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 that automatically executes the terms of an agreement between parties hence the name smart contracts.
This can be used in place of many contract agreements today where there needs to trust from both sides that the terms of a contract will actually be agreed on.
For example, let’s imagine the age-old scenario of a retailer and supplier doing business. As a retailer, you want to order goods from your supplier but you don’t want to pay (at least not in full) until you get all of your goods.
Your supplier, on the other hand, is reluctant to give away his goods unless he gets some sort of deposit for it. This results in a Catch-22 situation for both parties – who’s going to act first?
This will no longer be an issue with smart contracts.
With smart contracts, you can come up with an agreement that will automatically agree on the terms of the contracts as soon as they are met; going with the example above, once you receive your delivery, your supplier instantly gets the funds with the help of smart contracts.
The amazing thing about smart contracts is how simple they work. With it, you don’t have to worry about fraud, paperwork or even intermediaries like banks or lawyers as smart contracts only need you and party you want to deal with to work.
The problem with smart contracts, however, is that since it is relatively young, there are no proper regulations in place yet to help users. Smart contracts are also quite complex to implement and comes with its own costs although it is cheaper than hiring a traditional lawyer for the job.
How are these problems solved so the average user can use smart contracts for their business?Welcome to EditPad.org – your online plain text editor. Enter or paste your text here. To download and save it, click on the button below.
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.
Like all blockchain startups, users of the platform are safeguarded with the security features of a private blockchain. Not only will your data be protected and kept private, terms and agreements on smart contracts will also be kept forever so there is absolutely no room for fraud or scams.
With Jincor, the team will finally deliver a solution to today’s business relations where even legally-binding contracts are broken and undelivered.
The Jincor ecosystem is made up of two important elements: decentralized applications (DApps) as well as classic web applications. These applications allow organizations to create and manage on the Jincor platform without needing any technical skills.
As mentioned earlier, the platform also includes functionalities needed in businesses such as management tools for companies and employees, a full-fledged cryptocurrency wallet, as well as making cryptocurrency transactions and a variety of smart contract templates.
One of the features of the Jincor platform is a companies module which is a web microservice that includes profiles of organizations, their departments as well as the list of participants.
This module allows certain individuals tools or permissions to manage the company such as creating sub-organizations, send invitations to employees, as well as define their roles within the organization.
Organizations signed up on the Jincor platform each has a unique digital ID and URL, a public profile, a list of participants as well as one or more cryptocurrency accounts (optional).
The organization’s public profile is similar to a digital business card, which allows any person or organization to connect with the company in a single click.
Organizations on the Jincor platform have access to cryptocurrency accounts which can be used to deliver payments, receive or send wages, receive dividends, as well as other financial transactions.
Early next year, the Jincor team will release a set of smart contract templates which businesses can literally plug-and-play for their own use:
The list of smart contracts templates include:
- Contracts for regular payments
- Contracts for partnership programs
- Signed transactions
- B2B commerce
Although smart contracts are executed without the need of a third-party, the team understands that disputes or complications may arise especially in the blockchain industry where it’s still in its infancy.
To solve that, Jincor has included an integrated decentralized arbitration system aimed at settling disputes in the execution of smart contracts.
Finally, the platform also has an E-Documents system which is more or less a decentralized application embedded in the Jincor Messenger. E-Documents allow users to securely store, send and include digital signatures with various electronic documents in the platform itself.
Jincor will run a token sale for the JCR token which will the official cryptocurrency used in the Jincor blockchain-ecosystem for safe and automated business interactions.
After the official release of the platform, JCR tokens will serve as a local currency within the ecosystem. You’ll able to pay for the platform services in JCR or send them to other companies along with a host of other benefits.
Token name: JCR
Token base: Ethereum (ERC-20 compliant)
Token supply: 35,000,000 (28,000,000 on sale during the token sale)
Token sale duration: 15th of November, 2017 to the 30th of December, 2017
Token sale target: $27,000,000