Jincor is a blockchain-based platform that allows businesses to use smart contracts and cryptocurrency payments easily without the hassles of legal and technical complications attached to it.
While there are already existing solutions in the market, none of them come close to what Jincor is offering.
Aside from being extremely cost-efficient, Jincor has built up a useful, secure and easy-to-use product for users which will include the ability to create smart contracts and use them right now for your business.
As a bigger part of their vision, Jincor aims to integrate companies, employees, and businesses under a complete blockchain ecosystem which makes the operations of a business transparent and highly effective.
In layman’s terms, Jincor wants to build a blockchain platform that will make it so that signing up for the Jincor platform and coming up with smart contracts on the platform are done easily and legally – even to a 5-year old.
We recently sat down with Vagan Abelyan, the COO and co-founder of Jincor to have a chat with him about the project as well as finding out his thoughts and insights.
Hi, Vagan. Thanks for joining us today. Can you tell us more about yourself and Jincor?
Good afternoon and thank you for the invitation! I’m the CFO and one of the co-founders of Jincor. My journey with the company started because throughout my life I’ve always been interested in technology and ways of making people’s lives easier. I believe that everything that can be delegated from a human-being to a machine should be delegated. Technological progress opens up incredible possibilities for globalization enabling people worldwide to combine their efforts in the creation of something more important. And at a time when we already have all the tools to realize the human potential to the fullest, it would be an unnecessary luxury to occupy people with activities that can be automated. The second co-founder of Jincor, my colleague and friend – Vladislav Kirichenko, shares the same point of view. And this is what we are aiming to embody in the architecture of Jincor.
Bringing blockchain technologies to any business worldwide and enabling companies to integrate them into their activities within just one day with no tech or legal complications in a cost-efficient way – that’s what Jincor is all about.
Imagine that you register your company at the platform, immediately verify it (i.e., link its profile to the registration data in the physical world) and instantly got crypto-currency wallets for your company and its employees. Apart from that, you will be able to take advantage of another amazing feature – smart contracts constructor – which allows to easily create customized smart contracts that work perfectly for your business without any coding.
In addition, Jincor is an intercorporate space, where you can quickly find the company you need (e.g potential supplier), contact the right person, sign an agreement (smart contract), start making business together and quickly pay in a crypto-currencies with no standard banking transaction commissions or prolonged time-frames of such operations. We provide one solution with all the necessary functionalities to make it as convenient as it can be.
First off, why did you decide to use the blockchain in building Jincor?
An essential term for using the smart contracts in the operational activities of companies and individuals is the existence of decentralized and trusted data. Therefore it’s possible to execute transactions that completely exclude the human factor. In other words, blockchain is the ideal environment for creating and using smart contracts because it ensures trust in these contracts and their execution.
What do you think is the biggest problem Jincor will solve and why is the problem important to solve?
The application of smart contracts coupled with crypto-currencies opens huge opportunities for business in terms of increasing the efficiency and speed of transactions. But now, only large enterprises that have a lot of blockchain programmers and lawyers can afford to make use of these technologies.
We, on the other hand, make these technologies available for absolutely every business, reducing the cost of creating one smart contract, say, a labor contract, from $ 5-10k to $ 50-100, and speeding up the creation of a contract from 2-4 weeks to 5-30 minutes.
Smart contracts and crypto-currencies are very cool things that help open new markets, reduce costs, increase the speed of turnover and much more. It will be great when every company and even individual entrepreneurs can use it.
Smart contracts solve an important gap in the industry but business owners are still curious about how it will work for more complicated terms.
For example, while smart contracts may work well with a simple relationship between a buyer and seller, how would it work for business relationships in a national corporation where there are many parties involved with many complicated terms?
