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[GNUnet-SVN] [taler-marketing] branch master updated: modified variant o
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gnunet |
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[GNUnet-SVN] [taler-marketing] branch master updated: modified variant of investors2017 for LS |
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Sun, 30 Apr 2017 02:05:18 +0200 |
This is an automated email from the git hooks/post-receive script.
grothoff pushed a commit to branch master
in repository marketing.
The following commit(s) were added to refs/heads/master by this push:
new 61b67e8 modified variant of investors2017 for LS
61b67e8 is described below
commit 61b67e8244c6350fcf0d838258036d73f49f3255
Author: Christian Grothoff <address@hidden>
AuthorDate: Sun Apr 30 02:05:08 2017 +0200
modified variant of investors2017 for LS
---
presentations/investors/investors2017ls.tex | 728 ++++++++++++++++++++++++++++
1 file changed, 728 insertions(+)
diff --git a/presentations/investors/investors2017ls.tex
b/presentations/investors/investors2017ls.tex
new file mode 100644
index 0000000..9a8f2a3
--- /dev/null
+++ b/presentations/investors/investors2017ls.tex
@@ -0,0 +1,728 @@
+\documentclass[c]{beamer}
+
+%\usepackage{helvet}
+\usepackage{calc}
+\usepackage[utf8]{inputenc} % set your input encoding differently, if you want
+\usepackage[english]{babel}
+
+\usepackage{enumitem}
+\usepackage{eurosym}
+\usepackage{tikz}
+\usepackage{amsmath,amssymb}
+\usetikzlibrary{shapes,arrows}
+\usetikzlibrary{positioning}
+\usetikzlibrary{calc}
+\usepackage[absolute,overlay]{textpos}
+
+%\setbeameroption{show notes}
+
+\setlist[itemize]{label=$\bullet$}
+
+
+\def\checkmark{\tikz\fill[scale=0.4](0,.35) -- (.25,0) -- (1,.7) -- (.25,.15)
-- cycle;}
+
+\setbeamercovered{transparent=10}
+ \setbeamertemplate{navigation symbols}{Investor presentation --- Taler
Systems S.A. --- \today --- Page \insertpagenumber}
+\setbeamertemplate{section in toc}[sections numbered]
+
+% Adapt title information
+% =======================
+\title{Taler Systems S.A. \\ {\small {\bf T}axable {\bf A}nonymous {\bf L}ibre
{\bf E}lectronic {\bf R}eserves}}
+\institute{Independent One-Click Payments}
+\author{Christian Grothoff \& Leon Schumacher}
+\date{\today}
+
+% Some common packages
+% ====================
+\usepackage{units}
+\usepackage{amsbsy}
+\usepackage{amsmath}
+\usepackage{amssymb}
+\usepackage{graphics}
+\usepackage{epsf}
+\usepackage{epsfig}
+\usepackage{fixmath}
+\usepackage{wrapfig}
+
+
+ \usetikzlibrary{snakes}
+
+
+\begin{document}
+
+\begin{frame}
+ \titlepage
+
+{\tiny
+``I think one of the big things that we need to do, is we need to get a way
from true-name payments on the Internet. The credit card payment system is one
of the worst things that happened for the user, in terms of being able to
divorce their access from their identity.'' \\ \hfill --Edward Snowden, IETF 93
(2015)}
+\end{frame}
+
+\begin{frame}{Agenda}
+ \tableofcontents
+\end{frame}
+
+\begin{frame}{0. Unique Sales Propositions (USPs)}
+ \begin{itemize}
+ \item Instant One Click Payments
+ \item Private
+ \item No Fraud (compared to credit card online payments)
+ \item No authentication needed for payment
+ \item Micropayments possible
+ \item Low transaction costs
+ \item Open
+ \item Scalable
+ \item Transparent
+ \end{itemize}
+\end{frame}
+
+\section{What is Taler?}
+
+\begin{frame}{1. The Problem}
+
+ \begin{textblock*}{3cm}(0.5cm,1cm) % {block width} (coords)
+ \begin{center}
+ \includegraphics[width=\textwidth]{illustrations/cc3ds.pdf}
+
+ 3D Secure\note<1>{Using 3D secure (verified by visa) is a nightmare for
customers.
+ The process is complicated, takes a long time to complete
and
+ can refuse valid payment requests with obscure errors.
+
+ As a result, cryptographers write short papers with
titles like:
+ ``Verified by Visa and MasterCard SecureCode:
+ Or, How Not to Design Authentication''.
