Three Ukrainian firms have invented an English-language chatbot that offers consulting services to investors and businesses in the cryptocurrency industry. Ailo is an AI-powered platform that provides various automated services and can deal with cases requiring professional legal advice and human intervention.
Behind the innovative project are software developer Cryptogroup, crypto payment solutions provider Paytomat, and law firm Juscutum. Ailo is already live in testing mode and is offering some of its services for free. Others are payable using digital currency. A useful feature determines if a token is a security (Howey test) and whether an ICO contains fraudulent scheme features (scam test).
Startups can also get advice on where they should conduct their token sales. The “Choosing jurisdiction of ICO” module test run suggested Belarus and Gibraltar. Both countries are among the most crypto-friendly European jurisdictions, along with Switzerland, Malta, and Liechtenstein. In a destinations list, Ailo gives the top two suggestions without charge.
A legal experts team can also prepare some necessary documents for ICO firms. Services like the drafting of non-disclosure agreements (NDA) are free and automated. Others have a fee and need attention from professionals. Such services are priced in crypto and presently accept ETH and BTC.
Drafting a white paper legal notice costs 0.01 BTC. Investment agreements for protecting the interests of investors and firms while ensuring the security of funds generated via ICOs cost 0.08 BTC. Such agreements are offered as simple agreements of future tokens or token sale agreements.
The legal experts of the project can also draft more specific documents. For example, companies offering services in exchange for consuming their clients’ computing power for crypto mining can request for an “End User License and Mining Agreement.” In addition, Ailo helps firms meet various requirements stemming from several privacy and data protection laws like the EU GDPR and other KYC/AML customer regulations.
To help the bot classify requests, some standardized services will require answering a questionnaire. After a crypto payment is done via Paytomat’s system, Ailo produces and sends the legal template to the client. Inquiries not covered by the site may be sent to Ailo’s developers through the “Ping human team” option.
As per Juscutum representative Artem Amfyan, Ailo will soon offer a full spectrum of services related to STOs, venture capital investments, crypto trading, and mining operations. Amfyan also mentioned that the project team aims to expand its services to meet the needs of the whole blockchain industry. The group is also working to build an affiliate network and is presently in talks with prominent crypto lawyers.