FLYER'S NOTE: Bitenny - Empower the world with AI and humanizing the financial system

INTRODUCTION

As the development of Bitenny gathers pace and the network architecture begins to fulfil its intended practical purposes, the team are looking to the future. They are anticipating the launch of the network and the initial coin offering (ICO) which will mark the entrance of Bitenny onto the world stage. In this paper, we will be taking a close look at the ways in which Bitenny provides a real alternative to other payment networks in the market, and how the network will harness the power of artificial intelligence (AI) to simplify and optimise the future of investment. In particular, the paper will focus on the provision of AI-powered tools, such as Prally, which draw on information from a variety of sources to support users’ investment endeavours. The paper will also examine the network’s conceptual focus, as well as outlining key use cases and areas in which Bitenny surpasses its competitors in the market.

The Bitenny Structure — While the network is designed to work as a collection of components, each of which provides its own standalone function, it is still important for these standalone elements to be able to function as a cohesive whole. This is achieved by the network’s high-level architecture, including NoSQL databases and RBDMS regulatory protocols which ensure smooth operation. At the user level, interaction with this architecture is provided via intuitive interfaces such as the Bitenny wallet.

The Bitenny Concept — Bitenny is designed as a means of bridging the gap between traditional fiat currencies and their digital, cryptographic counterparts. In doing so, Bitenny will make digital currency a far more usable asset in the real world. It will unite traditional and futurecentric payment concepts in the process, putting itself in a unique position in the fintech marketplace and giving us a keen focus on the future of business and commerce.

AI and Bitenny — In order to facilitate safer and more effective trading protocols for users of all backgrounds, Bitenny harnesses the potential of AI, and sits at the forefront of this continuously developing field. AI will be used to gain a better insight into the market, and to provide analysis and understanding to investors as and when required. This AI will be backed up by Bitenny’s team of industry professionals, whose expertise covers a range of global financial and IT fields.

THE MARKET LANDSCAPE

The application programming interface (API) market will hit $5.7 trillion in 20192, demonstrating the importance of Bitenny for third-party developers. Global Trends Non-cash transaction volumes grew by 10.1% to $482.6 billion in the 2015–16 financial year primary growth regions were Asia, Central Europe, Middle East, and Africa — key areas of development for Bitenny. The global e-wallet market is growing faster than non-cash transactions, according to the World Payments Report $29.73 billion’s worth of payments were conducted via paid apps and e-wallets in 2018 — 71% of the total non-cash transaction value. Artificial Intelligence Advisory Market The Artificial Intelligence Advisory market was valued at $244 billion in 2017 this is forecasted to grow to $1.45 trillion by 20225, showcasing the value of native developed Bitenny tools like Prally.

Cybersecurity There were 918 cybersecurity breaches reported in the first half of 20176, this translates to the exposure of more than 1.9 billion records. These figures underline how important the AI security controls administered by Bitenny really are in the market. Bitenny is positioned to offer both digital retailers and physical stores key advantages in the market. These advantages are backed up by market forecasts and current statistics

Digital payment market growth, USD Trillion

The digital payments market is expected to hit $5.7 trillion by 2022, underscoring Bitenny’s importance as a key access point to this market. By 2020, digital transactions using both applications and direct contact via web browsers will make up 20% of all transactions, 40% of which will come from transactions made at the point of sale.

The application programming interface (API) market will hit $5.7 trillion in 20192, demonstrating the importance of Bitenny for third-party developers.

Global Trends Non-cash transaction volumes grew by 10.1% to $482.6 billion in the 2015–16 financial year primary growth regions were Asia, Central Europe, Middle East, and Africa — key areas of development for Bitenny. The global e-wallet market is growing faster than non-cash transactions, according to the World Payments Report $29.73 billion’s worth of payments were conducted via paid apps and e-wallets in 2018 — 71% of the total non-cash transaction value.

Asia-Pacific China accounted for 34% of global digital payments made in 2017, totalling approximately $998 billion this share is projected to increase to 47% by year-end in 20224. Bitenny is poised to enter this market following launches in Europe and the United States.

Artificial Intelligence Advisory Market The Artificial Intelligence Advisory market was valued at $244 billion in 2017 this is forecasted to grow to $1.45 trillion by 20225, showcasing the value of native developed Bitenny tools like Prally.

Cybersecurity There were 918 cybersecurity breaches reported in the first half of 20176, this translates to the exposure of more than 1.9 billion records. These figures underline how important the AI security controls administered by Bitenny really are in the market.

