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Chat Bot Advises Crypto Startups and Investors
Three Ukrainian companies have developed an English-language chat bot that provides consulting services to businesses and investors in the crypto industry. The AI-based platform, Ailo, offers a range of automated services but it can also deal with cases that require human intervention and professional legal advice.
Ailo Tests ICOs for Free
Law firm Juscutum, crypto-payment solutions provider Paytomat and software developer Cryptogroup are behind the innovative project. Ailo, which is now live in testing mode, provides some of its services free of charge. Others can be paid with cryptocurrency. One useful feature, for example, determines whether a token is a security (Howey test) and if an initial coin offering (ICO) has the features of a fraudulent scheme (scam test).
The platform can also advise startups on where to conduct their token sales. A test run of the “Choosing jurisdiction of ICO” module suggested Gibraltar and Belarus. Indeed, both places are among the most crypto-friendly jurisdictions in Europe, along with Malta, Switzerland and Liechtenstein. In a list of destinations, Ailo provides the top two suggestions for free.
А team of legal experts can also prepare a number of documents that ICO companies might need. Some of these services are automated and free, such as the drafting of nondisclosure (NDA) agreements. Others require additional attention from professionals and are provided for a fee. These services are priced in cryptocurrency and the partners in the project currently accept BTC and ETH.
The cost of drafting a whitepaper legal notice, for example, is 0.01 BTC. Investment agreements, used to protect the interests of crypto companies and investors while also ensuring the security of funds raised through ICOs, cost 0.08 BTC. These agreements, which regulate the relations between the parties in a token sale, are offered as token sale agreements or as simple agreements of future tokens.
Experts Review Specific Requests
The project’s legal experts can draft even more specific documents. For instance, companies providing services in exchange for using some of their customers’ computing power to mine cryptocurrencies can order an “End User License and Mining Agreement.” Ailo also helps businesses meet a number of requirements that stem from various privacy and data protection laws such as the EU General Data Protection Regulation (GDPR) and other anti-money laundering and know-your-customer regulations.
Most standardized services require filling out a questionnaire designed to help the bot classify requests. Once a cryptocurrency payment is made through Paytomat’s system, Ailo generates the respective legal template and sends it to the client. Inquiries not covered by the website can be sent directly to Ailo’s creators via the “Ping human team” option.
Artem Amfyan, a Juscutum representative who has been working on the project, told the Ukrainian news outlet Ain that in the future Ailo will be able to provide a full spectrum of services related to security token offerings (STOs), cryptocurrency trading, mining operations and venture capital investments. Amfyan added that the project team plans to expand its services to cover the needs of the entire blockchain industry. The team is now trying to establish an affiliate network and is currently negotiating with prominent lawyers in the field of crypto regulations.
What do you think about the Ailo project? Tell us in the comments section below.
Images courtesy of Shutterstock.
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