We believe that complication of smart contracts should happen evolutionarily like it is with any other technology. First, these are the simplest algorithms that solve simple dependencies, then they begin to grow into additional layers of abstractions that allow you to enter more and more variables. Programming the most complicated smart contracts is just a matter of time, after all, human created a modern computer somehow, right? Previously, it was way less complex and functional…
In turn, we are now focused on creating a constructor for simple contracts such as labor, leasing, classic corporate, franchisees, service contracts, property and so on.
Given the proper level of abstraction and the number of layers, the creation of individual complex smart contracts will not seem something overly complicated, especially when we provide this shell.
How do smart contracts help small businesses or your local family-owned store? How does Jincor help to improve that benefit even more?
Smart contracts allow you to automate many processes that take a lot of time and paper. For example, labor smart contracts can independently calculate and wire wages to employees, without any human involvement. For a small business, smart contracts and crypto-currencies can also become a way to expand outside of local markets, bypassing bureaucracy, banks, and jurisdictional complexities. The main thing is to timely pay taxes and not hide anything, then there will be no problems.
Tell us more about the idea of the companies module in Jincor. Was it an idea that you originally wanted on the platform or was it something that was suggested to you from feedback by business owners, partnerships, etc.?
The idea of Jincor has undergone significant changes in the course of its creation. The original concept really does not look much like the final product. We can even say that we raised 90% of initial financing for a different product, but our early-stage investors are actually happy with the progress of the current product and they clearly understand the demand that companies all around the world show for it.
The original idea was that communications between companies are in a very poor state. We experienced this on our own when together with Vladislav we were engaged in the promotion of vertical farming technologies in collaboration with the Russian government. At that time, we had to interact with almost one hundred companies all over the world at the same time, and the communications were a chaos. We worked with tons of e-mails beginning with [email protected], in most cases receiving no answer, and very often faced the fact that employees of large companies did not even know which division is in charge of which matter. That’s when the idea of creating an inter-corporate communication platform was born, where one unit would be not an individual, but a company and its departments. By the way, the possibility of such communication is already implemented at Jincor.
Of course, later on, we took on board the feedback from our business partners, the community. It influenced the evolution of the product greatly. And even more than that – people that were and still are creating Jincor. Each of them, joining us, brought fresh ideas and a distinct view of Jincor, and we are very grateful and proud to have such team. From my point of view, this is the right path for the evolution, so to say the natural way, because in the modern world flexibility and the readiness to transform and adapt are the keystone to success.
What do you think are the biggest weaknesses of smart contracts currently?
There is yet a lot of infrastructures and procedural documentation to develop. Currently, the industry of blockchain, smart contracts, and crypto-currencies resembles the Internet of the 1990s, when the whole Internet had just a couple of dozen worthy sites. So now it’s the same story with smart contracts: the lack of well-developed private blockchains and web services for inter-blockchain communication, oracle imperfections and lack of regulation in many countries – these are the main difficulties. But this is all just a matter of time. It opens up huge opportunities for companies like Jincor to be at the forefront of events.
What has been your happiest moment so far working on Jincor?
On the flipside, what has been the most painful, or perhaps the most regretful decision you’ve made with Jincor?
I did not have any unhappy days in Jincor. Working on this project, I feel completely happy. Therefore, it is difficult to single out a particular moment.
I can say that the only frustrating moments are when the deadlines for development or other tasks are broken, but whenever we come across such planning errors we work them out and go to the next iteration. After all, I always bear in mind that even if we happen to break a deadline, we do it only for the sake of delivering a great product and eventually overcome these difficulties and move forward. Take for example Elon Musk, it’s incredible how many times he was one step away from a complete failure and bankruptcy on his road to success. He failed 4 times with his SpaceX rocket launch and 6 times with its landing in years 2006, 2007, 2008, 2013, 2015 and 2016 (almost every year!). In his Tesla project, he also had all sorts of problems like the one with falcon-wing doors, batteries and of course deadlines: his Tesla Model X was released with more than 18 months of delay. And still, he had never given up and so far he is yielding great results.