BITENNY’S INTERNAL SOFTWARE

Bitenny’s structure incorporates two separate components, operating together as a whole to provide comprehensive functionality to users. These components are as follows:

The Bitenny platform is where users and partners such as banks, exchanges, crypto-exchanges, payment service providers (PSP) and other external entities can interact with the network via the frontend. It enables exchange, trading and payment capabilities. The modular design allows for different parts to be maintained and developed independently. The modular structure allows for organic growth and for Bitenny to provide additional services like fraud detection.

The Bitenny backend is the computational core of Bitenny; it’s separated from the platform for increased security and scalability. It contains a parallel framework for distributed computations over the network, built on top of the proprietary multithreaded SSL web server and multithreaded web socket server.

The Bitenny backend incorporates four separate tiers – exchange layer, blockchain layer, AI algorithm and the user data. The purpose of the exchange layer is to securely connect to (crypto) exchanges, retrieve real-time data and execute transactions. The data is stored in an encrypted database.

BITENNY USE CASES

Peer to Peer Trading Cases
Bitenny will provide high-level functionality to individual users. These users will be able to harness the power of AI to help them get the best out of their payments and trades.Balancing usage of crypto- and fiat currencies becomes easy with Bitenny. Bitenny is a network intended to provide all users, from all backgrounds, with the support they need to surpass their payment and investment objectives. This means that individuals who want to engage in private transactions with their peer users, either on a commercial basis or otherwise, will find their needs supported by Bitenny.

Making One Time Digital Payments
When a customer or prospective customer finds something they like or consider to have value, they may decide to buy it. This is a simple function of commerce which has made the financial world go ‘round for centuries, and so this is something which any effective digital network needs to be able to handle with ease.

Making Recurring Digital Payments
Not all payments, either digital or physical, are made on a one-off basis. In fact, many such payments need to be made on a recurring basis, over an indefinite period of time. Subscriptions and ongoing bills, for example, or gym memberships, will be paid in accordance with this model.

Trading in Cryptographic Currency Units
Let’s imagine that a user wants to make a cryptocurrency trade using the platform. This is a more complicated transaction, and one which brings together several different future-centric elements. However, while a cryptographic trade is a relatively new concept in business and commerce, it operates along the same lines of supply, demand, and value which have been in effect for centuries.

Business to Customer Use Cases
Bitenny will support merchants as we enter a new era of commerce, giving them the potential to reposition themselves at the forefront of their market. The platform will be designed to offer high-level functionality for both online and brick-and-mortar retailers. Bitenny will integrate directly with existing systems of businesses, providing effortless POS capability, both digital and physical.

PSP Solutions
Customer needs are evolving, along with the landscape of commerce and trade. Several years ago, customers were somewhat limited in their payment options, being forced to choose between debit or credit card transactions, and straight fiat cash payments. With the advent of cryptocurrency, customers now have a broad range of different choices at their disposal.

Customer Retail Purchases in Brick and Mortar Shops
Online retail has certainly revolutionised modern commerce, but has not completely usurped more traditional brick-and-mortar shops. Consumers still rely heavily on these more traditional stores as they shop and make purchases. If the crypto revolution is to avoid leaving such stores behind, and if modern users are to be fully supported wherever they shop, crypto transactions must be made possible in ‘real world’ settings.

Bitenny supports this, ensuring that both of these important criteria are met. To accomplish this, the network integrates credit and debit cards into its architecture, enabling payments to be processed via these means. This support for standard debit and credit cards means that, when Bitenny is integrated into a merchant’s store payment systems, a handy point of sale (POS) is formed, enabling swift payments in any currency, handled right there on the shop floor.

Business development team

Bitenny’s business development team can be divided into two key elements: the in-house team, and the outsourced team. The in-house team will draw upon their background in AI, Robotica, Cyber Security, and Big Data to craft winning solutions for the network, which will position Bitenny at the very forefront of the crypto market. Each member of the in-house team benefits from over 15 years of experience in the IT and tech fields.

The Bitenny community

All Bitenny users, of all kinds, are part of the Bitenny community and, therefore, the Bitenny family. As such, the Bitenny team are committed to building an active community which benefits users from all backgrounds. This community building will be achieved via partnerships with online and offline marketing agencies, YouTube video bloggers, social media influencers, and a range of other engaged parties.

This means that users who want to buy, trade, invest, or make daily payments via the platform will be supported not only by the team but also by their peers. Simplicity and accessibility will be at the heart of this endeavour, and will help to transform Bitenny into the leading crypto platform on the market. These endeavours will be launched initially in the European Union, followed by worldwide expansion, and we will organise and sponsor events such as hackathons, blockchain initiatives, and direct partnerships with tech firms based in China, Russia, and India on our way to a truly globalised reach and scope.