DAO for bBiller.com

[srowlison]

DAO for bBiller.com

[gkholman]

A question regarding tokens related to development and deployment ... are they distinguished in any way? As a developer and an investor in the project, should tokens be kept separately and used separately? For example, if the act of development consumes tokens, I would rather not have my investment tokens in the project whittle down.

So, should I set up two accounts: a developer account and an investment account?

Thanks for the guidance! . . . . . . Ken

[srowlison]

The BBILLER tokens do not diminish. Funds raised from them are used strictly for development and implementation. The BILL tokens are for end users who wish to send a message, i.e a UBL document. The margin between the cost and the sale price of a BILL token goes to the company and these BILL tokens can be traded on exchanges also.
The BBILLER tokens are for both development and investment. At some point BBILLER token holders will need to decide what happens to the profits. Thanks for your question Ken.

[gkholman]

Ahhhhh! Thank you, Stephen, for distinguishing between these BILL tokens and the BBILLER tokens. So I will pick up the 10000 BILL tokens for development purposes. I guess at this point we don't know yet what any given transaction will cost.

[gkholman]

Whooops! Again I misunderstood. I see during checkout that the coupon is for only one block of 100, not all blocks of 100. So I will limit myself to the one block for now. Please forgive my confusion.

[srowlison]

Correct the cost of the UBL/SOL Ethereum contracts is an unknown. It may cost more than 1 BILL contract to fund the message. We will only know the true cost once the contracts are built. The design of the contracts will allow for adjustments. We are in development presently on the BBILLER Smart contracts.

[srowlison]

To clarify, BBILLER tokens are for distributed trading and BILL tokens are Ethereum Gas plus margin from sales. BBILLER tokens are very different than BILL tokens. BILL tokens are like credits and are needed by end users to use the end solution. BBILLER contracts are implemented as an Ethereum contract based on the white paper and details above. Current BBILLER token holders can vote on proposals informally, until the contract is released. BBILLER token holders who are not clear on fund raising rules should seek independent legal advice. The trading phase of BBILLER tokens will commence at the end of the pre-sale period. The objective is to raise funds for Phase 1. That is $150,000AUD (15%). Once this figure is reached, then Ethereum Smart contract can be issued on a distributed exchange which pairs BBILLER with ETH, without an intermediate token such as Waves, unless members say otherwise. There is a reporting link between BBILLER and BILL tokens. BILL tokens are for customers that use the system. They purchase these to fund the smart contracts that the platform generates for them when doing Supply Chain processes. The profit from the sale of BILL tokens is recorded on the blockchain with the profit portion sent to BBILLER Ethereum addresses. When the company becomes profitable, holders of BBILLER tokens can petition the company by way of a proposal in GitHub, to be voted on by members that a dividend be declared by the company and proceeds from profits after all expenses and taxation be returned automatically by the BBILLER smart contract to BBILLER Token Holders. In essence the BBILLER token holders act as the executive arm and preserver of their investment, rather than relying solely on management for direction, BBILLER is a true distributed autonomous organisation building a transparent, automation with linkages to IoT, Payments in any industry which seeks lower costs in their Supply Chain process.

Measuring Downside Risk
The cost of Ethereum needs to be balanced against the savings that the BBILLER system can offer a specific customer/supplier use case. In the event that the problem is too simple to solve, that the revenue's too low in the transaction or the supply chain logistics to complex to implement, then the BBILLER project may not generate a profit from a customer that signs onto the platform. Since the platform could be made to cost out a use case, such an analytical means is not currently in scope to determine exposure. In addition the cost to design a theoretical model for pricing gas is beyond the core scope of this project, in consideration of the sums desired to facilitate a core MVP.

[srowlison]

Initial Coin Offer
Opens Friday at 10:00pm EST, 12:00 UTC.

We are nearing the close of our pre-sale period of BBILLER and BILL tokens.

On this Friday 14th of July, bBiller will commence receiving Ethereum Tokens in exchange for BBILLER Smart Contracts. The Smart Contract embodies the rules of the initial and final Whitepapers which are both published on our website. To purchase tokens you need Ethereum currency which can be bought from various exchanges.

Here is an article about ICO's and background information:
<a href=http://icocrowd.com/2017/07/05/ico-structuring/">ICO Structuring

The website page has more details on these steps, but here are a few tips:

Once you own some Ethereum, you will need to send it into your private Wallet. From your Wallet, you can send Ethereum to the bBiller Contract Address. The system (Blockchain Nodes perform confirmation) will send you BBILLER Tokens based on the value of Ethereum vs the Australian Dollar, recorded on the Ethereum Blockchain.

For example, if you wanted to purchase $150,000 worth of BBILLER Tokens, you would need something like 555 ETH (at time of writing) to the contract address published on the bbiller.com/ioc page. The price of AUD/ETH changes daily, and is read from another Smart Contract, called an Oracle (Not Oracle the Software Company). The Oracle get the price from Australian Exchange Independent Reserve.com (last price, every 24 hours), so that the bBiller Smart Contract can work out how many tokens to send to your private Wallet address. That's the address you sent Ethereum (ETH) from. Sending Ethereum from an Exchange like Independent Reserve to bBiller Contract Address will not work. You need your own Wallet.

Round 1
The price of one BBILLER is 0.01257379 AUD. bBiller tokens are pegged to the Australian Dollar when purchased. At this price, there are 30,886, 097 BBILLER tokens available.

Refunds are Automatic
Remember you need Ethereum(ETH) to buy BBILLER tokens. The BBILLER Smart Contract is also programmed to refund your Ethereum if less than 11,929,582 are not sold. That's $150,000 AUD which bBiller needs to finish your software. It's called a Minimum Viable Product or MVP. We can then commence sales of BILL tokens and project services, if we sell enough tokens. - Over to you.

bBiller has also revised its capital needs and has increased its own requirement from $1,000,000AUD to $1,553,420 AUD. Pre-sale token holders have been topped up with more bBILLER tokens because they acted early and also got a 50% discount as published our ticket system, GitHub.