+
+ Todays online credit card payments will be replaced, but
with what?}
+ \end{center}
+\end{textblock*}
+\begin{textblock*}{3cm}(5cm,4cm) % {block width} (coords)
+ \includegraphics[width=2.5cm]{illustrations/bank.pdf}
+\end{textblock*}
+\begin{textblock*}{4cm}(9.5cm,3.2cm) % {block width} (coords)
+ \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/amazon.png}}
+\end{textblock*}
+\begin{textblock*}{2cm}(7cm,1cm) % {block width} (coords)
+ \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/alipay.jpeg}}
+\end{textblock*}
+\begin{textblock*}{2cm}(9cm,0.5cm) % {block width} (coords)
+ \only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/paypal.jpeg}}
+\end{textblock*}
+\begin{textblock*}{2cm}(9cm,2cm) % {block width} (coords)
+
\only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/applepay.jpeg}}
+\end{textblock*}
+\begin{textblock*}{2cm}(7.5cm,2.9cm) % {block width} (coords)
+
\only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/samsungpay.jpeg}}
+\end{textblock*}
+\begin{textblock*}{1cm}(9.5cm,3.3cm) % {block width} (coords)
+
\only<3,4,5>{\includegraphics[width=\textwidth]{competitor-logos/android_pay.png}}
+\end{textblock*}
+\begin{textblock*}{4cm}(4.5cm,7cm) % {block width} (coords)
+ \begin{center}
+\only<2,3,4,5>{\includegraphics[width=2cm]{illustrations/ec.png}
+
+ AML, KYC}\only<5>{, {\bf GDPR}
+}
+ \end{center}
+\end{textblock*}
+\begin{textblock*}{3cm}(9cm,6cm) % {block width} (coords)
+ \only<4,5>{\includegraphics[width=2cm]{competitor-logos/laterpay.jpeg}}
+\end{textblock*}
+\begin{textblock*}{3cm}(9cm,7cm) % {block width} (coords)
+
\only<4,5>{\includegraphics[width=2cm]{competitor-logos/sofortueberweisung.jpeg}}
+\end{textblock*}
+\begin{textblock*}{3cm}(9cm,8cm) % {block width} (coords)
+ \only<4,5>{\includegraphics[width=2cm]{competitor-logos/paydirect.jpeg}}
+\end{textblock*}
+\begin{textblock*}{3cm}(8.5cm,6cm) % {block width} (coords)
+ \only<5>{\includegraphics[width=3cm]{illustrations/ban.pdf}}
+\end{textblock*}
+ \note<2>{Any technology deployed by European banks also needs to
+ be compliant with applicable regulation, such as anti-money laundering
+ and know-your-customer rules.}
+\note<3>{Foreign technological providers will use their established
+ brands and platforms to both ignore regulations (see ``safe harbor'')
+ and to enthrall customers with payment solutions that exploit the
+ ``trusted'' platform. Amazon can offer one-click payments today,
+ but smaller business cannot.
+
+ Eventually, these providers will obtain banking licenses.
+
+ The day Google attaches a bank account to every Gmail account
+ offering one-click payments via all Android devices and free
+ personal banking will be the beginning of the
+ end of European banking (and economic/political independence).}
+\note<4>{European competitors fail to be global, and are technologically
+ and economically disadvantaged compared to the global brands. They
+ also are decades behind the technical state of the art. Cryptographers
+ (or CCC hackers) will write more papers.
+
+ Some banks will continue to follow the blockchain meme, ignoring
+ performance, scalability, compliance or usability concerns.
+
+ (Blockchains are P2P protocols implementing Byzantine consensus
+ using computationally expensive puzzles for leader election.
+ Our research team has worked on secure P2P protocols for over
+ 15 years and published papers on Byzantine consensus in 2016.
+ While we are thus subject-experts, Taler does aggregation at the payment
provider,
+ thus rarely needs multi-party consensus and simply relies on
+ traditional wire transfers (including possibly Bitcoin) to
+ settle in aggregate.)}
+\note<5>{Once the EU's general data protection regulation mandating
+ privacy-by-design and data minimization is enforce, all of these
+ providers will be out of compliance, as none implement strict data
+ minimization or privacy-by-default.
+
+ Non-EU providers will continue their quest for dominance and
+ operate extra-legally, extra-teritorially if necessary, ready
+ to take over the market once regulation allows it.}
+\end{frame}
+
+
+\begin{frame}{2. What is Taler?}
+ \vfill
+ \begin{center}
+Taler is an electronic payment system.
