contribution/Loans & & 350 & 5'000 & 0 & 0 & 0 & 0 & 0 & 5'000 & 0 & 0 & 0 & 0 \\ \hline 953 Other income & & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ \hline 954 & & & & & & & & & & & & & \\ \hline 955 Total Cash Inflows ($B$) & & 395 & 5'000 & 0 & 0 & 0 & 2 & 7 & 5'120 & 300 & 480 & 690 & 1'050 \\ \hline 956 {\bf Cash Outflows} & & & & & & & & & & & & & \\ \hline 957 Personnel costs & & 47 & 128 & 373 & 518 & 644 & 685 & 712 & 763 & 776 & 770 & 770 & 770 \\ \hline 958 External costs & & 20 & 49 & 37 & 64 & 69 & 72 & 72 & 76 & 75 & 57 & 57 & 57 \\ \hline 959 & & & & & & & & & & & & & \\ \hline 960 Investments & & 2 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 \\ \hline 961 Other expenses & & 28 & 88 & 88 & 76 & 95 & 109 & 168 & 174 & 174 & 173 & 171 & 171 \\ \hline 962 & & & & & & & & & & & & & \\ \hline 963 Total Cash Outflows ($C$) & & 97 & 503 & 503 & 664 & 814 & 872 & 958 & 1'019 & 1'031 & 1'006 & 1'004 & 1'004 \\ \hline 964 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 \\ 965 \end{tabular} 966 } 967 \end{frame} 968 969 970 \begin{frame} 971 \begin{center} 972 \includegraphics[width=0.66\textwidth]{taler-logo-2018.pdf} 973 \end{center} 974 \end{frame} 975 976 977 \end{document}