What is VAIOT (VAI)?
VAIOT, the first-ever regulated crypto project in Malta, was founded in 2018, and launched the Proof of Concept project in collaboration with IBM during Q4 2019 – Q1 2020.
VAIOT combines AI & Blockchain to develop IVAs – Intelligent Virtual Assistants, for both consumers and businesses. The main difference between VAIOT and Siri or Alexa is that VAIOT was created to digitise business processes such as buying insurance or creating legal agreements.
The project offers a brand new digital channel for the distribution of products and services and communication with consumers and the building of personal AI legal, contracts and transaction assistants providing legal services, including digital, blockchain-based contracts.
The blockchain plays a vital role in both the solutions offered by VAIOT and the overall ecosystem with use cases ranging from recording contract and insurance policy data on-chain in addition to using the VAI Token economy to incentivise the utilization of such products. As a result, VAIOT solutions are supported by a token economy based on VAI Tokens, encouraging the use of Intelligent Virtual Assistants due to incentives such as the Payback Program fueled by VAIs.
What is VAIOT (VAI) marketing strategy?
The VAIOT Platform will offer the market business solutions focusing on two areas:
- AI-based legal services.
- A novel, intelligent service distribution channel.
VAIOT has designed three business lines:
- Virtual AI Sales Assistant - A new digital intelligent sales channel.
- Virtual AI Aggregator & Broker (Recommendation and Sales Assistant) - A new digital intelligent customer service tool.
- Virtual AI Legal Assistant and AI Legal Oracle - A new digital intelligent legal assistant with the capability to generate contracts and conclude secure transactions.
The project aims to enhance several industries, including, at first, insurance services, financial services, legal services, including computer-assisted legal research services, as well as Consumer to Consumer (C2C) commercial contracts and transactions. The solutions will be both B2B (VAIOT as a solution enhancing service distribution, sales, and customer service processes for companies) as well as B2C (VAIOT as an open application for the consumers to allow wider B2C and C2C transactions).
What makes VAIOT (VAI) unique?
VAIOT has already developed a working software beta for insurance companies that is already used to secure deals with the first clients in few sectors. The Beta was tested by a group of 50 community testers selected from VAIOT's community. A client can use VAIOT's technology to have their own AI assistant delivered to consumers via a mobile app to potentially increase sales, revenues, or to reduce costs. These are not simple chatbots; and VAIOT allows the consumers to use a Natural User Interface, including speech recognition for voice conversation with the AI assistant that for example, suggests suitable products or services based on customer requirements. This can work as an Intelligent, digital sales channel or a customer service tool.
The MVP and BETA versions which have already been released were built by the VAIOT team based on the PoC project conducted jointly with its partner IBM.
The BETA is already used to pitch first clients in the insurance, and also pitching HR and Voice Commerce clients.
The product BETA has been available on the VAIOT website since the end of September for closed beta testing.
What is VAIOT (VAI) roadmap?
VAIOT (VAI) revenue streams
- The company extracts revenue from the products offered to the market across 3 business lines; business line 1 – revenue from commercial b2b contracts + implementation fees; business line 2 – revenue from each transaction made through an assistant (e.g. insurance policy sold); business line 3 – revenue from each transaction and/or each intelligent contract generated/each use of an AI Legal Oracle.
- Transaction fees and contract deployment fees are transferred to the VAIOT ecosystem where they are distributed to the validators.
- Brokerage profit for nodes offering price peg during VAI Token payments in VAIOT Value Assurance System (VVAS).
- Payment for a request to AI Legal Oracle will be gathered in VAI Tokens.
- Token transfers from the Payback Wallet to the VAIOT Wallet generate a fixed percentage fee distributed to the Growth Pool.
What technologies VAIOT (VAI) created and used?
A set of technologies called Intelligent Contracts are being developed, these comprise a cluster of technologies, including:
- VAIBC, AI Virtual Assistant
- IBM Watson components
- VAIOT Code Generation Engine
- Proprietary Blockchain solution based on Cosmos (in phase one VAIOT is using Ethereum-based token)
What are VAIOT (VAI) tokenomics?