+ \end{center}
+ \begin{itemize}
+ \item Pay in existing currencies (i.e. EUR, USD)
+ \item Uses electronic coins stored in wallets on customer's device
+ \end{itemize}
+ \vfill
+\end{frame}
+
+
+\begin{frame}
+\frametitle{2. What is Taler?}
+\begin{center}
+ \includegraphics[width=0.9\textwidth]{illustrations/taler-arch-full.pdf}
+
+ $\Rightarrow$ Convenient, taxable, privacy-enhancing, \& resource friendly!
+\end{center}
+\note{Taler is a modern payment system based on cryptography, providing
+ an open standard with a free software reference implementation.
+ Taler avoids authentication during payments, enabling convenient and fast
+ one-click payments in compliance with applicable regulation (AML, KYC and
GDPR).
+
+ We have a public demonstrator running at \url{https://demo.taler.net/}.}
+\end{frame}
+
+
+\begin{frame}{2. Advantages of Taler}
+ \begin{itemize}
+ \item{All operations provide cryptographically secured, mathematical
proofs for courts \& auditors}
+ \item{Customer can remain anonymous
+ \begin{itemize}
+ \item retain civil liberties in increasingly cash-less world
+ \item eliminates costly customer authentication
+ \item no credit card number theft possible
+ \item merchants do not need to operate certified equipment (PCI DSS,
etc.)
+ \item unlike Chaum, Taler can give change and refunds, even to
anonymous customers
+ \end{itemize}}
+ \item{Merchants are identifiable
+ \begin{itemize}
+ \item bad for illegal business
+ \item no tax evasion
+ \end{itemize}}
+ \end{itemize}
+\end{frame}
+
+
+\begin{frame}{2. Advantages of Taler}
+ \begin{itemize}
+ \item{Payments in existing currencies, does not introduce any new
currency
+ \begin{itemize}
+ \item financial stability, no risks from currency fluctuation
+ \item payment system, not speculative investment
+ \end{itemize}}
+ \item{Scalable, fast protocol implementation
+ \begin{itemize}
+ \item low transaction costs (at least in terms of computation at
high volume)
+ \end{itemize}}
+ \item{Open standard protocol without patents with free reference
implementations
+ \begin{itemize}
+ \item low barrier to entry for new merchants
+ \item governments may adopt as part of digital sovereignity agenda
+ \end{itemize}}
+ \end{itemize}
+\end{frame}
+
+
+
+\begin{frame}{3. Operating Model}
+ \begin{center}
+\includegraphics[width=\textwidth]{illustrations/operating-model.pdf}
+ \end{center}
+ \note{Operator charges transaction fees.
+ Taler Systems develops core technology and provides
+ exclusive support to payment service provider.
+
+ In return, payment service provider contributes
+ financially to Taler Systems S.A.}
+\end{frame}
+
+
+\section{The Market}
+% FIXME: update, include Visa/Master/PayPal, AliPay in particular!
+% FIXME: render more nicely?
+\begin{frame}{4. The Market}
+ \begin{textblock*}{0.6\textwidth}(1cm,5cm) % {block width} (coords)
+ \includegraphics[width=\textwidth]{payment_solutions.png}
+\end{textblock*}
+\begin{textblock*}{0.6\textwidth}(5.5cm,1cm) % {block width} (coords)
+ \includegraphics[width=\textwidth]{payment_volume.png}
+\end{textblock*}
+\note{The market is big.}
+\end{frame}
+
+
+\begin{frame}{5. Competitor comparison}
+ \begin{center} \small
+ \begin{tabular}{l||c|c|c|c|c}
+ & Cash & Bitcoin & Zerocoin & Creditcard & GNU Taler \\ \hline
