Authors:
Vladislav Kirichenko Vagan Abelyan Andrey Degtyaruk
CEO ([email protected]) COO/CFO ([email protected]) CTO ([email protected])
Summary:
1. Introduction
1.1. What is Jincor
1.2. Context
1.3. Organizations
1.4. Participants
2. ICO
2.1. Current status
2.2. JCR token
2.3. ICO structure
2.4. Roadmap
3. Jincor Architecture
3.1. Overall structure
3.2. Core
3.3. Auth
3.4. Companies
3.5. Messenger
3.6. E-Documents
3.7. Cryptocurrency wallets
3.8. Smart contracts
3.9. Arbitrage
3.10. Architecture overview
3.11. Risks
4. Market
4.1. Target market
4.2. Business model
5. Legal structure
6. Conclusions
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1. Introduction
1.1. What is Jincor
Jincor is a global intercorporate cloud ecosystem, which allows organizations and
employees within them to conduct decentralized cryptocurrency transactions, create smart
contracts, organize secure corporate communications, both internal and external, and
establish new business contacts all around the world.
In other words, it is a full-fledged digital jurisdiction based on blockchain technology,
which is created to help organizations overcome a range of existing institutional and
technological limits to boost their efficiency.
1.2. Context
Each organization has its own needs, which correspond to its business area and
corporate structure, therefore, our solution deals with a few of the most common ones which
are vital to every company:
Communication: Day-to-day communication with colleagues and members of other
companies is essential for the accomplishment of short-term and long-term goals, synergy
and exchange of ideas and experience. Thus, communication belongs to a range of
fundamental needs, which should be satisfied using the most convenient, secure and
effective instruments. Jincor aims to meet this demand by creating a unified and well-defined
business environment for corporate communications with no state borders or industry and
institutional limits.
Identification: One of the most important requirements for communication between
people is the ability to identify the opponent. Real-world examples of this could be legal and
identification documents. In Jincor every user has his own ID and acts on behalf of the
organization to which he is attached, and every organization can go through a verification
process to confirm its realness and credibility of public profile.
Brand exposure: Nowadays online footprint of organization affects on its clue elements
of competitive performance — brand recognition and commercial goodwill. In the era of
digitalization companies always have to be in sight of their target audience and potential or
current partners, and Jincor addresses this need by public profiles of organizations, which are
available to any web user.
Contractors: A journey of a thousand miles starts with a single step, and any major
company starts with its first client. Regardless their of size and profile, companies have to
constantly interact with an array of external partners — customers, suppliers, agents. Jincor
makes it easier for entrepreneurs to find and establish new business contacts with its built-in
search by location and industry.
Transactions: Liabilities between companies, salary payments, paperwork are all
necessary but complex processes for any organization. Jincor uses cryptocurrencies to make
these and many other business transactions instant and fully transparent.
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Contracts: It was 1996 when Nick Szabo, American programmer and cryptographer,
built up a concept of «smart contacts». Szabo described a smart contract as a computer
protocol which automatically executes deals with the help of mathematical algorithms and
provides a total control of their performance. This idea was further developed with the advent
of blockchain technology. On Jincor managers and employees of organizations can get
access to a smart contract construction set, which lets them create and execute smart
contacts on their own. While using complex technologies at the core of our application, we
made the product itself as simple as possible for our clients so that they don't need any
technical expertise at all to make the most of it.
1.3. Organizations
In Jincor ecosystem companies are created with the use of decentralized web
applications (dApp) and Solidity DAO frameworks.
Each organization at Jincor gets a unique URL, public profile, list of participants and,
optionally, one or more cryptocurrency accounts.
The public profile (fig.1) is a kind of digital business card, which allows any person or
organization seeking for cooperation with the company to contact it with a single-click ease.
It provides basic information, such as trading name, type of business (private/public
company, non-profit organization, public authority or other), headquarters location, industry,
brief summary, website, contacts and social media links.
