Hello people.
A few days ago, Adam posted an introductory video of the soon-to-be-released Swapbot token-to-token vending machine.
After watching the video, I had questions about the platform and its implementation. Here are my questions, followed by Adam's answers:
In the case of merchandise and actual goods, who holds the inventory?
The merchant who issues the token holds the inventory, or contracts with a fulfillment or warehousing provider to do it on their behalf.
Why not just complete the transactions with Bitcoin? Why the need for the extra layer of a token?
Tokens do not replace dollars or bitcoins. They are an additional option. There are some good reasons why a customer would want to buy a product or service as a token, but in the simplest of cases where you simply want to buy and receive the good or service as quickly as possible, tokens are totally unnecessary and so won't be used.
Some reasons why you'd want to buy something in token form:
- Price stability '" The dollar value of bitcoin is constantly changing. When you purchase a redeemable token, you unlink from price volatility.
- Bulk discounts '" If I know I'm going to buy at least 25 domains over the course of a year, buying 10 gets me a 10% discount, and buying 25 gets me a 15% discount, it makes sense for me to buy all 25 of my domains up front to get the best price on all of them and then redeem them as I identify the specific names I want.
- Gifting, swapping, and reselling '" Once represented as a token, products and services are as easily given or traded peer to peer as bitcoin.
Would shipping and handling charges for merchandise be calculated on top of the BTC price published on Swapbot? If shipping is done via courier service, wouldn't this complicate the order by combining a token or asset, bitcoin, and a fiat currency?
I agree with your premise. With our early customers we're mostly focused on either digital products or services, OR we're working with shipping merchants to build the cost of shipping into the price of the token to eliminate the need to use bitcoin as well as a token.
If the customer expects home or business delivery, how are the shipping instructions handled? In the walkthrough video, there was no mention of where a customer would enter shipping details.
Swapbot is one part of the process. It is a token-to-token vending machine that allows you to spend bitcoin or LTBCoin or TOKENLY and get out specific tokens redeemable for specific products and services.
The redemption (trading in your token for the actual good or service) happens with another Tokenly tool called TokenSlot. Basically, where Swapbot is Tokens In '"> Tokens Out, TokenSlot is Tokens In '"> Something Else Out.
To use TokenSlot, you'll go through the normal checkout process and when it comes time to pay, you'll have the additional option of redeeming whatever tokens are accepted with that merchant. So to answer your question, you'd have given your shipping information before it comes time to pay in the checkout process.
Who is Swapbot's target customer '" a local mom-and-pop shop, a national chain store, or a Global 500 enterprise?
Swapbot and TokenSlot are really generic tools. We think of them as utilities. Who is the power companies' target customer? Everybody, because electricity makes it easier and cheaper to maximize your productive output. Who is the target customer of an Internet service provider? Anybody who wants to be able to connect and interact with their customers over the largest social network in the history of the world.
Being able to automatically sell and redeem tokens that you create for the benefit of your business and your customers is a global use case and we think that's the big-picture market.
Is the LTB Companion Wallet (an extension for the Chrome browser) required for Swapbot to function?
It is not, but it's one of the few Counterparty-compatible wallets out there right now, so it's our recommended solution. You can even use a standard bitcoin wallet to buy tokens from a swapbot, BUT your wallet will not be able to understand the tokens that are sent back to you.
They will be safe and protected, owned by your bitcoin address, but the only way to actually use those tokens is to recover your private key in a wallet that does understand and allow you to use Tokens.
When do you expect Swapbot to be released for commercial use?
We're in the late stages of pre-launch testing. The first group of Swapbot merchants have been selected. You should be able to try out the first real Swapbot and Tokenslot installations around the first week of June.
You mention Tokenly providing hosting for Swapbot. So hosting is a paid service, but how about the Swapbot software itself?
Swapbot is freely licensed, fully open-source software available on GitHub.
Will Tokenly provide consulting services for merchants who will decide to take the DIY route?
We do offer consulting for custom installations at a rate of $150/hr for time with our CTO (and developer of Swapbot), Devon Weller.
As a reminder, the Swapbot vending machine is still being actively developed. Once the finished product is launched, we will provide more detailed information about its features, as well as instructions on how to use the software.
Thank you, Adam, for those answers!
Speaking of LTB Companion Wallet, here it is in action:
LTB community member Koji has been head-down clicking and clacking away at his keyboard, and the end result is a mobile Counterparty wallet, now available on both Android and iOS. You'll find more info about the app here. The app may still be a bit rough around the edges, so Koji is asking for patience during your test drive. Report any bugs you may encounter on the forum thread, or message Koji directly at support@indiesquare.me.
As it has been mentioned many times on the Let's Talk Bitcoin! shows and blog posts, the remittance market is broken. Member "Goefells" walks us through his personal experience with remittance issues. He says, "So after resigning myself to the fact that the UK banks are oligopolistic a-holes unwilling (or afraid) of bitcoin (they really shouldn't be, but meh), I just wanted to get my mother to try out the bitcoin system at least once." If you happen to live in the UK, or have connections there, and would like to help out Goefells in his quest to set up biweekly bitcoin purchases, drop him a line.
Member "CC" plans to add LTBcoin to his On The Cusp podcast, which features writer and comedian Ben Greene interviewing performers, artists, and musicians who are "on the cusp" of breaking out and reaching mainstream success. If you'd like to sponsor the show, the auction for the ONTHECUSPAD token closes on May 22. The winning bidder will receive a 30-second advertising spot on the podcast. Good luck!
Be excellent to each other.
Tuomas
Community Manager
via Lets Talk Bitcoin! http://ift.tt/1S7ngXU
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