\hline
+ Online &$-$$-$$-$ & ++ & ++ & + & +++ \\ \hline
+ Offline & +++ & $-$$-$ & $-$$-$ & + & $-$$-$
\\ \hline
+ Trans. cost & + & $-$$-$$-$ & $-$$-$$-$ & $-$ & ++ \\
\hline
+ Speed & + & $-$$-$$-$ & $-$$-$$-$ & o & ++ \\
\hline
+ Taxation & $-$ & $-$$-$ & $-$$-$$-$ & +++ & +++ \\
\hline
+ Payer-anon & ++ & o & ++ & $-$$-$$-$ & +++ \\ \hline
+ Payee-anon & ++ & o & ++ & $-$$-$$-$ & $-$$-$$-$ \\
\hline
+ Security & $-$ & o & o & $-$$-$ & ++ \\
\hline
+ Conversion & +++ & $-$$-$$-$ & $-$$-$$-$ & +++ & +++ \\
\hline
+ Libre & $-$ & +++ & +++ & $-$ $-$ $-$ & +++ \\
+ \end{tabular}
+ \end{center}
+ \note{Not having payee-anonymity is a good thing as otherwise money
laundering
+ becomes a real problem.}
+\end{frame}
+
+
+\begin{frame}{6. Payment solutions - Pricing}
+ % FIXME: Konkrete Zahlen fuer Beispieltransaktionen
+ \begin{center}
+ \begin{tabular}{l||c}
+ {\bf Provider} & {\bf Pricing} \\ \hline \hline
+ Alipay & 2,0\% - 3,0\% \\ \hline
+ Allied Wallet & 1,95\% + \$ 0,20 \\ \hline
+ Amazon Payments & 2,9\% + \$ 0,30 \\ \hline
+ Avangate & 4,9\% + \$ 2,50 \\ \hline
+ Billpro & 2,1\% + 3,5\% fee \\ \hline
+ BitGold Inc. & 1\% fee on every purchase \\ \hline
+ Bitpay (Bitcoin)& 0\% \\ \hline
+ Checkout.com & 2,95\% - 3,95\% + \pounds 0,15 \\ \hline
+ Coinify (Bitcoin) & 0\% \\ \hline
+ eComCharge & 3,5\% + \EUR{0,35} \\ \hline
+ GoCardless & 1\% up to a maximum of \pounds 2 \\ \hline
+ Western Union & Variable --- From 5\% up
+ \end{tabular}
+ \end{center}
+ \note{Transaction cost in Taler is $\approx$ \EUR{0.0001} (plus salaries and
profits).}
+\end{frame}
+
+
+\section{About Us}
+
+\begin{frame}
+ \frametitle{7. Why now and why us?}
+ \begin{block}{Why now?}
+ {%\tiny
+ \begin{itemize}
+ \item{Chaum's original patents\footnote{\tiny USPTO 5878140, 5781631,
5712913} from 1996-1999 have expired}
+ \item{Increased awareness of issue of privacy in payment systems {\tiny
+ \begin{itemize}
+ \item Contemporary payment systems fail on privacy
+ \item Cash is disappearing
+ \item Alternatives urgently needed
+ \end{itemize}}}
+ \item{Cryptocurrencies threaten control over money supply and tax base of
governments}
+ \end{itemize}
+ }
+ \end{block}
+ \begin{block}{Why us?}
+ {%\tiny
+ \begin{itemize}
+ \item{solved (technical) problem of unlinkability}
+ \item{designed a modern, open standards based version}
+ \item{We have (most) of the technical expertise to really build it: {\tiny
+ \begin{itemize}
+ \item{15 years of research in network security and privacy}
+ \item{Founder of GNUnet and related projects}
+ \end{itemize}}}
+ \item{good contacts: free software movement, press, academics}
+ \end{itemize}
+ }
+\end{block}
+\end{frame}
+
+
+\begin{frame}
+ \frametitle{8. Team \hfill \& \hfill Advisory Board}
+ \begin{minipage}{5cm}
+ \setlist[description]{leftmargin=1cm,labelindent=0cm}
+ \begin{description}
+ \item[Leon Schumacher]\ \\ CEO, co-founder
+ \item[Dr. Christian Grothoff]\ \\ CTO, co-founder
+ \item[Dr. Jeff Burdges]\ \\ PostDoc
+ \item[Dr. Christina Onete]\ \\ PostDoc
+ \item[Dr. Richard Stallman]\ \\ Founder of the \\ \mbox{Free Software
movement}
+ \end{description}
+
+\end{minipage}
+\begin{minipage}{5cm}
+\begin{description}
+ \item[Prof. Mikhail Atallah] \ \\
+ Cryptographer, co-founder
+ Arxan Technologies Inc.