Figure 1. A public profile of organization in Jincor
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Participants of organization have individual sets of rights and responsibilities, which are
reflected in Jincor ecosystem through their functional roles. By default, each employee gets
a basic functional profile, but it can be extended to administrator or other specific role at any
time, depending on current work arrangements with the company’s management team.
If needed, employees can be divided into departments, which will be represented in
Jincor ecosystem in the form of small-scale suborganizations. This possibility makes Jincor
an ideal tool option for companies with complex corporate structure, consisting of multiple
branches and departments. However, we recommend to keep the company’s structure on
Jincor as simple as possible.
Upon registration the companies can also get cryptocurrency accounts, which are used
for:
Paying Jincor fees;
Intercorporate payments;
In-house payments (e.g., paying wages).
Jincor supports various cryptocurrencies and multisig wallets for further security.
Operations with such wallets require approval from a number of people responsible for the
wallet, just like an approval of both parties is required for setting up an escrow in a bank. The
number of approvals required for operations with a wallet can be customized by the owning
organization. The keys for approval are usually stored on different machines which makes
the system even more secure.
1.4. Participants
In the core of any organization there are people, who make its very existence possible
by investing their time, energy, money, knowledge and other material and invisible assets. In
Jincor terms, participant of organization is a person (founder, manager or employee), who
acts on behalf of the company in accordance with his/her rights and responsibilities.
To set up a company on Jincor it is required to fill in the following fields: the company’s
ID, email and password. The same email can be used by a participant for different
organizations multiple times, but within a company it should be used only once. This
approach allows users to participate in several companies at a time, just like it often happens
in real life.
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Figure 2. The list of participants of organization in Jincor
The list of participants of organization (fig.2) is accessible only by its members. This
kind of information is considered confidential and cannot be disclosed neither to authorized
Jincor users, who act for other organizations, nor to visitors of the company’s public profile.
Participants, along with organizations, are able to have individual cryptocurrency
accounts, that can be used for delivering payments, getting wages, dividends or other
financial gains. Regular transactions based on a set of well-defined elements, such as a list
of shareholders, dividends distribution policy, labor contracts, loan agreements and etc., can
be easily organized on Jincor with the use of smart-contracts, which allow to eliminate the
human mistake factor and build the utmost transparent and fair relationships between
employers, employees and other participants of Jincor ecosystem.
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2. ICO
2.1. Current status
Jincor team has been developing ecosystem since May 2016, and at this moment is in
stage of closed beta testing. Currently, Jincor has the following features: company
registration, sending invitations to employees, defining their functional roles within the
organisation, corporate messaging in direct chats or end-to-end encrypted public and private
channels, editing of company’s public profile and establishing new business contacts with
our built-in search by location and industry. Public beta-testing of the platform, which will be
available on jincor.com, is slated for September 2017.
2.2. JCR token
In order to further the development of the platform, reach breakeven and get to the
global market as soon as possible we are going to raise extra funding by running an ICO
campaign.
Jincor will issue 35,000,000 JCR tokens, most of which will be put on sale. The base
cost of tokens will depend on the popularity of the platform, and their holders will be able to
share the success of Jincor by getting permanent progressive income.
In the future, JCR tokens will be essential for the proper platform experience. Whereas
it is free for organizations to use the basic functionality of Jincor ecosystem, some features
will be available for a fee, which can be paid in JCR tokens only. These premium features
include:
Digital verification of companies;
Setting up enterprise and individual cryptocurrency accounts;
Getting access to a range of financial instruments, such as bills of credit, colls,
overdrafts, factoring and etc.;
Using a construction set for creating and execution of corporate smart contracts
(based on labour, property, contractual and other relations);
Appealing to a decentralized arbitration system for litigation within the digital
jurisdiction.
To sum up, JCR tokens will serve as a local digital currency, which can be used for
paying Jincor fees and mutual corporate payments, just like any other popular
cryptocurrency.
JCR tokens are developed on Ethereum’s blockchain and conform to the ERC20 Token
Standard.
