AMA RECAP — CRYPTOSCREEN INDONESIA with BOTOCEAN

On 10 October 2020, Bot Ocean conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is Tn. Dragos Lipa, CEO of BotOcean.

Lots of questions as usual from the Community about BotOcean progress. The Bot Ocean team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into Bot Ocean.

Let’s take a look at the most interesting points of our conversation.

Segment 1: Introduction

Samuel Yabes: Hello @dragosL welcome to our Community

Dragos Lipa: Hello, thanks for having me today

Samuel Yabes: Before we start the first session. We want to know little about your backgrounds

Dragos Lipa: Sure! My name is Dragos and I studied in Geneva for my Bachelor Degree in International Management. Back in 2013 I initially started mining BTC with a small home setup but that quickly turned into a spiral which eventually concluded with me picking up trading and ever since then I’ve been doing that pretty much full time. After so many years though, I figured there must be a better way to trade, especially in a market that works 24/7 so that led to Orka Labs which is an algo trading fund. orkalabs.com for whoever is interested

Samuel Yabes: Can you introduce what is BotOcean to our community?

Dragos Lipa: BotOcean is our way of sharing with people something we’ve built and we know works. As I just told you, we already own Orka Labs which is an algorithmic trading fund and for that, we built our own proprietary tools and having gone through the whole ordeal and knowing what it means we decided to open this up to people and allow them to build their own strategies with 0 coding skills.

It really went from one checkpoint to another. From mining to trading, from trading to automation, and finally from having something that works to share it with people. We already have an initial live demo which you can see here: demo.botocean.com but I can also walk you through some of the things in there if you want.

Please note that demo.botocean.com is just a demo, it is by no means the final design or functionalities. It’s there just to give you an idea about the product.
Bot Ocean stands out with its multiple features — First of all, there is the Strategy builder where you can build a trading strategy by drag&drop, then there is the backtester where you can backtest the strategies that you created. Besides this, we will have the Live Trading area, which consists of the trading bot which you can connect to your exchange account and trade the strategies you created. And there will also be a strategy marketplace where people can rent out their strategies.

Samuel Yabes: What advantages does Ocean Bot have over other trading bots?

Dragos Lipa: First of all, there is the Strategy builder where you can build a trading strategy by drag&drop, then there is the backtester where you can backtest the strategies that you created. Besides this, we will have the Live Trading area, which consists of the trading bot which you can connect to your exchange account and trade the strategies you created.

And there will also be a strategy marketplace where people can rent out their strategies. We will also have an indicator library to make people’s lives easier and eventually we will create a builder where you can make your own custom indicators.

Basically, Bot Ocean is built for both inexperienced and professional investors. If you’re inexperienced you can either copy an existing portfolio or try to build your own strategy with some quick drag & drop whereas if you’re a professional investor you can simply use the advanced features and customize your own indicators etc. We will have educational videos explaining how to use the platform and more in-depth videos about how to create strategies, choose from the marketplace, and so on.

Samuel Yabes: Ocean Bot democratizes the algorithmic trading market. Many people may not understand what the algorithmic trading market is like. Can you explain about that?

Dragos Lipa: Algorithmic trading is a process for executing orders utilizing automated and pre-programmed trading instructions to account for variables such as price, timing and volume. An algorithm is a set of directions for solving a problem. Computer algorithms send small portions of the full order to the market over time.

The barrier to entry in this market is still huge for traditional finance because of very high costs for colocating servers close to exchanges, having huge liquidity and having a powerful infrastructure but with cryptocurrency we feel like we can change this. We want to give everyone the opportunity to benefit from algorithmic trading without necessarily knowing how to program/trade.

Samuel Yabes: Can you tell us a little what developments are the Ocean Bot team doing right now?

Dragos Lipa: So far we have worked a lot on the development of the project, we currently have 7 people working full time on the project. We are working hard to launch the full platform in Q1 of 2021. We will be using a lot of technology from our fund so the development is quick.

Samuel Yabes: I see many people are interested in Bot Ocean. Can you tell us when the pre-sale will start and when the Whitepaper will be available?

Dragos Lipa: We will release the whitepaper soon — we focused solely on the product until now so we can launch in 2 months.

We already started the seed phase privately and we are almost finishing it further considering if we want to do a public sale or not because the interest that the project generated until now makes me think that we will sell out privately really fast. So it’s either Seed + Private only or Seed + Private + Public. For whoever is interested please join @botocean or @botocean_id

Samuel Yabes: Wow, I see that there is already an Indonesian Community, will you also focus on Indonesian traders?