+ \item[Prof. Roberto Di Cosmo] \ \\
+ Director IRILL
+ \item[]
+\end{description}
+\end{minipage}
+\vfill
+\includegraphics[height=0.1\textwidth]{team-images/leon-schumacher.jpg}
\hfill
+\includegraphics[height=0.1\textwidth]{team-images/christian-grothoff.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{team-images/jeff-burdges.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{team-images/cristina-onete.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{team-images/richard-stallman.jpg}\hfill
+\includegraphics[height=0.1\textwidth]{board-images/roberto-di-cosmo.jpg}
\hfill
+\includegraphics[height=0.1\textwidth]{board-images/mja.jpg}
+\note{Advisory board still under construction.}
+\end{frame}
+
+
+\section{Use Cases}
+
+\begin{frame}{9. Use Case: Consumers}
+ \begin{center}
+ {\bf Why would a consumer adopt Taler?}
+ \end{center}
+ \begin{itemize}
+ \item Convenient: pay with one click
+ \item Guaranteed: never fear being rejected by false-positives in the fraud
detection
+ \item Secure: like cash, except no worries about counterfeit
+ \item Privacy-preserving: payment requires no personal information
+ \item Stable: no currency fluctuations, pay in traditional currencies
+ \item Free software: no hidden ``gadgets'', third parties can verify
+ \end{itemize}
+\end{frame}
+
+\begin{frame}{9. Use Case: Merchants}
+ \begin{center}
+ {\bf Why would a merchant implement Taler?}
+ \end{center}
+ \begin{itemize}
+ \item Fast: transactions at Web-speed
+ \item Secure: signed contracts, no legitimate customer rejected by fraud
decection
+ \item Free software: competitive pricing and support
+ \item Low fees: efficient protocol + no fraud $=$ low costs
+ \item Flexible: any currency, any amount
+ \item Ethical: no fluctuation risk, no pyramid scheme, not suitable for
illegal business
+ \item Legal: complies with Regulation (EU) 2016/679 (GDPR)\footnote{Requires
privacy by design and data minimization for all data processing in Europe after
25.5.2018.}
+ \end{itemize}
+\end{frame}
+
+
+\begin{frame}{9. Use Case Propositions}
+ \begin{itemize}
+ \item[1.]{Unbanked individuals
+ \begin{itemize}
+ \item{Children}
+ \item{Refugees / displaced population}
+ \item{Tor users}
+ \end{itemize}
+ }
+ \item[2.]{Instant One Click Web purchases
+ \begin{itemize}
+ \item Newspaper articles {\tiny (see Spiegel's LaterPay)}
+ \item Platform provider with risks {\tiny (see Spotify)} % FIXME: I do
not understand...
+ \end{itemize}
+ }
+ \item[3.]{Nice Markets
+ \begin{itemize}
+ \item Adult Content
+ \item Gambling
+ \end{itemize}
+ }
+ \item[4.] Developing markets {\tiny (Africa)}
+ \item[5.] Eliminate spam {\tiny (by attaching payments to unsolicited
e-mails)}
+ \end{itemize}
+\end{frame}
+
+
+\begin{frame}{Partners}
+ \begin{minipage}{5cm}
+ {\bf Research and development:}
+\begin{center}
+ \includegraphics[height=1cm]{partner-logos/inria.png}
+ \includegraphics[height=1cm]{partner-logos/tum.png}
+
+ \includegraphics[height=1cm]{partner-logos/gnu.jpeg}
+ \includegraphics[height=1cm]{partner-logos/gnunet.jpeg}
+\end{center}
+
+\vspace{0.1cm}
+
+ {\bf Business development:}
+
+\begin{center}
+ \includegraphics[height=1cm]{partner-logos/ashoka.png}
+ \includegraphics[height=1cm]{partner-logos/hl.png}
+\end{center}
+
+ \vspace{0.1cm}
+
+ {\bf Strategic partners:}
+
+ \begin{center}
+ \includegraphics[height=0.8cm]{partner-logos/rff.png}
+ \includegraphics[height=1cm]{partner-logos/pep.pdf}
+ \includegraphics[height=1cm]{partner-logos/tor.jpeg}
+ \includegraphics[height=1cm]{partner-logos/tcij.png}