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2.3. ICO structure
Jincor will issue a total of 35,000,000 JCR tokens, 76% of which will be put on sale at a
starting price of $0,5 during the ICO, which will start on November, 1st, and another 4% —
during the pre-ICO, which will start on August, 21st, with a discount of 50% (at a price of $0,25).
The remaining 20% will be distributed among bug bounty participants, Escrow & Advisors and
Jincor team — for further development and research (fig.3 and 4).
Total emission: 35,000,000 JCR
Starting price: 1 JCR = $0.5
Figure 3. Distribution structure
Figure 4. Discounts for early buyers
Cumulatively, Jincor is planning to raise $350,000 during pre-ICO and up to $13,300,000
during ICO. Thus, the total amount of money we are planning to raise at the crowdsale comes
to $13,500,000 (fig. 5).
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Figure 5. ICO and pre-ICO estimates
JCR tokens sold during pre-ICO and ICO will be automatically sent to investors wallets
from which funds were received.
The total amount of tokens in circulation is unknown, because unsold tokens will be
destroyed after the crowdsale.
2.4. Roadmap
After ICO Jincor will continue developing the platform according to the step-by-step roadmap
(fig. 6) with the account of raised funds.
Figure 6. 2018 Jincor roadmap
Every milestone is based on the previous and hence the order. For instance, it is
impossible to integrate electronic document flow when Jincor clients are unable to
communicate with each other. Analogously, creation of cryptocurrency accounts for
organizations and their members is impossible without blockchain. These accounts, in turn,
are an integral part of payments and smart contracts.
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3. Jincor architecture
3.1. Overall structure
Jincor ecosystem is a combination of decentralized (dApp) and classic web applications
that let anyone create organizations and manage them on Ethereum's blockchain without any
technical insight. Jincor provides all the functionality that one might need while doing
business, including instruments for effective management, tools for improving online
presence, role management inside the organization, searching for new business partners and
connecting with them, intra- and intercorporate communications, bills in cryptocurrency,
payments, smart contracts. On top of that, third-party corporate applications can be
connected to the Jincor ecosystem in "single-screen mode". The structure of the
aforementioned functionality is best described in terms of modular architecture, which
includes the following elements:
Core — a set of core smart contracts on Ethereum that set up infrastructure for other
modules. Its functions are: creation of smart contracts between different parties, such as
organizations or employees, creation of cryptocurrency accounts, creation of smart contracts
with JCR tokens and etc.
Auth — open-source web microservice with JWT-based authentication. More on JWT:
https://tools.ietf.org/html/rfc7519. We would like to note that Jincor doesn’t use blockchain
technology for everything, some of our services are classic web applications.
Companies — classic web application used in Jincor for providing basic features, such
as creating of new companies, editing their profiles, sending invitations to employees and
managing their roles within the organizations. It also enables processing of queries related to
the search of other companies at Jincor.
Messenger — a highly scalable decentralized communication platform for inter- and
intracorporate communications based on Matrix protocol (more on Matrix:
http://matrix.org/). Note that we use blockchain here only for identification purposes, but
never for message handling, as there is just no objective need for this.
E-Documents — a decentralized module integrated with a user-friendly interface of
Jincor Messenger, which provides organizations and their participants with a structured
digital space for the paperwork management. With the help of this module, Jincor users are
able to share any working papers (delivery documents, bills, certificates and etc.) and sign
them with digital signatures while being confident in their safe-keeping and authenticity
thanks to the blockchain technology.
Cryptocurrency wallets — a decentralized module which enables creating of enterprise
and individual cryptocurrency wallets. Alongside cryptocurrency transactions these wallets
open the door to a wide range of financial instruments used in business, such as bills of
credits, overdrafts, insurance of payments and etc. Companies are able to create multiple
cryptocurrency wallets for one account (enterprise or individual), which makes it even easier
to organize bills and maintain book-keeping.
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Smart-contracts — a decentralized module which allows to create and execute
predefined smart contracts within the Jincor ecosystem (there are company-company,
company-participant and participant-participant smart contracts). The process of creating a
smart contract at Jincor is carried out in an intuitive, user-friendly interface and is no harder
than the signing up procedure, which lowers the entry threshold for technology-naive users
to the minimum.
