Jincor Basic Review
|Start ICO||30 Nov 2017|
|End ICO||30 Jan 2018|
Ticker symbol: JCR
Project type: Blockchain platform, Fintech
Extended company description: Jincor is a platform that will enable any business to use smart contracts and cryptocurrency payments without any special technical knowledge or large financial costs.
Company: Jincor Limited (Private company reg. No HE 366361)
Public ICO launch: 01.12.2017
Public ICO end date: 31.01.2018
Crowdsale duration (weeks): 6,3
Token type: ERC-20
Token supply: 35 000 000
Tokens available for purchase (Pre-Sale + Public ICO): 28 000 000
The purpose of attracting investments:
1 JCR price: 1 USD
Accepted payments: ETH
Bounty: Program start September 25, 2017 to December 30, 2017
Token role: Functional
Team (number of people): 20
Advisors and partners (number of people): 4
Twitter: Posting: 70, Subscribers: 753
Telegram: Subscribers: 700
Medium: Posting: 7, Subscribers: 36
Reddit: Subscribers: 13
Linkedin: Subscribers: 35
Facebook: Subscribers: 242
Jincor is a platform that will enable any business to use smart contracts and cryptocurrency payments without any special technical knowledge or large financial costs.
Jincor will provide the following services:
- Company registration.
- Creation of data on employees of the company and assignment of roles.
- Use of an intercorporate messenger.
- Digital company audit.
- The setting up of corporate and individual cryptocurrency accounts.
- Access to a number of financial instruments, such as bills of exchange, overdrafts, factoring, etc.
- Digital signatures of an enterprise.
- Use of a set of constructive elements for the creation and execution of corporate smart contracts.
- Recourse to a decentralized arbitration system for litigation in the framework of digital jurisdiction.
The core product is already implemented, which enables registering a company on the system, filling in all necessary information, inviting employees, distributing roles among them in accordance with staff structure, as well as a messenger for communications at internal and b2b level, and a search system that enables finding new business contacts based on geolocation and industry. As the core of the product has already been developed, according to the founders work has begun on the implementation of the most important functions of the platform: the plans include providing an open beta designer of basic smart contracts.
In JINCOR, all major high-liquidity cryptocurrencies will be available to organizations, including BTC, ETH and others which Jincor customers require.
- Michael Terpin (https://www.linkedin.com/in/michaelterpin) Strategic ICO Advisor. Michael Terpin is one of the founders of BitAngels, the world's first informal association of investors investing in cryptocurrency start-ups.
- Markus Killick (https://www.linkedin.com/in/marcus-killick-obe-85b8376/) - advisor on jurisdiction. CEO at ISOLAS (law firm) (3 years), NED Tradewise Insurance Company Ltd, Chairman of Gibraltar Stock Exchange, Non-Executive Chairman of the Gibraltar International Bank.
- Simon Cocking (https://www.linkedin.com/in/simon-cocking-20540135/) - media consultant. Editor for Irish Tech News (2 years), freelance writer at Sitepoint, Academy of Digital Skills, Dublin Globe, writer for UCD Innovation Academy.
- Stas Kolesnichenko (https://www.linkedin.com/in/skoleso/) - legal advisor. BA at Pereg Ventures (1 year), Chief Financial Officer at ShowJet (2 years), Director for Strategic and Corporate Development at Aegis Media.
- Thomas Carner (https://www.linkedin.com/in/tomaskarner/) - legal advisor. Founder and CEO at Aurum Capital Investments AB (Ltd) (consulting and risk assessment), Founder and CEO at Nordic Business Facilitators AB (Ltd) (11 years).
Based on available LinkedIn data, two legal advisors do not have legal experience. Both are experts in business development and risk assessment.
Investments attracted: According to data from Crunchbase.com, $400,000 was raised in the seed round in May 2016; details are not disclosed.
The project is well-structured, with consistent information in the official documentation. To conduct a successful crowdsale in our opinion it is necessary to pay attention to work with the community.