+\end{center}
+ \end{minipage}
+ \hfill
+ \begin{minipage}{5cm}
+% {\bf Banks (in discussion):}
+
+ % \includegraphics[height=1cm]{partner-logos/hsbc.jpeg}
+% \includegraphics[height=1cm]{partner-logos/gls-bank.png}
+% \vfill
+% \vspace{1cm}
+
+ {\bf Merchants:}
+
+ \includegraphics[height=0.8cm]{partner-logos/dk.png}
+
+ \includegraphics[height=1cm]{partner-logos/spiegel.jpeg}
+ \includegraphics[height=1cm]{partner-logos/heise.png}
+ \vfill
+ \end{minipage}
+\end{frame}
+
+
+\section{The Plan}
+
+\begin{frame}{10. Status quo and plan}
+ \begin{tikzpicture}[snake=zigzag, line before snake = 5mm, line after snake
= 5mm]
+ % draw horizontal line
+ \draw (0,0) -- (6,0);
+ \draw[snake] (6,0) -- (8,0);
+
+ % draw vertical lines
+ \foreach \x in {0,1,2,3,4,5,6,8}
+ \draw (\x cm,3pt) -- (\x cm,-3pt);
+
+ % draw nodes
+ \draw (0,0) node[below=3pt] {today} node[above=3pt, rotate=45,
anchor=south west] {Public release and demo};
+ \draw (1,0) node[below=3pt] { 6 m} node[above=3pt, rotate=45, anchor=south
west] {Bank and investor signed};
+ \draw (2,0) node[below=3pt] {12 m} node[above=3pt, rotate=45, anchor=south
west] {First bank operational};
+ \draw (3,0) node[below=3pt] {18 m} node[above=3pt, rotate=45, anchor=south
west] {Major publisher operational};
+ \draw (4,0) node[below=3pt] {24 m} node[above=3pt, rotate=45, anchor=south
west] {Mobile app launched};
+ \draw (5,0) node[below=3pt] {30 m} node[above=3pt, rotate=45, anchor=south
west] {Financial break even (EU)};
+ \draw (6,0) node[below=3pt] {36 m} node[above=3pt, rotate=45, anchor=south
west] {Expansion to US market};
+ \draw (8,0) node[below=3pt] {60 m} node[above=3pt, rotate=45, anchor=south
west] {Global operation};
+ \end{tikzpicture}
+ \noindent
+ \begin{itemize}
+ \item[500 k]{Bank operational (integration, documentation, auditing)}
+ \item[500 k]{Publisher operational (training, integration, marketing)}
+ \item[500 k]{Mobile app for major platforms (incl. NFC protocol)}
+ \item[500 k]{Operational overheads until break even}
+ \end{itemize}
+ \noindent
+ {\small
+ \begin{tabular}{l||r|r|r|r|r||r}
+ & Year 1 & Year 2 & Year 3 & Year 4 & Year 5 &
Invest \\ \hline
+ EBIT & -208 & -2.666 & -2.902 & 1.689 & 9.542 & 5
M \\% \hline
+% EBIT & -104 & -290 & -77 & 72 & 394 &
500 k \\
+% EBIT (optimistic) & -208 & -2.666 & -2.902 & 1.689 & 9.542 &
5 M \\ \hline
+% EBIT (conservative) & -104 & -290 & -77 & 72 & 394 &
500 k \\
+ \end{tabular}
+ }
+\end{frame}
+
+\begin{frame}{10. Efforts}
+LEON: I would also add the efforts that you have estimated in an
+additional slide ``efforts'' -- use the higher end numbers of your
+ranges. So we are conservative.
+\end{frame}
+
+
+\section{Supplemental Materials}
+
+\begin{frame}{11. Contact details}
+ \begin{center}
+ \begin{tabular}{p{5cm}p{5cm}}
+ {\bf CEO} & {\bf CTO} \\ & \\
+ Leon Schumacher & Dr. Christian Grothoff \\
+ {\tt address@hidden & {\tt address@hidden \\
+ +41-79-865-9365 & +33-2-99-84-71-45 \\
+% \url{http://taler.net/ceo/} & \url{http://taler.net/cto/} \\
+ \end{tabular}
+
+ \vspace{2cm}
+ \url{https://www.taler.net/}
+ \end{center}
+\end{frame}
+
+
+\begin{frame}
+ \begin{center}
+ \includegraphics[width=0.66\textwidth]{taler-logo-2017.pdf}
+ \end{center}
+\end{frame}
+
+%\end{document}
+
+
+
+\begin{frame}{Recent Press}
+ {\tiny
+ \setlist[description]{leftmargin=1cm,labelindent=0.5cm}
+ \begin{description}
+ \item[09-2015]\ \\
+ \begin{itemize}
+ \item
\url{https://bitcoinmagazine.com/21901/bitcoin-governments-without-privacy-taxes/}
+ \item \url{http://www.heise.de/tp/artikel/46/46089/1.html}
