At the beginning of this month, we introduced the first chatbot within ADAMANT — available to access and use for everyone. It is likely to open one more direction of features development within a messenger, which seems to attract more users to build their own bot-based services. This is also the first blockchain-based bot development available publicly via regular cryptocurrency service — an automatized coins exchange.

So why to try on exchanges if you can create one?

The first exchange bot is originally constructed to serve users as an instant exchange of ADM against ETH. It is a very nice feature—the user just opens a chat with this bot and exchanges his ADM or ETH to ETH or ADM. A few clicks are needed to get the exchanging done.

The concept is roughly the same for all exchange bots that will go live soon—simply-written code has a few basics allowing to quickly set up the limits, fees, get the rates and design the bot’s character in any way you want while writing his answer texts. It’s available to run for anyone hardworking enough to check on bot’s GitHub.

UX video *in case you couldn’t imagine that*

What I like the most about the bots feature in general is an ultra-simple way of using it. Exchanging is done just like having a chat with any other user, but the bot has only a few major commands to present and perform.

Incredible stuff.

Well, I know it’s a usual way the chatbots work, but seeing how it is done on such a platform, for such a purpose, is it so easy to cool down? Surely not for me.

When interacting the first time, bot leads you through the little business-discussion step by step. If the exchange is successful, you’ll see the nice coin transfer to your side. If there are some troubles occurred — you’ll get the coins back instantly. The bot is now living by address U5149447931090026688 — you can come to visit him anytime.

Be ready that the fees this guy charges, in the end, are proportional to his professional broker skills.

It is $50 daily limit & 10% for taking ADM or 30% for getting out of it.

Bots are open to run. In order to start the healthy competition between 3rd-party bots and various terms they can offer to the users of ADAMANT, we’ve launched the first one with those limits and fees. Exchange bots are to become one more micro-market within ADAMANT.

How does it work? Let’s say there are some guys wander around with pretty heavy wallets searching for exchange, and you manage the bot of this type. No matter what currency is it about. How to get all of them (all customers of the market):

You go with higher daily limits — you attract ten regular users.

You set lower fees — the bot will operate with at least twenty addresses.

You make him funny or mod — fifty fellows will join the party.

Fees charged are fully yours. But you’re not the only bots producer, so the what I call ‘micro-market’ appears. It allows the users of ADAMANT to receive the best services with the highest quality level. It allows services producers to have those fees.

Watching the competition development

Analogically, the first example of such micro-market appeared since we released the first forging pool in November 2018. It calls adm_official_pool. Our pool distribution stake was set by eighty percent with the minimum payout of 10 ADM. The special pool soft adopted for the community and blockchain amateurs has been released in January this year.

We regularly improve each part of its soft, it’s definitely a thing worth drawing attention to

Almost instantly ten more pools came in sight competing for public attention — by reducing the percentage they’d taken from forged ADM and improving other terms. As a result, the lisk_pool appeared, which has 94 percent to distribute and 1 ADM set as a minimum payout rate. Official pool with its preset just became irrelevant.

What happened is that a different pool offered ADM holders a way better terms and the stake conditions than we did, so the decision of many active folks was obvious. They moved their votes out from ours and any other pool which host repays less than lisk_pool does.

Namely, the host of an independent pool now takes 6% instead of 20% by us (fourfold reduction of the tax) and has tenfold abbreviated ‘min payout’ value. This is the result of the micro-market competition, I believe. It has been caused by simply providing the community with proper tools — pools soft and a web page for stats. Bots are to be the story alike.

Suddenly, despite the best terms offered by lisk_pool, it is not the leader among pools by the weight of the votes. Glorious adm_official_pool is still eleven places above, as it is launched directly by the core team. We just have too much public resources to be the normal market player at anything on ADAMANT, so there’s a need of holding ourselves back to let the underlying markets of the messenger develop fine. Mostly, it depends on ADAMANT Messenger’s executives vision and policy.

It would be very nice to let private bot holders go far ahead from what is being launched by the core team. Fortunately, bots have much more things to develop, improve and compete in.

Why better?

In the case of exchanges, there’s an important thing to notice among others: for the whole process of use or depositing/withdrawing, there’s no bureaucracy at all.

While tens of centralized exchanges come up with a horrific idea of ID verification (a warm kiss to CoinDeal) or going crazy on pointless security measures, ADAMANT allows users to not care about anything on this matter — keeping the most reliable way of accessing the account by a passphrase and with zero info required.

Even here, despite various apps using the same way of logging-in (TRON-based TRX DEXs’ might be the best to compare with, although it takes much more time to access because of TRON’s dApps nature) ADAMANT offers a practically the simplest way to build the services and to quickly find its chatbot via one platform — within one single app.

Ain’t that cool?