At the heart of the Jincor project are experienced experts from the finance industry. The CEO of the project has experience in building and running a business.
Strengths of the project:
- the project has public beta version of the product
- the project as a whole is positively accepted by blockchain industry
- the project has core specialists
- the project enters a growing market that is ready to accept the technology of smart contracts.
Weaknesses of the project:
- With respect to other projects that are staging ICO, Jincor has a low interest from the blockchain community (we believe that an active bounty program and publications on specialized resources will help settle this issue.)
Market and industry
For total Ethereum smart contracts the market volume is $24 billion (the volume of the market for all cryptocurrencies is $100 billion) for 2017. Cumulative growth rate of the market (CAGR) is forecasted at the level of 61.5% up to 2021.
- According to McKinsey and Company and the World Bank there are 130 million small and medium-sized enterprises in developed markets and there are 100 million enterprises on developing ones.
- According to Forbes and Cox Business, 31% of small or medium-sized businesses cite changes in technology needs as one of the most important challenges for a company.
- A World Trade Organization report notes that the participation of small and medium- sized enterprises in trade is usually small. According to WTO calculations, direct exports account for only 7.6% of total sales. Total exports amount to $14.6 trillion worldwide.
- According to a World Payments report, the volume of transactions is $426.3 billion.
- Currently, the volume of daily transactions in cryptocurrencies exceeds $2 billion (Juniper Research).
According to the data presented, the volume of transactions in cryptocurrency made by small and medium-sized businesses focused on international business is $4.5 billion.
According to the white paper:
- Cross-border B2B payments on blockchain can save businesses by about $50-60 billion by 2021 by speeding up delivery.
- Smart-contracts will be used by more than 25% of global organizations by 2022.
- The annual revenue for enterprise blockchain applications will increase from about $2.5 billion worldwide in 2016 to $19.9 billion in 2025, representing a cumulative annual growth rate (CAGR) of 26, 2%.
- Taking into account that there are more than 250 million companies worldwide and that many of them recognize the need for digital transformation, we believe that Jincor’s market volume can reach $3 billion.
- Target customers are small and medium-sized business focused primarily on international activities.
Comments: Jincor has a market analysis and a target segment. The data given in the white paper is confirmed by other sources. Data regarding potential market volume reflects the real situation in the market.
There are discussions on the similarity between Jincor and STATUS on Bitcoin talk:
- STATUS (https://status.im/) - browser, messenger and gateway to a decentralized world. Enables storing money and communicating via messenger.
In addition, we note the following competitors:
- CodeX (https://medium.com/@PaxDirectory/codex-a-legal-scripting-language- e3723cc76662) - a legal system based on smart contracts.
Resume: The difference between Jincor and STATUS, is that STATUS is focused on B2C, and Jincor provides B2B services. As for differences with Codius, BlockCat, Agrello, etc. - Jincor has an instant easy-to-use messenger with an 'arbitration' function. In addition, Jincor is developing its own blockchain, providing additional security for users, which is a significant competitive advantage over similar solutions. In addition, the product provides an environment for the implementation of legal cryptocurrency transactions.
Engineering features of the platform
The Jincor ecosystem is a combination of decentralized (dApp) and classic web applications that allow creation and management of organizations without personal technical resources on a private blockchain, based on Hyperledger technologies.
The main feature of the platform is that it is a fusion of decentralized applications and additional layers of classic web applications that allows use of blockchain technologies without any technical or other difficulties in creating smart contracts, making cryptocurrency payments or other types of business process. The general structure, using the example of a labor smart contract, can be seen on the following diagram:
The platform itself works as follows:
- A company registers on the system, creating its profile indicating the trade name and type of business, location of headquarters, summary, website, contacts and links to social media.
- Each participant will have its own cryptocurrency accounts. A company will be able not only to pay for supplies, etc., but also to pay salaries and dividends via smart- contracts (written independently or via submitted templates.)
