May 22, 2015 alec

A Low Cost BitShares ATM: The Next Phase of Mass Crypto-Adoption

We plan to develop, produce, and distribute a low cost, lightweight and open source bidirectional ATM terminal/kiosk powered by Bitshares.

Here are some of the highlights:

Bidirectional: Basically this means that our ATM’s will allow customers to both deposit and withdraw funds from their Bitshares accounts. The most convenient way to do this is with “Bank Note Recyclers” (BNR),  which have a small footprint and can lower operational costs. There are several companies in the BNR business, and it is likely that this will be the only closed source part of the project. Currently Meigroup BNR’s are being considered, since they manufacture in Mexico, where we are currently located.

Low cost:  This will be achieved primarily through transparency (open source software, hardware) and small profit margins that can be sustained by harnessing the effectiveness of Bitshares (we will elaborate on this later). Additionally, we will seek to provide customers several assembly options for our machines. For example, we might provide instructions on how a customer might individually order the parts and build the machine themselves, in addition to offering assembled and unassembled versions from our manufacturing partners around the world.

Small footprint, light weight, and sustainable:  The largest and heaviest part of the ATM will be the previously mentioned BNR, which will mainly determine the size and weight of the machine. We are also looking into different ARM micro-controllers, for example the OLinuXino combined with a camera and LCD touchscreen. To achieve sustainability, we will attempt  to use as few parts as possible from as many local sources as possible. Furthermore, the design of the shell/chassis will allow it to be built out of different materials. We prefer “cradle to cradle” and “upcycling” principles, opposed to “recycling” principles.

 

Bitshares: We believe BitShares is the most effective blockchain for the type of network we want to build. This Info-graphic explains the benefits quite clearly. One of the primary advantages of using BitShares is that transaction fees can potentially be redistributed back to the ATM network operators and maintainers via Bitshares’ delegate and decentralized market system, as well as their soon to be released referral system. If you go to any Bitcoin or Crypto-Coin ATM today, you pay outrageous premiums up to 30% over spot price. The economics of BitShares will allow our ATM operators to be quite profitable while keeping their fees more in line with traditional fiat currency ATMs.

 


 

How do we get there?

This project is a matter of innovation through combination.  The Bitcoin42 Team and its associates have connections, resources, and experiences to tie everything together. To accelerate and leverage what we have, and to bring mass crypto-adoption into reality, we will need help from grassroots efforts, community collaboration, and various crowdfunding initiatives.

In the next weeks and months we will publish a road map, and an action and budget plan. The Bitsharestalk forum will serve as a continuous, collaborative development discussion group or “open think tank”. Moreover, the project itself will be hosted and maintained on Github. Eventually, we will make use of the soon to be released Bitshares workers, delegates, and referral system and, also the Gemspace for crowdfunding/IPO purposes.

Stay tuned. Looking forward to receiving constructive inputs and outputs. 🙂

 

Best regards,

Alec Hahn from Bitcoin42

 


 

Links:

http://www.agescota.com/linux/

https://bitshares.org

https://bitsharestalk.org/

https://pdf.yt/d/atDhSKTY2mwequs0   (Bitshares Infographic)

http://examples.digi.com/sensors/counting-money-with-a-coin-acceptor/

http://freesourcecode.net/javaprojects/74433/Bank-software-with-atm-in-java#.VV2zt6jZU5F

https://github.com/lamassu

https://github.com/projectskyhook/skyhook

http://www.gemspace.net/

http://www.meigroup.com/global/americas/transport/transport_products/bill_acceptors/mei-banknote-recycler-bnr/

http://www.meigroup.com/usa/vending/vending_products/bill_acceptors/mei_cashflow_series_2000/

https://openbitcoinatm.wordpress.com

http://www.oshwa.org/definition/

http://opensourceeconomy.org

https://www.olimex.com/Products/OLinuXino/open-source-hardware

http://wiki.bitshares.org

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