Botto

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Discover Botto's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Botto?

Botto (BOTTO) is a cryptocurrency launched in 2021 on the Ethereum platform. It operates within a Decentralized Autonomous Organization (DAO) where users can participate by acquiring and staking Botto tokens to vote on the development and curation of AI-generated art. The project aims to create a self-sustaining ecosystem where the value of the tokens is influenced by the sales of NFT artworks, with a portion of the proceeds used to "burn" tokens, reducing the supply and potentially increasing their value.

How is Botto used?

Botto (BOTTO) is a cryptocurrency that plays a crucial role in the Botto ecosystem, which combines AI algorithms with community engagement to create and curate art. Here's how it is used:

  1. DAO Participation: To join the Botto DAO, users need to acquire BOTTO tokens. These tokens grant voting points, allowing users to participate in the decision-making process for the project.

  2. Voting on Art: The community votes on the best art pieces produced by Botto's AI algorithms. The winning pieces are minted as NFTs and sold on platforms like OpenSea. The voting process also helps train Botto's "taste model" to improve its artistic output.

  3. Staking: Users can stake their BOTTO tokens to gain voting power and influence the direction of the project.

  1. Trading: BOTTO tokens can be traded on various exchanges, such as MXC and CoinEX, allowing users to buy and sell them.

  2. Wallet Management: Users can store their BOTTO tokens in personal cryptocurrency wallets, such as Metamask, for safekeeping and potential trading on decentralized exchanges.

Overall, the BOTTO token is essential for community engagement, decision-making, and the overall functioning of the Botto ecosystem.

How do I store Botto?

To store Botto (BOTTO) tokens, you can use a digital wallet that supports Ethereum, such as Trust Wallet or MetaMask. Here's a step-by-step guide:

  1. Trust Wallet:

    • Open Trust Wallet and tap the "+" icon.
    • Scroll to the bottom and select "Add Custom Token."
    • Change the network to Ethereum.
    • Enter the Botto token details and save.
  2. MetaMask:

    • Ensure you have MetaMask installed and set up.
    • Open the Botto application and click the "Connect Wallet" button.
    • Select MetaMask as your wallet option.
    • Your wallet is now connected to Botto's application.
  3. Bitget:

  • Open Bitget and go to your homepage.
  • Tap on "Wallet" and select Botto from the mainnet list at the top right corner.
  • This creates a Web3 wallet for Botto.

These wallets will allow you to store and manage your Botto tokens securely.

How to buy Botto?

To buy Botto (BOTTO) tokens, you can follow these steps:

Buying Botto (BOTTO) via a Crypto Wallet
  1. Choose a Wallet: Select a reliable and reputable crypto wallet that supports Botto (BOTTO).
  2. Download and Set Up the Wallet: Download the wallet application and create a new wallet address or import an existing one. Make sure to write down the seed phrase and keep it secure.
  3. Buy Botto (BOTTO): Purchase Botto (BOTTO) using a supported payment method. If your wallet doesn’t support direct fiat-to-BOTTO purchases, you can first buy a popular cryptocurrency like USDT and then exchange it for Botto (BOTTO) through your wallet or on a decentralized exchange.
Buying Botto (BOTTO) on a Centralized Exchange
  1. Choose a Centralized Exchange (CEX): Select a reliable and trustworthy crypto exchange that supports Botto (BOTTO) purchases.
  2. Create an Account: Enter the required information and set a secure password. Enable 2FA for added security.
  3. Verify Your Identity: Complete KYC verification to access more features and services.
  4. Add a Payment Method: Follow the exchange’s instructions to add a credit/debit card, bank account, or other supported payment method.
  5. Buy Botto (BOTTO): You can now buy Botto (BOTTO) using fiat currency if supported or by first purchasing a popular cryptocurrency like USDT and then exchanging it for Botto (BOTTO).
Buying Botto (BOTTO) on a Decentralized Exchange (DEX)
  1. Download a Trust Wallet: Download the Trust Wallet application.
  2. Set Up the Wallet: Register and set up the wallet, keeping your seed phrase safe.
  3. Buy ETH: Buy Ethereum (ETH) on a centralized exchange like Binance.
  4. Send ETH to Your Wallet: Transfer the ETH to your Trust Wallet.
  5. Choose a DEX: Select a DEX that supports your wallet, such as 1inch.
  6. Connect Your Wallet: Connect your Trust Wallet to the DEX.
  7. Trade ETH for Botto (BOTTO): Select ETH as the payment and Botto (BOTTO) as the coin you want to acquire.
  8. Apply the Swap: Confirm the transaction and wait for it to complete.
Buying Botto (BOTTO) on Uniswap
  1. Head to Uniswap: Go to the Uniswap website.
  2. Select ETH and Botto (BOTTO): Choose ETH and Botto (BOTTO) in the dropdown menus.
  3. Specify Quantity: Enter the quantity of ETH you want to exchange for Botto (BOTTO).
  4. Swap: Confirm the transaction and wait for it to complete.

Remember to carefully consider fees, security, and market risks before making any purchases.

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History of Botto

Botto, a decentralized autonomous artist, was launched on October 8, 2021. The project combines artificial intelligence and community feedback to generate art pieces. Every week, Botto creates 350 art fragments, which are then voted on by the community. The winning piece is minted as an NFT and auctioned on the Ethereum blockchain, with proceeds used to reward voters and support the project's ecosystem.

The project has undergone several periods, with the initial Genesis period lasting a year. Subsequent periods have been shorter, typically 12 weeks, to accommodate the rapid evolution of AI technology. During these periods, Botto upgrades its capabilities and incorporates new models, leading to improved art pieces.