In addition, Jincor Messenger enables storing, sending and signing of all types of electronic document.
An interesting point is the addition of a three-tier arbitration system that will help resolve disputes related to the execution of smart-contracts.
In the future, with the development of technology and data capacity, it is planned to implement the following:
- October 2017 - Open beta testing.
- November 2017 - Introduction of the function of payments and payment of bills. Launch of partner promotion channels.
- January 2018 - Release of mobile applications for iOS and Android.
- April 2018 - Integration with third-party applications, implementation of tools for verifying corporate users.
- June 2018 - Introduction of a corporate digital signature.
- Q3 2018 - Introduction of multi-signature wallets for organizations and a system of cryptocurrency settlements between companies and their employees.
- Q4 2018 - Corporate smart contracts and their arbitration, instruments for the issuance of securities and dividend payments on blockchain.
Comment: The company has introduced a step-by-step strategy for the development of the platform. There is a detailed description of
the services being added and their scope.
The following active blocks are represented in open repositories:
The following active units are represented in the open repository:
- Explorer - Simple Ethereum Manager
- Tokens - creation of smart contracts for Ethereum
These algorithms are not developed by Etherparty and have a low level of activity.
The remaining 15 blocks show no activity.
Screenshot of repository:
Comment: There is some activity in open repositories.
Resume: The obvious strengths of the project are the public testing of the beta version of the platform, and activity in the open repositories. According to a representative of the project, Jincor is also developing its own blockchain, which is a significant competitive advantage over similar solutions, providing additional security for users.
We have analyzed the website and documentation for sufficiency and consistency for making an investment decision.
The documentation includes the white Paper and business summary; it is presented in English only. In the submitted documentation Jincor is described in sufficient detail; the planned growth indicators are reflected; a pricing scheme for the token and a monetization scheme are indicated, as well as the risks associated with investing in JCR tokens.
The website also provides information about the project, a roadmap, the staging of the public ICO, the team and answers to the most frequently asked questions. An additional advantage of the website is access to the beta version. The website is presented in English and Russian.
Resume: The documentation gives the reader a good idea about the project. The website and the submitted documents have a fairly clear structure without contradictions.
Token emission, % 76%
Crowdsale period: 6 weeks up to December 30, 2017
Tokens to be released, % 80%
Token type: ERC-20
Accepted as payment: ETH, BTC
1JCR cost 1 USD
JCR acts as the internal currency of the platform that will be used as means of payment for paid services, such as the smart contract designer, corporate crypto financial services and arbitration system. The popularity and liquidity of the token will depend directly on the user base of Jincor.
Token issue limit: 28 000 000
Advantages of token holders: limited tokens, functional tokens, which allows using the services of the platform.
Maximum planning amount of profit: 26 600 000 USD
Minimum planning amount of profit: 2 500 000 USD
The tokensale is implemented in the following stages:
- Pre-ICO: August 21, 2017 - August 30, 2017, 1 JCR = $ 0.25; $350k raised
- ICO: November 15, 2017 - December 30, 2017.
Comment: JCR tokens will be automatically transferred to the buyer's wallet immediately after a successful transaction in ETH or BTC to the Jincor smart contract address. The transfer of JCR tokens to other wallets is prohibited until the end of the ICO (December 30, 2017). Placing on exchanges is planned in December 2017. A list of exchanges will be announced later. According to the white paper, JCR tokens will be available on popular crypto exchanges one month after the ICO; the project is planning to provide an opportunity to buy tokens inside the platform without commissions. In the event that the amount of JCR tokens is insufficient in the market, the project team will allocate them from its own fund (12% - 4,200,000 JCR) until the required number of tokens will not be available for purchase on crypto exchanges.