Editors Pick: Upcoming ICO
Smart contracts are bound to become the most important use of the blockchain. While cryptocurrencies and the blockchain technology are widely covered in the media solely based on trading and profits, the real game-changer of the technology is smart contracts. Smart contracts are self-executing pieces of code on the blockchain
Is the Jincor platform already working with notable businesses or firms? Are there any future partnerships in progress? If yes, can you explain briefly about it?
Jincor plans to open beta for all comers within a week or two. At the moment, more than 300 companies from all over the world have requested access to this beta testing. And yes, we are currently engaged in negotiations with a number of large world-renowned companies but we consider it unethical to name them before we have signed any agreements. We think this process will accelerate significantly with the opening of beta.
What is next for Jincor other than the current services offered? Do you plan to add more products, features, or services on the Jincor platform in the future?
Of course, there are many products and services that can be organically built into Jincor. We have described in detail our entire medium-term plan in Whitepaper. To put it in a nutshell, our further plans revolve around enabling organizations to receive financial services and instruments in crypto-currencies, such as overdrafts, loans, letters of credit, hedging, and so on. The second course is the development of smart contracts in the direction of deeper abstractions, the possibility of creating more complex smart contracts, as well as the development of an internal arbitration system, as soon as it will become possible, legally and regulatory speaking, which will allow regulating all disagreements between companies in a single window mode.
In case of a dispute, you will no longer have to run around the courts, wait for months for a solution, and go through the massive bureaucracy. To do this, we will need to obtain an arbitration license or to achieve a partnership with a licensed arbitration institution, and this is exactly what we are going to do as soon as all the external factors such as laws in particular countries our business customers registered at would be in places.
What do you think is the biggest challenge or obstacle Jincor will face? How do you plan to tackle that challenge?
At the moment, our team works very harmoniously, as a whole, and combines all the necessary competencies. I think if such coherence, trust, and communication level can be maintained, then there will not be any special problems on our way. At least, I do not see such problems and challenges.
What is Jincor’s business model? Simply put, how is the platform going to make money in order to sustain its growth (other than the ICO itself)?
We use a freemium model, in other words, users can access some of our platform’s functionality for free and some for a fee. For instance, such options as the smart contracts constructor, arbitration system, and financial instruments, will be at a charge. This will form the basis of our business model. Developing more and more different contracts’ templates, we will be able to offer our clients a wide range of tools for contracts, thereby making the use of our service expedient and attractive. In addition, all our developments will be an open source code, and every talented developer or entrepreneur will be able to build his business around Jincor.
For example, one can develop a smart contract template, place it on our platform and after our review and approval get a percentage when somebody uses it, or even develop a full-fledged standalone software and attach it to Jincor via the API. This way developers will be able to access our client base and expand their own business, enabling us to provide more tools to our customers and taking a direct part in the development of new standards of business relations between companies around the world.
Moving on to more personal stuff, what does a typical day in your life look like?
Usually, my day starts at 7-8 in the morning. I take a shower and get to work. By 12 o’clock I usually recall that I still haven’t had breakfast and order some food to my house or the office, depending on where I work. Then I again plunge into the working process until 8-9 pm. So my work life connected deeply to my personal life. And despite the fact that most of our team work remotely we regularly gather together for work and joint leisure time. For example, now our entire team is on a working trip to Georgia. During the daytime we work together, in the evening we go to play pool, chill at restaurants and just have a good time, and on weekends we go to natural sights and enjoy Georgia’s stunning views.
Finally, what other personal goals (besides your career) do you have in life? Is there anything else in life you want to achieve?
There are too many things in life that I would like to do, but I’m afraid I will not have enough time for all of them. I have a few non-commercial projects in my head that I would like to implement in the future, but I’m not ready to talk about them yet. It will take more than a year for Jincor to finally become what it is destined to be. Therefore, I do not plan too far ahead and do not set myself other goals by now. It is much better to live according to principles and values, rather than to live from goal to goal. All actions and goals are derivatives of them.
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