Blockchain technologies have gained a lot of attention recently, promising users more security, privacy and new functionalities than what is currently being offered. It is a huge market, currently being capped at over $400 billion dollars, forecasted to exceed $5 trillion by 2025. Another similar industry that is forecasted to grow in the next few years is the IoT industry, where estimations say there will be 50 billion interconnected devices in the Internet of Things in 2020. Currently, the market doesn’t have a good consumer solution that can satisfy user needs, so here we have addressed this problem.
Existing solutions require multiple applications to control multiple devices making it inconvenient for stakeholders. Having such a set up can be off putting and can shun people away from even considering having such useful technologies, that can help on long term savings and convenience, present in their household and on their devices. Using the system that we are creating will allow and eliminate the need for having a complicated setup and simplifying the entire method of having a smart home app. This will therefore attract a wide range of people to consider using this tool and provide automatichome a large segment of the market.
Our mission is to provide a simple and powerful tool that anyone can use and enjoy the benefits of. We would like to make smart home technology available and affordable to a wide range of people. We believe that homes should be technologically advanced as the convenience is outstanding and we are living in the 21st century which is already technologically advanced. We want to shift peoples style of living with the trend of the technological market which is moving towards having smarter capabilities.
The problem we face
The problem is easily identifiable by looking at existing home automation solutions- they are not plug and play, and currently, a user without specific technical knowledge and equipment will not be able to run devices from any manufacturer. Having complicated and restricted setups do not allow common people to have flexible smart home technology in their households. These competitors show that there is a present gap in the market where we believe automatichome can fill. First mover entry in filling gaps can always reap huge benefits because it will always be remembered by the market.
Consumers usually like to have simple tools where they are not limited by certain attributes and feel that they are content with. Once this trust is established between the customer and the provider it is very rare that they will shift to a more complicated platform where they are burdened with increasing their overhead costs. Another problem is that a lot of common people do not have the resources to purchase so many gadgets in order to be constricted with technological appliances.
Furthermore, many apps that are currently developed are not user friendly. You have to jump over the documentation or watch a video to understand what is going on. Our app changes this outlook, proposing a system that doesn’t require any previous background of using the app. Anyone can use it: a child, a techie, a grandma and a person that has a full-time job with enough problems that he/she would have to worry about, instead of this.
What is the solution?
The solution we propose has a set of very elaborated yet simple features. For instance, it allows automatic detection of devices which are present in a home. The user can manually control them, or integrate more than one device in a “routine” – which executes a series of actions when certain conditions defined by the user are met. An example of a routine could be: “if the temperature in the room is above 80F, turn on the air conditioning”. This feature opens doors to the limitless creativity of the future users, which can now obtain easily whatever they want from the smart home.
These “routines” will be executed by the blockchain on which the app will be stored, in a similar way to how smart contracts are implemented right now. To create another analogy, the communication between the central hub of the smart home and the back end will be done like transactions.
This not only makes the smart home network hard to hack, but it defines a structure and creates an ecosystem that can contain any home that has smart appliances. We believe that having a safe network for people to control their homes is a key variable in the creation of automatichome. The blockchain will allow for smooth functional capabilities that leave room for no error or complication. Our priority is to provide customers with a reliable application where they don’t need to confuse themselves with going into technical details, hence plug and play. Automatichome would like to make living with smart home technologies as easy as we currently do with our phones, only integrated into your home.
Why automatichome and not another home app? – Unique Selling Point
Any business should have a unique selling point – it is the competitive advantage of the product/service they deliver:
• Our interface is unique in the sense that it’s unbelievably simple and intuitive (user friendly), without any actual similarities in the market.
• Our analogy between automatically executed routines and smart contracts is special. This allows not only the user to have a limitless creativity, but it makes the execution of them secure, private and flawless.
• A newcomer to the IoT should use our app because it is simple and flexible, making anything achievable without much effort. It is secure and private because of the way it is built on the blockchain.
• A veteran of the IoT industry shall be convinced to make a change only by playing a few minutes with the app and testing it to discover that it can fulfill his needs.
Forbes says that the global IoT market is projected to grow from shy of $3T in 2014 to $8.9T in 2020. PwC says $6T will be spent on IoT solutions between 2015 and 2020. The market is very promising and it can potentially grow even more if a good solution is launched. Since the market is big, even a percentile share of the market can bring back huge profits. The largest growth, according to BI Intelligence Estimates, is in home-targeted solution (43%) between 2014-2019.
The DOMOCO token
The DOMOCO token will be an ERC20 token which operates on the Ethereum network, which can be stored on any compatible wallet. It will consist of the main source of payment to our app – several tokens will be exchanged for certain features of our app in a certain period of time. Upgrades will be done through the token, as well as refunds. A token economy can’t work without the circulation of the token, so the fact that it will be used as a utility to pay for the service will cause it to maintain its value.
An additional feature of the tokens is that they will allow early investors to have early access to the application and receive newsletters on updates and special developments being made with automatichome. The more tokens an investor is willing and able to purchase, the more features they will be able to access as the application is being developed. There will be three to four different segments of accessibility in the long term.
DOMOCO is a utility token used to have access to the automatichome platform services. DOMOCO does not grant their holders ownership in the company or any dividends. Therefore, DOMOCO cannot be seen as a security.
An Initial Coin Offering (ICO) is a fundraising in which a company attracts investors looking for the next big crypto score by releasing its own digital currency, according to MarketWatch. These tokens are generally offered with Ethereum Smart Contracts, which take a specific amount of Ethereum and give you, in return, a specific amount of tokens.
These events have gained popularity in 2016-2017, but the big boom was in Q1 2018 when they raised $5 billion across over 150 companies, which is more than what 2016 and 2017 offered added up. This means that the public show a big interest in these fundraising events, making big technologies skyrocket and gain plenty of funding to implement the idea.
We consider that having an ICO is an essential part of the project because it will bring exposure and it will raise interest in the community for a project like this. This is also a way to test the market, and it will help to establish forecasts for the first few years of the company.
The pre-launch period will last 6 months and access will be established between ICO investors depending on how much they invested. This will help us concentrate on the feedback of the most prominent early investors.
The managing team
Our managing team consists of Tudor Coman, Chris Henien, and Mihail Feraru. They have entrepreneurial roots and spirit, so are determined to turn their idea into a reality. In 2017, they buckled up for the long trip to success with a high-minded ambition and determination. Tudor Coman, the CEO, has been previously awarded by NASA and Oracle Academy for his work. Chris Henien, COO, is a Hult International Business School alumni, while Mihail Feraru, CTO, has been tinkering with hacking, now being able to identify security flaws and leaks with ease.
Most of our operations are being held in Bucharest, while our tech HQ and operational HQ are situated in Cairo. Los Angeles is the R&D center where we test the market and come up with new ideas. The core team is backed-up by professional business & technology advisors and mentors. Our current challenge is to raise interest in the VC market, to set up a rock solid business model for them and acquire funds for a token distribution event, also known as an ICO. A big community is also important for a project like this.
Our company will be incorporated in Estonia, as it is both a great legislation for remote companies and digital nomads, as well as a hub for ICOs, having good regulation and permissive, especially on utility tokens.
This is how we believe we can change the near future with our idea and this is how we imagined bringing the living standard of the 21st century in the 21st century while excluding problems such as surveillance, security leaks and lack of flexibility.