+ \end{itemize}
+ \item[06-2016]\ \\
+ \begin{itemize}
+ \item
\url{http://www.theregister.co.uk/2016/06/06/gnu_cryptocurrency_aims_at_the_mainstream_economy_not_the_black_market/}
+ \item
\url{http://www.golem.de/news/halbanonymes-bezahlsystem-gnu-taler-soll-kryptowaehrungen-gerechter-machen-1606-121323.html}
+ \item
\url{http://www.heise.de/newsticker/meldung/GNU-Taler-Open-Source-Protokoll-fuer-Zahlungen-in-Version-0-0-0-erschienen-3228525.html}
+ \end{itemize}
+ \item[08-2016]\ \\
+ \begin{itemize}
+ \item
\url{https://www.theguardian.com/technology/2016/sep/01/online-publishers-readers-ad-block-surveillance-donate-anonymously}
+ \end{itemize}
+ \item[02-2017]\ \\
+ \begin{itemize}
+ \item \url{http://hackerpublicradio.org/eps.php?id=2222}
+ \end{itemize}
+ \end{description}
+ }
+ \begin{center}
+ Complete list at \url{https://taler.net/press}
+ \end{center}
+\end{frame}
+
+
+\begin{frame}{Business risks and measures}
+ \begin{center} \tiny
+ \begin{tabular}{p{3cm}|p{3cm}|p{3cm}}
+ {\bf Risk} & {\bf Impact} & {\bf
Countermeasure} \\ \hline \hline
+ Usability too low & few users, insufficient income & usability
testing \\ \hline
+ Exchange data loss & financial damage & backups \\
\hline
+ Exchange compromise & financial damage & limit loss by
key rotation \\ \hline
+ Exchange offline & reputation loss & redundant
\mbox{operation} \\ \hline
+ Compliance issues & illegal to operate & work with
\mbox{regulators} \\ \hline
+ No bank license & illegal to operate & work with
banks \\
+ \end{tabular}
+ \end{center}
+\end{frame}
+
+
+\begin{frame}{License model}
+ \begin{center}
+ \begin{tabular}{p{2cm}|c|p{5.5cm}}
+ {\bf Component} & {\bf License} & {\bf Why?} \\ \hline \hline
+ Exchange & Affero GPL & competitors must share
\mbox{extensions} \\ \hline
+ Wallets & GPLv3+ & enable community development \\
\hline
+ Merchant & Lesser GPL & maximize market adoption \\
+ \end{tabular}
+ \end{center}
+\end{frame}
+
+
+\section{Financials}
+
+\begin{frame}{Balance Sheet: Year 1, 2, 3 (kEUR)}
+\scalebox{0.8}{
+ \tiny
+ \begin{tabular}{l|r|r|r|c|l|r|r|r}
+ & Year 1 & Year 2 & Year 3 & &
& Year 1 & Year 2 & Year 3 \\ \hline
+ {\bf Fixed assets} & & & & & {\bf
Equity} & & & \\ \hline
+ Incorporation costs & 5 & 4 & 3 & & Share
capital & 45 & 45 & 45 \\ \hline
+ Intangible assets & 16 & 63 & 40 & & Share
premium & 5'350 & 10'350 & 10'350 \\ \hline
+ Tangible assets & 20 & 44 & 68 & & Reserves
& & & \\ \hline
+ Financial assets & 0 & 0 & 0 & & Retained
earnings & 0 & -1'477 & -4'987 \\ \hline
+ {\bf Current assets} & & & & &
Profit/loss for the year & -1'477 & -3'510 & -1'500 \\ \hline
+ Inventory & & & & & Provisions
& 0 & 23 & 168 \\ \hline
+ Accounts receivable (clients) & & 30 & 200 & & {\bf
Long-term debts $>$ 1 year} & & & \\ \hline
+ Accounts receivable (affiliated) & & & & & Bank loans
& 0 & 0 & 0 \\ \hline
+ Other current assets & & & & & Accounts
payable (affiliated) & 0 & 0 & 0 \\ \hline
+ Cash in bank & 3'898 & 5'364 & 3'840 & & {\bf
Short-term debts $<$ 1 year} & & & \\ \hline
+ & & & & & Bank loans
& 0 & 0 & 0 \\ \hline
+ & & & & & Accounts
payable (suppliers) & 0 & 0 & 0 \\ \hline
+ & & & & & Fiscal and
social debt & 21 & 74 & 75 \\ \hline
+ & & & & & Accounts
payable (affiliated) & 0 & 0 & 0 \\ \hline
+ & & & & & Other
liabilities & 0 & 0 & 0 \\ \hline
+ {\bf TOTAL ASSETS} & 3'939 & 5'505 & 4'151 & & {\bf TOTAL
EQUITY + LIABILITIES} & 3'939 & 5'505 & 4'151 \\
+\end{tabular}}
+\vfill
+\begin{center}
+ Projections for years 4--6 available upon request.