Dragos Lipa: Yes definitely, we will have an entire section in the education centre in Indonesian. We think it’s a very big opportunity for us

Segment 2: Questions from the Twitter

Question 1: I am always happy with Trading Bots, because for sure they are very helpful. But in this context I still don’t understand how BotOcean works. Can you please explain?

Dragos Lipa: To better explain the platform I will send you our pitch deck. Check here

Question 2: What benefits will I get if I have funds and connect an account with Bot Ocean? Is it harmless. What if I lose funds?

Dragos Lipa: Bot Ocean does not perform KYC on users because we are a non-custodial platform; the funds stay in your exchange account, which you can easily connect to our platform through API keys.

One of the benefits of connecting an account with Bot Ocean is that you can use our reliable bot infrastructure, so basically you don’t have to worry about any maintenance other than adjusting your strategy if needed.

Another benefit would be that you have access to way more features, even if you only trade manually such as trading stop loss, etc

Question 3: What do you believe about DeFi ‘s future? What are the factors that might make a difference for Bot Ocean, because DeFi involves a lot of projects? What is Bot Ocean plan at DeFi?

Dragos Lipa: DeFI means Decentralized Finance. Our platform is decentralized so that explains the first point. Now as for the finance point, if trading isn’t considered finance then I don’t know what is. I understand that due to a lot of dodgy projects that popped up in recent months perhaps the general view of what DeFi should be/mean has been skewed a bit, but let us remember where finance started from and what it’s supposed to represent.

Bot Ocean aims to allow people of all backgrounds to have an additional revenue through trading, whether that be as an angler or shipwright.

Question 4: See the feature comparison Bot Ocean is superior to ATOM FINANCE, TRADINGVIEW, STOCKWITS, QUANTCONNECT, HAASONLINE. But is it possible to attract more users in the future? how sure are you of it.

Dragos Lipa: First of all, Bot Ocean will have a Marketplace of strategies where the company that I am currently running (Orka Labs- trackrecord.orkalabs.com) will post some successful strategies, so users can enjoy renting great quality strategies from the beginning. Regarding the infrastructure itself, I mean the bot, I can assure you that the technology behind it is reliable. Please check out that link to see some samples.

We think we can attract users because we offer the services that our competitors offer, but as a complete package.

Question 5: What kind of system does Botocean use to develop bots used for trading so that it can benefit the users who use it? And what premium features do you offer on this bot?

Dragos Lipa: The core of both the bot and the backtester is built in python and both are optimized with C so that the individual actions are executed much faster and to give you an idea from the initial “request” of making a trade to the trade being done the elapsed time hovers around 300ms. As for backtesting, for Orka, we test about 200M combinations in around 2 weeks. Until recently it would’ve taken us 4 weeks but we just made a new update which made it more efficient and reduced the time.

As I told you before we will offer some of our fund’s strategies right from the launch of the platform so people can start earning from the beginning

Segment 3: Free/Live Questions

Telegram User: What plans do you have to help drive demand and scarcity for the token?

Dragos Lipa: The token will be used to benefit from big discounts on the fees that you pay on our platform, so if the company grows, the token will grow with it.

Telegram User: Ocean Bot offers live trading bots with hundreds of strategies. Can you name 1–3 strategies offered?

Lorena Tincu: Hi! Bot Ocean offers some of the strategies built during the development of Orka Labs, that you can see at trackrecord.orkalabs.com
Te strategies will be ready to use when the platform is launched :)

Telegram User: Currently a lot of crypto investors use phones to work, so does BOTOCEAN have a plan to develop a platform on IOS or ANDROID?

Tudor: The platform is using a reactive front-end engine, which we are optimizing for mobile users. In the final release, you will be able to use BotOcean easily from your phone’s browser.

Telegram User: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry? As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?

Dragos Lipa: We aim to add value by giving normal people proffessional tools to benefit from the opportunities that algorithmic trading has to offer. We will have a dedicated Educational Center on our platform which will explain every single feature that we offer and give general knowledge about trading.

Telegram User: In your website it is posted that all the strategies built on Bot Ocean can be backtested against data from the largest exchanges on the market. How can users do that test, and which exchanges are avaliable to do so?

Tudor: After a user creates a strategy using the Strategy Builder, with a few clicks he can then run the backtest with data from any of the available exchanges. We will implement all of the largest exchanges which have a public API.

Telegram User: Partnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnerships?

Lorena Tincu: Our main partnership is with hyve.works and there are more coming in the near future.

For more information and future AMA, join our Social Media channels:

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CRYPTOSCREEN is an Crypto Community formed to provider education around the world of cryptocurrency : Trading, Bounty Campaign, Airdrop and AMA.