Link to the Bounty https://bitcointalk.org/index.php?topic=2206571.0;all
The project has reserved 1,050,000 JCR tokens (3% of the total) for the bounty. The program is operating in the following areas:
- Facebook - 10% (86260 JCR)
- Twitter - 10% (86260 JCR)
- Blog - 10% (86260 JCR)
- Youtube - 15% (129390 JCR)
- Bitcointalk signatures and avatars - 10% (86260 JCR)
- Bitcointalk translation and forum moderation - 5% (43130 JCR)
- Translation of documentation and website - 5% (43130 JCR)
- Art-content creation - 5% (43130 JCR)
- Referral links - 15% (129390 JCR), the direction on 12/10/17 has not yet been launched
- Bug reporting/code audit - 5% (43130 JCR)
Resume: The project has an extensive bounty program. All program conditions are detailed in the link above.
Tokens and capital distribution
Tokens and capital are distributed according to the following scheme:
Resume: Tokens do not affect the distribution of shares in the company.
Resume: Jincor has a balanced strategy for entering the market. However, since the company relies on a legal framework (arbitration), there may be difficulties in adapting the system to different countries, especially in the payment of wages in cryptocurrency. Currently, cryptocurrency is legal in a large number of developed countries and the company's roadmap has been developed taking into account the current situation. It will be adapted in accordance with changes in legislation in countries in whose territories the project will be active.
The team consists of 20 people and 4 advisors. Information about the main team members based on LinkedIn is given below:
Vlad Kirichenko (https://www.linkedin.com/in/vladislav-kirichenko-800a99a3/) - CEO, Co-founder. Previously Co-founder & CEO of Triumph Industries Co. Ltd. (production and wholesale of food raw materials and food), and has experience as a development manager for Parus Co. Ltd.
Vagan Abelyan (https://www.linkedin.com/in/vaganabelyan/) - COO, Co-founder. Graduated from Finance University under the Government of the Russian Federation in 2013. His experience is not specified on LinkedIn.
Andrey Degtyaruk (https://www.linkedin.com/in/degtyaruk-andrey-44042746/) - Technical director, project blockchain expert. An experienced web and application developer, Andrey has worked in senior positions such as general manager and sales manager. The team has 19 more people
Resume: On LinkedIn, 14 people identified their involvement with the project (including all key employees). The project has a team which includes employees mainly from Russia. The team also includes a marketing director, developers, design director, PR- manager, community managers, digital-marketer and regional representatives (ambassadors).
Project information is available on Twitter, Telegram, BitcoinTalk, Facebook, Reddit and Medium. The company also has a blog. The team communicates with users on social media and forums. There is a bounty program being launched. The project is active on social media. The team answers questions from users via Facebook and Telegram. Twitter and Facebook regularly update news of the project. Analysis of articles about the project shows that they are mainly of an informational and educational nature.
Comment: Interest in the project is not high enough in our opinion. The basic marketing campaign is being conducted on Twitter and Facebook. Judging by Twitter, the development team actively participates in conferences devoted to blockchain and makes videos about the project.
Traffic analysis of the Jincor website based on Similarweb.com data showed the following:
Comment: 73.21% of traffic arrives by direct link, 18.71% via click- through; 6.55% of traffic arrives via searches.
Traffic through search: According to SimilarWeb, from 6.55% of search traffic, 100% is "organic."
Referral links: 18,71%
Comment: Since data for website visits is not disclosed, we cannot estimate the number of visits to jincor.com. 
Resume: According to the available data and Alexa.com, the number of views per month is 25,800, and the number of visitors is 6,452. We can conclude that the interest of users in Jincor is not yet high enough, but growing. The team is conducting an active advertising campaign on social media (Twitter, Facebook, blog) and communicates with users on Reddit, Bitcointalk and Telegram.
The developers can be contacted using the links below:
1. Website: https://jincor.com/
2. White Paper: https://jincor.com/en/whitepaper
3. Business Summary: https://jincor.com/en/business-summary
5. About Bounty: https://bitcointalk.org/index.php?topic=2206571.0;all
6. Similarweb: https://www.similarweb.com/website/jincor.com#overview