+\end{center}
+\end{frame}
+
+
+\begin{frame}{Income Statement: Year 1, 2, 3 (kEUR)}
+ \small
+ \begin{tabular}{l|r|r|r}
+ {\bf Profit or loss} & Year 1 & Year 2 & Year
3 \\ \hline
+ & & &
\\ \hline
+ Turnover & 0 & 129 &
2'520 \\ \hline
+ Other operating income & 0 & 0 &
0 \\ \hline
+ Cost of goods sold & 0 & 0 &
0 \\ \hline
+ Personnel costs & -1'066 & -2'804 &
-3'085 \\ \hline
+ Value adjustments & 0 & 0 &
0 \\ \hline
+ Other operating charges & -412 & -835 &
-935 \\ \hline
+ {\bf Operating result} & -1'477 & -3'510 &
-1'500 \\ \hline
+ Interest \& similar income & 0 & 0 &
0 \\ \hline
+ Interest \& similar charges & 0 & 0 &
0 \\ \hline
+ {\bf Financial result} & 0 & 0 &
0 \\ \hline
+ {\bf Result from ord. act. before taxation} & -1'477 & -3'510 &
-1'500 \\ \hline
+ Extraordinary income & 0 & 0 &
0 \\ \hline
+ Extraordinary expenses & 0 & 0 &
0 \\ \hline
+ {\bf Extraordinary result} & 0 & 0 &
0 \\ \hline
+ Taxes & 0 & 0 &
0 \\ \hline
+ {\bf Profit or loss fiscal year} & -1'477 & -3'510 &
-1'500 \\ \hline
+ \end{tabular}
+\end{frame}
+
+
+\begin{frame}{Cashflow Statement: Quarter 1 to 12 (kEUR)}
+\scalebox{0.7}{
+ \tiny
+ \begin{tabular}{l|c|r|r|r|r|r|r|r|r|r|r|r|r}
+ {\bf Cash flow (Q1-Q12)} & & Q1 & Q2 & Q3 & Q4
& Q5 & Q6 & Q7 & Q8 & Q9 & Q10 & Q11 & Q12
\\ \hline
+ & & & & &
& & & & & & & &
\\ \hline
+ {\bf Beginning Cash Balance ($A$)} & & 0 & 298 & 5'065 &
4'561 & 3'898 & 3'084 & 2'214 & 1'263 & 5'364 & 4'633 & 4'107 &
3'794 \\ \hline
+ {\bf Cash Inflows} & & & & &
& & & & & & & &
\\ \hline
+ Turnover (inc VAT) & & 0 & 0 & 0 &
0 & 0 & 2 & 7 & 120 & 300 & 480 & 690 &
1'050 \\ \hline
+ R\&D subsidy & & 0 & 0 & 0 &
0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 &
0 \\ \hline
+ Initial capital & & 45 & 0 & 0 &
0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 &
0 \\ \hline
+ Capital contribution/Loans & & 350 & 5'000 & 0 &
0 & 0 & 0 & 0 & 5'000 & 0 & 0 & 0 &
0 \\ \hline
+ Other income & & 0 & 0 & 0 &
0 & 0 & 0 & 0 & 0 & 0 & 0 & 0 &
0 \\ \hline
+ & & & & &
& & & & & & & &
\\ \hline
+ Total Cash Inflows ($B$) & & 395 & 5'000 & 0 &
0 & 0 & 2 & 7 & 5'120 & 300 & 480 & 690 &
1'050 \\ \hline
+ {\bf Cash Outflows} & & & & &
& & & & & & & &
\\ \hline
+ Personnel costs & & 47 & 128 & 373 &
518 & 644 & 685 & 712 & 763 & 776 & 770 & 770 &
770 \\ \hline
+ External costs & & 20 & 49 & 37 &
64 & 69 & 72 & 72 & 76 & 75 & 57 & 57 &
57 \\ \hline
+ & & & & &
& & & & & & & &
\\ \hline
+ Investments & & 2 & 6 & 6 &
6 & 6 & 6 & 6 & 6 & 6 & 6 & 6 &
6 \\ \hline
+ Other expenses & & 28 & 88 & 88 &
76 & 95 & 109 & 168 & 174 & 174 & 173 & 171 &
171 \\ \hline
+ & & & & &
& & & & & & & &
\\ \hline
+ Total Cash Outflows ($C$) & & 97 & 503 & 503 &
664 & 814 & 872 & 958 & 1'019 & 1'031 & 1'006 & 1'004 &
1'004 \\ \hline
+ Ending Cash Balance ($A+B-C$) & & 298 & 4'561 & 4'561 &
3'898 & 3'084 & 2'214 & 1'263 & 5'364 & 4'633 & 4'107 & 3'794 &
3'840 \\
+ \end{tabular}
+}
+\end{frame}
+
+
+\begin{frame}
+ \begin{center}
+ \includegraphics[width=0.66\textwidth]{taler-logo-2017.pdf}
+ \end{center}
+\end{frame}
+
+
+\end{document}
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