It seems that everyone in the FinTech industry is talking about smart contracts these days. A recent report from the Everest Group points out that the prototypes developed by financial services enterprises and consortiums have primarily been a simplified version of a smart contract. The group, however, expects to see enterprise-grade smart contracts being developed by early 2018, which begs the question: why aren’t more small, large and medium-sized businesses jumping on the smart contract bandwagon? Vlad Kirichenko and Vagan Abelyan, both founders of Jincor, believe they know why.
Jincor is described as a secure, regulatory compliant, and easy-to-use platform that allows businesses to work with smart contracts and cryptocurrency payments with no legal, technical, or operational complications and in a cost-efficient manner. Apart of being a software, aiming to solve the certain set of problems it’s also an infrastructure, a private permissioned distributed ledger based on non-mining consensus algorithm, that allows to create the smart contracts of the highest level of confidentiality. And that additional level of security is an extremely important feature for any tech solution that suppose to store any business-related information.
Jincor’s parent company is incorporated in Cyprus, ICO Jurisdiction in Singapore and Jincor itself is headquartered in Moscow, with team members spread across the globe.
Kirichenko and Abelyan have always been fascinated with finding new ways how modern technology can be used to improve people’s lives. Years before they started Jincor in May 2016, they had experienced first-hand how frustrating business communication can be and decided to do something about it. While working on a solution, the blockchain revolution kicked into overdrive and both Kirichenko and Abelyan instantly realized how blockchain-based smart contracts and cryptocurrencies could be applied to meet the needs of modern businesses.
Blockchain-based technologies are applicable in almost every industry, including retail, finance, healthcare, or manufacturing. Unfortunately, even many larger businesses with capable IT staff seldom have the know-how and the resources necessary to use these technologies, including cryptocurrencies and smart contracts, in practice. This creates a huge ravine between large enterprises and small and medium-sized businesses, making it even more difficult for smaller businesses to compete with the big boys.
Jincor’s target customers are businesses of any size and industry that would like to improve their efficiency and increase their ability to compete in the global market by embracing automation with smart contracts and avoiding intermediaries with cryptocurrency payments. To level the playing field, Jincor provides a unified blockchain ecosystem designed to make business relations truly fast, transparent, efficient, and reliable by addressing three major problems:
- Legal void – Even though the situation is steadily improving, cryptocurrencies and smart contracts are still in legal vacuum. Businesses need to know that the smart contracts they create will be just as valid as the traditional paper contracts they replace. Jincor provides its users with consulting and support on the legal issues related to the corporate usage of cryptocurrencies and smart contracts in the form of detailed instructions and explanations developed by Jincor’s legal department in cooperation with external partners across the globe.
- Technical complexity and Pricing – Cryptocurrency payments and smart contracts are so expensive to implement that most small and medium-sized businesses can’t afford to invest in them. Only a handful of developers are fluent in Solidity, a contract-oriented, high-level language for implementing smart contracts, and such developers often get paid as much as $250,000 per year. Jincor provides customizable smart contract templates that can cut down the cost of creating a single smart contract from thousands to hundreds of dollars.
- Non-compliance – The lack of regulatory and business compliance of cryptocurrency transactions and smart contracts is a major barrier to their mainstream adoption. Jincor addresses this issue by requiring every business on the platform to go through a strict verification process that ensures that all the interactions between users of the platform meet regulatory and corporate compliance policies.
In practice, business owners will be able to use Jincor to create labor smart contracts to automatically transfer wages to employees, enter into smart contracts with other companies, or automatically transfer funds to business partners’ accounts when certain conditions are met.
So far, Jincor has successfully launched a closed beta testing its basic functionality – companies search and secure messaging – in cooperation with dozens of companies, and the open beta release is slated for the late November with 300+ businesses joined the waiting list to give it a try.
The team behind Jincor is now ready to launch a crowdfunding campaign and distribute its cryptocurrency tokens, called JCR, among supporters. By the end of 2018, Jincor hopes to have over 10,000 business customers in open beta and develop mobile apps for iOS and Android.
Those who would like to get behind Jincor at the ground level are encouraged to participate by purchasing some JCR tokens, which will be used as a means of payment for premium features, such as smart contracts, verified cryptocurrency wallets, e-signatures, and more. This means that the value of JCR tokens will depend directly on how popular Jincor will be in the future, and everything indicates that it could be a real game-changer.
Jincor’s Initial Coin Offering (ICO) is planned for the 1st of December 2017, and here are some key facts about it:
- Total Token Supply: 35,000,000 JCR
- Hard Cap: $26,000,000
- Soft Cap: $2,500,000
- JCR price during the token sale: 1 JCR per 1 USD
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