Scrinium is a decentralized token that operates using smart contracts and data analytics to maximize investor returns.
By conducting performance analysis of millions of traders around the world, it creates a portfolio based on the actions of traders whose actions and performance align with the investor’s requirements for safety and performance. Not only does this provide easy access to advanced analytics, it gives investors access to advanced trading methods without the cripplingly high fees and tax burden that often accompanies such trading.
We recently sat down with Sebastian Forbes, the finance director of Scrinium to have a chat with him about the project as well as finding out his thoughts and insights.
Hi, Sebastian. Thanks for joining us today. Can you tell us more about yourself and Scrinium?
Well, I’m a fanatic with regards to a few select things, mostly music, numbers, and sport. I tend to let them completely take over my life. Music, my earliest passion, became the controlling influence throughout the majority of my younger years. I played my first Proms concert at the Albert Hall when I was 20. Soon after I had finished my studies, I found my passion for judo, culminating in a bronze medal at Crystal Palace in London. It was only then that I was able to focus and to discover what could be achieved with numbers – to realize that I could use quantitative/statistical data, as well as qualitative data, and turn it into meaningful information to influence a decision-making process.
Scrinium came as an idea long ago, as I have had a chance of looking into different copy trading and social trading solutions. With new technologies in action, we are finally able to implement what was only a concept a few years ago. This idea was shaped by years of experience and by looking at the market and at how people use existing solutions and that’s when we realized we want to do something better, and include all participants of the process into benefits.
First off, why did you decide to use the blockchain in building Scrinium? What was your thought process behind it?
Due to implementing smart contracts, we have an automated and transparent investment platform and profit distribution model. Blockchain technology ensures that all the data is fully transparent, can’t be falsified and protected from leaks or unauthorized third-party access. Besides, it’s something that has huge potential and we’re ready to use it to its fullest.
Tell us about how you came up with the idea of Scrinium. Did you face a problem within the industry or do you think there is a gap in the market for Scrinium to fill?
It’s actually both, as none of the classic schemes work in a seamless way. We just wanted to provide an access to investing for everyone who doesn’t have time and stamina to learn about trading strategies or develop their own. Moreover, we thought about all parties involved: how this can be beneficial to traders and liquidity providers and we came up with the idea that includes everyone in the process. It’s quite unique to target all the participants and also to provide algorithms for defining successful trades, as most of them are far from perfect.
What do you think is the biggest problem Scrinium will solve and why is the problem important to solve?
It will save a lot of time and effort for everyone willing to invest but cautious about their own abilities to analyze financial markets. Also, it will provide investors with an access to financial markets, bringing liquidity providers more trading volumes.
How does Scrinium actually match investors with the appropriate trading strategy of traders on the platform?
Our smart algorithm will calculate levels of risk and profitability and assign traders to investors, according to investors’ settings. We can talk about this in more detail as soon as the first prototype is released. We will keep you updated.
What other metrics can investors adjust other than the risk/profit levels for his or her portfolio?
The investor will be able to choose instruments he wants to invest in, as well as more complex settings: drawdown and trading volumes to deposit ratio.
In both cases, what are the underlying technologies behind it that makes this portfolio matching possible?
An investor would open an account and select suitable options for his portfolio generation. A trader would connect his new or existing trading account to Scrinium via API. The trader would then carry on trading in their usual manner, while Scrinium would record the trades, analyze them and suggest inclusion into different investor portfolios depending on trading performance and consistency. At the same time, Scrinium would send exact copies of the trader’s orders to the investor’s account in one or several liquidity providers from a liquidity pool. Once a trade is closed with positive results, Scrinium assigns profit to the investor immediately and pays out the trader’s reward.
Each of the steps will utilize smart-contracts and blockchain technology. Smart contracts allow Scrinium to build an automated and open trading environment and portfolio management system. Blockchain technology makes all the data and transactions transparent and protected from any third party interference.
An impressive feature of the Scrinium platform is the amount of security features you have which includes face recognition and biometric identification. What is the reasoning behind such an advanced security process and how does this benefit users as a whole?
We are thinking about funds security as a cornerstone of the investment process.
After thoroughly studying the world’s most up-to-date security technologies, the Scrinium team came up with a unique customer data security solution that integrates the most reliable technologies available at the moment. Knowing that security is the essential part of any financial service, our team keeps researching other security technologies to implement within the Scrinium platform later on.
Editors Pick: Scrinium ICO
Trading has always been an up-and-down industry ever since the launch of the stock market (and even before that, one may argue). There are several perpetual problems in the trading system, however. First, trading is not as easy as buying or selling when the asset’s price goes up or down;
Past performance is an indicator of a trader’s expertise but it may not be the best metric. How do you filter traders in Scrinium and what other metrics do you look at other than past performance? Can a trader join Scrinium purely based on reputation?
Indeed, past performance isn’t the best metric. A trader also won’t be able to join the Scrinium pool based on reputation only. Before joining the system, a trader will pass the system’s audit and it will be an ongoing process for his/her trades performance while they are still in the system.
What has been your happiest moment so far working on Scrinium?
The pre-ICO launch day and 3 days that followed – we’ve sold 50% of pre-ICO coins in only 3 days. Also, Pre-ICO stage is successfully finished with all coins sold out.
On the flipside, what has been the most painful, or perhaps the most regretful decision you’ve made with Scrinium?
Maybe starting the project a bit earlier would have saved us some effort, but I wouldn’t say we regret anything.
Is Scrinium already working with notable businesses or firms? Are there any future partnerships in process? If yes, can you explain briefly about it?
We’re at the negotiations stage with digital assets exchanges and liquidity providers at the moment, so you will be informed about any confirmed partnerships closer to product release date.
Moving on to more personal stuff, what does a typical day in your life look like?
Getting up at six in the morning to visit the gym has been a completely unsuccessful New Year’s resolution for many years now. Subsequently, I always start with coffee and analysis of the previous day’s financial data. I usually have one high-level discussion and for sure, I’ll have a minimum of two international calls per day. We’re so close to getting the CySEC license now that it occupies nearly half of my day, every day. The rest of my time is filled with international corporate/legal formalities and ensuring that OctaFX is always on the right side of all compliance & regulatory requirements.
Can you express one personal opinion of yours about the blockchain? It doesn’t matter if it’s negative or positive, we just want to hear your thoughts on it.
Blockchain technology drastically changes how people perceive the world: it is similar to the Internet technology back when it was invented.
I think it will become an integral part of our lives and reshape the society.
Of course, currently there are some drawbacks in the technology, namely the necessity of spending a lot of hardware resource on coin mining, but some new developments in that area also exist. New, less demanding systems are emerging, for example, Casper algorithm. So we are staying tuned for every technology update and are ready to contribute to it as well.
Finally, what other personal goals (besides your career) do you have in life? Is there anything else in life you want to achieve?
Whether it’s CPD for my membership to the ACCA and the CISI, or my MSc., that I hope to complete in 2018, it seems that the majority of my spare time is now taken up by some form of learning or research. Of course, I always enjoy good food, good company and listening to a wide variety of music. To that end, I would love to visit a variety of international theatres to see the latest stars in opera. Additionally, I’m determined to walk for at least one and a half hours a day, usually by the sea or in the local hills.
That concludes our Interview with Sebastian Forbes
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