In Round 2, the remaining 46,329,146 tokens are selling for 0.02514759 AUD each. The Ethereum (ETH) contract controls the pricing automatically. It's ideal to buy tokens at the lower price, but if demand outstrips supply, the pace of purchasing could be dramatic. - Please act quickly if you want the best price.

If you are having trouble with the purchasing process, you can continue to buy BBILLER tokens from our online e-commerce shop, but there will be a considerable delay in processing your order, and reconciliation is not as exact or as fast as sending Ethereum (ETH) to the contract address shown only on the https://bbiller/com/ico and Whitepaper.

In other news, please welcome Mr Mike Grahovac to the office of Vice President for North America. Mike is a senior executive with extensive qualifications and experience in Strategic Marketing, Project and Risk Management. Read about Mike on the Team Leads page.

Look out for our updates on:

1. Receiving your BBILLER and BILL tokens from the pre-sale. Closing Friday at 10:30pm.
2. Details on how we have re-structured the fund raising event, to ensure your percentage remains the same from the pre-sale process.
3. How to submit and vote on BBILLER proposals.
4. How to trade your tokens for Cash using the http://www.idex.market/

Thank you for your contribution to your project.

PS: Please have a quick look at the software we have developed already:MVP

Kind regards
Stephen Rowlison
CEO
bBiller Pty Ltd
https://bbiller.com

[srowlison]

Correction: The BBILLER Smart Contract is also programmed to refund your Ethereum if less than 11,929,582 are sold.

[srowlison]

Further adjustments, regulatory hurdles, infrastructure security issues impacted release. The launch did not go to schedule but many risks and issues were identified saving on costly errors.

Variations: It is not feasible to force one token one vote.

[srowlison]

I'd like to offer you some details concerning our progress. We have been working with the Australian Securities and Investments Commission and the Australian Taxation office concerning our plans to issue an Ethereum Smart Contract ("BBILLER") to enable contributors to earn rewards for their contribution to the platform.

The plan for the ("BBILLER") contract gives token holders these rights (Associated Rights)
• Make proposals
• Vote on Proposals
• Make at least a single contribution to the open source platform to receive a reward from income received by the company from the sale of ("BILL")
The Australian Taxation office (ATO) have advised us that BBILLER (The token for contributors) and BILL (The supply chain token) are not currencies but an Asset and therefore GST and company income tax is applicable. GST is only applicable to persons in Australia who are not exempt. However, we are of the view that income received from the sale of ("BBILLER") tokens is capital contributed by active members and such members shall be known as stakeholders and not shareholders. Income from the sale of ("BILL") tokens would be subject to GST and income tax. We are also of the view that ("BILL") tokens are in fact a consumable and not designed for trading as an asset, although this is possible in a second-hand market.

We will seek a private binding ruling on this matter in due course. Tokens are not money as per the definition provided for by the ATO.

In order to progress the platform development further, we have been working on developing a wallet service for the storage, transfer and withdrawal of crypto-currencies. As a result of this process we have been required to become registered with http://www.austrac.gov.au/ as a money remitter. Our application has been successful and we are required to report all transactions greater than $10,000.00AUD to them.

In order to fulfil our obligations under the law concerning the purchase of our Tokens, we have needed to include Anti-money Laundering and Know Your Customer (AML/KYC) logic into our smart contracts.

In addition to our discussions with Australian Securities and Investments Commission (ASIC), we have formed the view that bBiller Pty Ltd is not a managed investments scheme and has not created a financial product that requires any approvals or regulations under Corporations Law including regulations concerning the applicability of financial services or credit legislation. We also believe that our products would pass the Howey test which is used by the U.S. Securities and Exchange Commission (SEC).

You may like to refer to my article in this magazine (Page 60), https://issuu.com/icocrowd/docs/ico_crowd_magazine__issue_one__sept/42

In consideration of our current token sale whereby anyone can purchase ("BBILLER") tokens, we have had no objection from ASIC, having been referred by them to this post by their Chairman, Mr Greg Medcraft.

https://www.coindesk.com/asic-on-blockchain-australias-securities-watchdog-unlikely-to-regulate-icos/

To further distinguish the future bBiller Initial Coin Offer (ICO) and future viability of the company, we have decided to remove the $150,000 Minimal Viable Product threshold we sought to meet. The purpose of this threshold was to return funds to token holders were the minimum was not met. The reason for this decision is quite simple. bBiller has been approached by a number of client organisations to provide them with services around structuring ICO's and have commissioned us to develop software for their supply chain needs on top of our wallet service and on top of our early designs for UBL (universal Business Language) Smart Contracts, the (“BILL”) token. In essence bBiller is self-funding its minimum viable product through operations prior to having raised any money via the ICO process. Pre-sales of tokens have got us this far. Purchases of our pre-sale tokens will receive their BBILLER tokens once we have:

1. Restructured the ICO in accordance with our findings above
2. Re-written the base Ethereum Smart Contract to account for changes
3. Loaded our new wallet service into the Internet.

We anticipate that more tokens will need to be issued to raise capital in the ICO. This means that token holders will be topped up with additional tokens so they are not diluted.

http://bbiller.com/shop/

In other developments we have identified over 180 stakeholders and will commence briefing them as funds become available. Several new faces have expressed interest in assisting us with the ICO and I'll provide you an update in due course.

Kind regards
Stephen Rowlison
CEO
bBiller Pty Ltd
https://bbiller.com