Describe the company – the elevator pitch …
With more and more companies and even countries embracing cryptocurrencies it’s just a matter of time when they become a new standard for any monetary relations. This process is now unstoppable, but it is also laying the ground for even more game-changing thing — smart contracts, a program code that automatically performs some actions when predefined conditions occur. While industry leaders are already aware of the benefits, which smart contracts may bring to their businesses (full transparency, saving costs and time, raising trust in business environment, and many others), most of them prefer to stay aside, due to associated risks and lack of technical expertise. Jincor is a platform, which will allow any business to accept smart contracts and cryptocurrencies easily with no legal, technical or operational complications in a cost-efficient manner. See our article at Medium
— Jincor (@jincor_ico) August 23, 2017
How are you different?
Many companies nowadays talk about e-documents, smart contracts and cryptocurrency settlements, which is good news. Though still, currently there aren’t any projects on the global market, which allow to implement all of these innovations on one platform. Jincor provides a solution.
Why will the company/product do well?
The recent years have shown multiple examples of major companies losing their funds and reputation because of human factor. One of the most known cases is when a junior banker of Deutsche Bank accidentally sent $6 bln to a hedge fund client. That is the so-called fat finger error, a term which refers to a trader having incorrectly entered an order. Another significant fat finger incident happened in 2014 — a trader lost about £400,000 in under 30 second after accidentally sending HSBC shares up by 10%.
And one more human factor case, not a fat finger type at that time, appeared this spring, when one of Amazon employees caused a massive Amazon Web Services outage by accidentally taking some servers offline while debugging some issues. That error started a domino effect that took down a bunch of large websites for several hours.
All these examples clearly demonstrate that companies need more automation in order to avoid huge losses, and that is exactly what we are going to offer. Jincor provides not only easy implementation of smart contracts, which completely exclude human factor errors, but also a complex approach to legal issues related to them, as well as to cryptocurrency settlements and e-documents flow.
— Jincor (@jincor_ico) August 15, 2017
Where are you based?
Jincor’s parent company is incorporated in Cyprus, and we have our headquarters in Moscow. Anyway, our team members are distributed among different countries and time zones, including far-east Russia, Thailand and Germany, so we actually work on our product days and nights, with some of us riding waves and eating mangos and some — catching snowflakes on their tounge.
When was the company launched?
Jincor was set up in May, 2016, but the idea was born far before this. In the beginning it was a concept of a unified intercorporate platform. Several years ago me and and my friend, Vlad Kirichenko, another Jincor cofounder, were trying to build business on vertical farming in Russia, and that involved constant communication with hundreds of companies every day. And each time it was very frustrating to reach to those companies, because if you need to find an individual, you just go to Facebook or LinkedIn, but when you need to find a company, there is actually nowhere to go and it turns out to be a real problem. So, initially we decided to create an intercorporate messenger. Later on, the sudden outbreak of blockchain and cryptocurrencies came in, and we saw a huge potential and demand for these technologies with actually no services for implementing them with due regard for corporate needs. Then, the smart contracts took place, but still, there are no such services. At the moment we are aimed at addressing all these issues at once, with a primary focus on corporate smart contracts.
What have been your biggest wins to date?
Our biggest success so far has been launching a working beta, which is now being tested by several affiliated companies. We also have more than a hundred subscriptions for open beta, which starts in September. And as the first results show, we are on the right direction in making this cryptodream come true. At the meetups and conferences we get a lot of positive feedback from major businesses and consultancies, in particular from PricewaterhouseCoopers and Vnesheconombank, which is a Russian government-owned development bank, and also from startups, like Cryptopay.
What type of people (market segment) are you trying to attract to your product?
Our target customer is small and medium businesses seeking for automation and aimed primarily at international activities. The thing is, Jincor will be applicable in almost every industry, from retail to banks and financial services, as far as we address the basic needs that every organization has.
Imagine you are a company owner, and you want to reduce the costs related to accountancy. With Jincor you can create labor smart contracts, that automatically transfer wages to your employees on a particular day. This will result in significant cost savings, because you will no longer need payroll accountants at all. Or, you can also enter into smart contracts with other companies to automatize, say, paying fees for some services rendered. In this case, the smart contract will automatically transfer funds to your business partner’s account, but no sooner than the service is received. As you can see, in both cases smart contracts implementation leads to raising complete trust between the parties to an agreement while also getting cost savings, and that is what business really needs.
Also, since we offer cryptocurrency payments, we are primarily focused on countries with existing cryptocurrency legislation (European countries, Asia, Singapore) to avoid possible legal complications.
What tips would you give to others looking to build their business?
There is quite a lot to be said on the matter, because it always depends. However, we consider these three recommendations to be the most viable:
Be as open as possible and listen carefully to feedback from your customers, expert advice, everything that may help you grow.
Stay flexible and ready to catch new opportunities and rapid changes.
And work hard, 24/7.
Tell us about your team?
We are a diverse bunch of enthusiasts aspiring to make the world a better place and really obsessed with cryptocurrencies and new technologies. Up to now, there are 12 people in the team, and each of them is a superhero in some field. We have talented developers, amazing marketers, passionate designers and awesome writers, who are at the same time just nice and interesting people sharing common interests and hanging out together.
What are your long term plans for your product/company?
Over this year we are planning to launch a public beta with more than 200 companies testing our platform, and our plan for 2018 is to develop mobile apps for iOS and Android, implement smart contracts, cryptocurrency payments and e-documents functionality and get to the global market with more than 3,000 business customers by the end of the year. And over the course of five years we expect to reach 1,000,000 corporate users.
Anything else you’d like to add/we should have asked?
At the moment we have our pre-ICO campaign going on; ICO starts in November. If you are inspired by the opportunities which the smart contracts and cryptocurrencies may bring to the corporate world, just take your chance to participate by getting some of our JCR tokens. Afterwards, they will be integrated to the platform as a means of payment for premium features (smart contracts, cryptocurrency accounts, e-signatures and some more). Thus, the value of JCR tokens will be directly dependant on the future popularity of Jincor in the business environment, and that popularity is clear.
How do people get in touch with you?
In case of any questions, feel free to contact us on Facebook and Twitter, where you can get in touch with each team member directly. Alternatively, you can follow us on Medium, Reddit, or Bitcointalk.