Genesis Vision, The Blockchain Startup Set to Revolutionize the Private Investment Management Industry (more info here) is currently running their Initial Coin Offering. Chipin was grateful to sit down with Ruslan, the CEO, and talk about Genesis Vision, their competition, and challenges and the road ahead. Enjoy!
Hi Ruslan, could you please introduce yourself
Hello, I am CEO of Genesis Vision, blockchain enthusiast, and entrepreneur. I have different expertise in financial software development, like software for stock exchanges, brokers, HFT trading and so on. Now I am fully involved only in Genesis Vision project because it takes all my time and I hope that we will be able to launch the project which will make the financial industry better.
Could you explain what are you trying to solve with Genesis Vision? What exactly are the pain points that you’ve discovered about your target audience you’re trying to solve?
Our main goal is to solve issues of transparency and stability which we could face in current similar centralized solutions. Most of the problems are based on fact, that many unfair brokers\money managers are faking their results. Just read the last article about this: https://financefeeds.com/the-death-of-social-trading-conflict-of-interest-results-in-exit-rally-due-diligence-finds-80-of-lead-traders-to-be-fake/
In our platform, we will unite different brokers and investors from all over the world, and trading statistic will be loaded into block-chain so that it will be transparent for anyone. It means that nobody will be able to fake anything inside the platform, and it will guarantee that all results potential investors could see – is real.
Also in our system, each money manager will be qualified time by time, and each money manager will have to prove his trading skills before he can attract more investors.
So it will be a mix of transparency based on block-chain and smart contracts, and automatic check of money managers trading activities to make sure that they are really good traders.
That’s why we call our platform future of money management industry.
What was the process like in becoming a certified ICO by The Financial Commission? Were you confident that Genesis Vision was going to pass it? If so, why?
The process was quite hard because there are no any standards for such kind of certification and we have no expectation what to wait for such kind of audit. The audit covered more than 150 questions about all parts of our project: legal, technical, the blockchain, and its committee made deep investigation about our project and ICO. But anyway we think that such kind of certification could make whole ICO market more transparent and more stable.
Moving on to the topic of certifications, you are being extremely transparent about Genesis Vision’s documents (Smart contract audits, the Howey Test, etc.). What is your motive behind this?
As long as we were going to solve transparency issues, we decided that we have to be transparent as well. We are trying to show by our own example, that such kind of openness gives a big advantage, and we hope that shortly all kind of financial service will be transparent, and there will be no place to any kind of fakes.
Could you explain more about the Genesis Vision fund? Do you mean that Genesis Vision will invest in managers who have a good trading history?
Yep, tokens from this fund will be regularly invested in successful platform managers. We plan to keep the fund operating regardless of the profit it generates, constantly stimulating Genesis Vision managers’ activity. So it is not only about profit but also about attracting more activities in the platform
Could you let us know why you came up with the idea of Genesis Vision? Were there any problems with traditional trust management that you personally experienced in the past that you wanted to solve with GV?
I told a little about it in the beginning. Managers, and consequently their investors, are tied to their brokers/exchanges. Simultaneously, there is no consolidated reliable source of information or statistics. This deprives investors of flexibility in their choices and limits the manager’s ability to attract new funds. The lack of transparency further exacerbates the situation.
Brokers have the technical ability to influence the data on the trade history and statistics of their managers. The potential investor cannot distinguish the real trade history from the counterfeit, and the existing graph of the manager’s profit from the “drawn”. The mechanisms of investment, distribution of profits and commissions are hidden inside the realization of trading platforms and are not open to market participants.
The method of using options instead of the common pre-sale for your ICO is interesting. Can you explain why did you choose to do this instead of a pre-sale?
On classic pre-sale, you need to put the full amount of funds you want to invest into ICO, and all these funds will be frozen until the end of ICO. So, it means that have to freeze your funds for 2-3 months, and just sit and wait for the ICO end.
We decided to make it more convenient for investors, and allow them just pre-book tokens via option program, so it allows them to use their funds while pre-sale is running without limitations.
Can you let us know more about your team or peers who’ve helped you along the way with Genesis Vision? What are the best attributes of each of them?
I would like to mention 2 of them
First, the co-founder of Genesis Vision, Dmitry Nazarov, who is the proficient software developer with over six years of experience in various international financial organizations. Among them are a brokerage company, a stock exchange, and a large UK-based foreign exchange company. Recently, he was working as a software development consultant in the International Atomic Energy Agency.
Also, at the beginning of 2017, Alexey Kutsenko, CEO of Tools For Brokers (http://t4b.com), joined the team. His fintech company has been operating on the market for eight years and had more than 300 brokers as clients. Alexey helps elaborate strategy for entering the market and manages details of Genesis Vision’s trust management solution.
Who is your competition and what sets you apart from them?
Unlike other blockchain projects connected with trust management, we don’t limit our target audience with the crypto world only. Our first goal is to bring the transparency and stability to the traditional financial markets such as forex, stock markets, hedge funds and so forth.
Apart from that, there are some projects, oriented to different markets (mainly ETFs and real estate) but they are not our direct competitors as well.
So basically our project is unique, having direct competitors only from centralized platforms for trust management. Our main competitors outside of the crypto industry are eToro and ZuluTrade.
What do you think are the toughest challenges ahead for Genesis Vision? How are you going to deal with it?
Industry and regulation changes so quickly, so it will be complicated to predict what will be the toughest challenge, but first of all, we need to run successful ICO, and then we will start our long hard road of capturing the market of trust management. So time will show, what challenges we will face and what of them will be hardest.
We’ll be scheduling even more exclusive interviews like this in the coming weeks to delve into the minds of what makes a blockchain startup tick as well asking the questions you want to know the most.
To make sure you don’t miss out on our exclusive interviews, go ahead and sign-up to our mailing list and subscribe to our social media channels. Get in touch to let us know, who we should Interview and what questions you want to ask.
You’ll get notifications on the latest exclusive articles as soon as they appear on our website – we won’t and will never spam you.