Botto's governance is decentralized, relying on community decisions for its development and direction. This includes budgeting, collaborations, and the evolution of its art engine and economy. The community plays a crucial role in shaping Botto's artistic direction through voting and feedback mechanisms.

The Botto token (BOTTO) is integral to the project, serving as a means to join the DAO and participate in the voting process. The token's value is tied to the project's success, incentivizing community members to contribute to Botto's growth.

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How Botto works

Botto is a decentralized AI art project that leverages blockchain technology to create, own, and sell art. At its core, Botto uses a combination of AI models to generate thousands of unique images every week. These images, known as "fragments," are then presented to the community for feedback and voting. The community, which consists of holders of the Botto cryptocurrency (BOTTO), participates in the voting process by staking their tokens to influence the selection of the winning image.

The Art Engine

The art engine is the AI system responsible for generating the fragments. It consists of several components:

  1. Prompt Generator: This module creates random textual prompts to seed the image generation process.
  2. Text-to-Image Model: This model generates images based on the prompts. Botto uses both VQGAN + CLIP and Stable Diffusion models for this purpose.
  3. Computational Taste Model: This model filters out the generated images, selecting a subset of 350 fragments to present to the community for voting. The taste model is trained by the community's feedback and aims to predict the distribution of voting.
Community Governance and Voting

Holders of the BOTTO cryptocurrency can participate in the voting process by staking their tokens. The strength of their vote is determined by the amount of BOTTO they hold. The community votes on the presented fragments, and the image with the most votes is selected as the weekly winner.

NFT Minting and Auction

The winning image is minted as a unique NFT and put up for auction on the SuperRare marketplace. The proceeds from the auction are used to reward the voters and to fund the project's operations, including server costs and ad hoc tasks approved by the community.

Evolution and Upgrades

Botto operates in periods, with each period lasting several weeks. At the end of a period, Botto can upgrade its models and capabilities, allowing it to generate more sophisticated and diverse art. This process ensures that the project stays current with the rapid advancements in AI technology.

Decentralized Ownership and Governance

The BOTTO cryptocurrency serves as a governance token, enabling holders to participate in decision-making processes, such as budgeting and artist collaborations. The decentralized nature of Botto allows the community to collectively guide the project's direction and evolution.

Creative Process and Feedback Loop

The community's feedback plays a crucial role in shaping Botto's artistic direction. The voting information is fed back into the AI models, which learn from the community's preferences and adapt to create new art that reflects the collective taste. This continuous feedback loop enables Botto to refine its artistic style and generate art that is both unique and appealing to the community.

Overall, Botto represents a novel approach to decentralized art creation, where AI technology and community collaboration come together to produce unique and dynamic art pieces.

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Botto's strengths

The token Botto (BOTTO) has several strengths that contribute to its potential success in the cryptocurrency market:

  • Decentralized Governance: Botto is a decentralized, AI-generated art platform governed by its community via the BOTTO token. This governance model allows the community to have a direct say in the project's direction and decision-making processes.

  • AI-Powered Art Engine: Botto's AI engine creates thousands of unique images, providing a constant stream of new and diverse artistic content. This engine is a key differentiator for the project and has the potential to attract a large user base interested in generative art.

  • Community Engagement: The community plays a crucial role in shaping Botto's artistic direction by voting on their favorite artwork each week. This engagement fosters a sense of ownership and encourages active participation in the project's development.

  • Reward Mechanisms: Holding and staking BOTTO tokens provides users with rewards that are not available to Access Pass members. Additionally, staking BOTTO tokens unlocks governance rights and qualifies users for protocol revenue if they stake at least 2,000 tokens.

  • Partnerships and Integrations: Botto has partnered with Olympus Bonds, allowing stewards to exchange liquidity tokens for BOTTO at a fixed discounted rate. This partnership expands the token's reach and provides additional liquidity options.

  • Technical Analysis: Technical analysis tools such as volume, moving averages, and the relative strength index (RSI) can be used to predict future price movements and identify potential trading opportunities for BOTTO.

These strengths collectively contribute to Botto's potential for growth and adoption in the cryptocurrency market.

Botto's risks

Botto (BOTTO), a cryptocurrency, faces various financial risks that can impact its value and stability. These risks include:

  1. Credit Risk: The risk that borrowers may default on their debts, affecting the overall financial health of the project and its ability to meet its obligations.

  2. Liquidity Risk: The risk that Botto may struggle to convert its assets into cash quickly enough to meet its financial obligations, potentially leading to significant losses.

  3. Operational Risk: The risk of loss due to inadequate or failed internal processes, systems, and people, or from external events.

  1. Market Risk: The risk that changes in market conditions, such as interest rates or asset prices, can negatively impact Botto's value and profitability.

  2. Legal Risk: The risk that Botto may be affected by changes in laws, regulations, or legal interpretations that can impact its operations and financial stability.

  3. Systematic Risk: The risk that Botto is exposed to broader market trends and economic conditions, which can affect its value even if it is well-managed.

These financial risks can have significant consequences for Botto, including potential losses, reduced investor confidence, and decreased market value. Effective risk management strategies are crucial to mitigate these risks and ensure the long-term success of the project.

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Did Botto raise funds?

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Botto’s team

  • Mario Klingemann: The artist and architect behind Botto, a decentralized autonomous artist that sells its generated artwork on the blockchain. He is responsible for creating the system and feeding it neutral prompts to kick-start the generation process.

  • Simon Hudson: Co-lead of the Botto project, helping to run the Botto DAO that governs Botto. He is involved in developing community governance, the economy, and Botto’s evolution, ensuring the project stays true to its principles.

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