Telex AI has managed to bring artificial intelligence into the financial markets and in particular, the cryptocurrencies trading. With its innovative chatbot that is based on Telegram, Telex AI will issue a token sale that starts on November 21st. We will learn more about Telex AI from company’s managing director, Can Soysal.
- How was the idea of TelexAI born?
As a person who is quite interested in and mostly critical of the most funded initiatives and their business ideas within the cryptocurrency space, what I found missing among all the abundance of cutting-edge hi-tech innovations was something that would not only be a mixture of the latest novelties and trends but also brings them down to earth by making them accessible to public and keeping clear of their complexity. So I began thinking along those lines. The public involvement in cryptocurrency market is rapidly increasing, which is why I thought it would be best to direct our attention to their needs.
Meanwhile, I was following many Telegram channels/groups and already knew that it’s gaining traction within the cryptocurrency community. Many cryptocurrency projects use Telegram groups to communicate, and there are many trading signals/analysis/discussion groups. Telegram is also used as a communication line among traders to make trades on a peer-to-peer basis. As I witnessed those developments, the demand seemed obvious – and the market research coming after that confirmed the hypothesis. Thus I told this idea to a few friends, with whom we then started the project.
- Can you explain the common people about your product?
If I am to explain our product, those whom I believe you referred as “common people” would be the ones who understand it best, because the evergrowing non-tech savvy part of the cryptocurrency community is our primary target.
I would explain TeleX AI in plain English as follows: You want to buy cryptocurrencies but don’t know where to buy? You have bought cryptocurrencies but don’t know where to store? You already use cryptocurrencies but are tired of complicated interfaces with an alien terminology? For all these purposes, you don’t need anything other than a Facebook account. With our services, you will be able to store, use, and exchange cryptocurrencies on Facebook Messenger. How so? TeleX AI is an artificial intelligence powered chatbot; you add it as a contact and you talk to it. You say ‘I want to buy this much from that coin’ and it buys for you from other people who want to sell. Your coins are attached to your Facebook account, and by chatting with the bot, you may transfer them to others, no matter if they use TeleX AI or not. Currently, Facebook Messenger integration is not in place; the chatbot lives on Telegram. In the future, apart from Facebook Messenger, there will be Siri and Genie integrations as well. Is it secure, though? Short answer: It is as secure as to convince many banks to provide money transmission services through chatbots.
Although our primary target is non-sophisticated users, our services may also provide significant benefit to experienced cryptocurrency traders. Especially with the advanced features such as paid high-quality trading signal subscriptions, TeleX AI will be a friend in everyone’s contact list. Also, we think about providing the same services in traditional markets such as FX. “Buy me two lots of EURGBP at the market price, Telex, and close my other Euro position. / -Your EURUSD position is closed. Two lots of EURGBP bought at this price”. This is how we think the future trader might deal in the markets.
- How does TelexAI differ from similar services? How can your innovative service assist TelexAI’s clients?
The primary services offered by TeleX AI are the ones which every cryptocurrency user already uses, namely, wallet and exchange services. The competitive advantage of TeleX AI will be its unparalleled ease of use and convenience.
- Why do you need Token Sale?
Our token sale employs an example of what I call revenue tokenization. Without the tokens, the revenue of TeleX AI would be in BTC, ETH and other cryptocurrencies in which the users pay a fee. We abstracted our revenue and tokenized it, thus it made us available to accept ‘pre-orders.’ With cryptocurrencies involved, our example is complex. As a clearer example, think of a carpenter who wants to open her shop to make and sell wooden boxes but who lacks the capital to attain the means of production. She then takes pre-orders; in other words, she sells the boxes before she makes them. To do this, in exchange for the money she receives, she gives the creditors a token with which they can redeem boxes later. The tokens, in this case, is just like in-store currencies or casino chips. Our case is no different than that; we will provide services and accept TLX as payment, and we are selling TLX before they are actually usable – thus, a presale.
How TLX differs from in-store currencies is that in-store currencies are just one way of payment, whereas TLX will be the only way of payment. How TLX differs from casino chips is that the issuer of casino chips has practically an unlimited supply of chips, so it is not expected for casino chips to rise in price, whereas the total supply of TLX is limited, so it may have a floating price, thereby opening the gates for speculative operations. I am aware that I did not directly answer the question, but I hope these explanations have made it clear about the token sale.
- How do You predict your service can change cryptocurrency trading?
I expect and hope that TeleX AI will bring a new breath to the cryptocurrency community by enabling everyone to be a participant. Payments through chat applications that are already happening and gaining traction – we will bring in crypto to this game and this amounts to a very significant step towards the mainstream adoption of cryptocurrencies.