Arbitrage — a decentralized application (dApp) which enables digital arbitration system
for settling disputes arising with the execution of smart contracts. To make it as fair and
transparent as possible, the arbitrators are chosen randomly in accordance with given
business area and special aspects of a particular smart contract. There are three arbitration
levels within the system: the first requires participation of three trusted participants
(arbitrators), the second requires nine trusted participants, and the third level involves twenty-
seven people aside from the parties to dispute. The users of Jincor ecosystem get fee
earnings for the engagement in arbitration proceedings.
3.2. Core
From a technical point of view, the Core module, which is the centerpiece of the whole
Jincor ecosystem, is a set of smart contracts based on the Ethereum’s blockchain. These
contracts are used by smart contracts of other applications and web services based on
Jincor contracts as well.
The Core module includes the following types of smart contracts:
Factory contracts — smart contracts which are used to create other contracts.
The most obvious example of them being applied is the registration process of a new
company at Jincor, when a contract of the organization itself, or its cryptocurrency
account, is created. Another use case of factory-contracts could be the emission of
tokens, which substitute the company shares and are to be distributed among the
participants of Jincor ecosystem. In order to save users the trouble of getting into
blockchain and smart contracts technology, there is an extra abstraction layer over the
instruments of smart contracts creation, and the capabilities of such contracts are
limited for safety reasons. These measures make our API safe and simple for regular
users while also providing convenient programming environment for developers;
Billing platform contracts. Jincor ecosystem has instruments for easy
implementation of new functions, notably, not only by its developers, but also by third
side parties, who get a chance to build their own business on providing Jincor users with
extra functionality. Billing contracts are created just for that and describe basic methods
of implementing custom payment features in Jincor ecosystem. At this moment we are
focusing on the development of small-scale libraries, which can be used for creating
specific smart contracts best suiting particular business models;
Company contracts. These are written to the blockchain smart contracts, which
are accessible only by administrators and to which the company’s list of participants
and cryptocurrency accounts (with customizable access permissions) are attached;
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Participant contracts. These contracts represent the participants of Jincor
ecosystem and are always associated with the contracts of a company to which they
are attached. Individual cryptocurrency accounts, as well as any other contracts related
to particular employees are also based on this type of contracts;
Wallets, cryptocurrency accounts of companies and their participants. Jincor
supports multisig wallets, which require approval from a number of people responsible
for the wallet to conduct a transaction. The number of required approvals is also
customizable;
Tokens. The contracts of tokens, including those emitted by the participants of
Jincor ecosystem (organizations) as substitutes for corporate shares.
3.3. Auth
Auth is a classic web microservice, used for issuing and validating of JSON Web tokens,
which provide secure and reliable user identification. The key advantage of Auth, in
comparison to other services with similar functionality (Auth0, for example), is the ability to
identify user not only by email and password, but also by the organization to which the user
belongs. In this way by using the Auth we allow our users to participate in multiple
organizations with the same email and password while keeping their accounts separated.
3.4. Companies
Companies module is a web microservice, which includes the profiles of organizations,
their departments and the lists of participants. In Jincor ecosystem this module allows to
manage the company, create suborganizations, send invitations to employees and define
their functional roles within the organization.
The public profiles of companies are used to process search queries of Jincor users (we
apply elastic search to get more accurate search results).
Figure 7. Jincor search
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The Companies module has an intuitive and user-friendly interface (fig. 7), so that any
web user will be on firm ground when using it.
Upon signing up an organization, the user is required to give just basic information,
which includes:
Trading name of a company;
Type of business (private/public/non-profit/government body);
Headquarters location.
The next step includes providing some information about the first participant of a
company, such as:
Full name;
Job title;
Email;
Password.
Once the user’s email is confirmed, Jincor notifies him/her of successful registration on
the platform and creates the first smart contracts, including the company contract and
cryptocurrency accounts of organization and the first participant.
Then, it is time to edit the organization profile and fill in the rest of information about the
company, which increases the possibility of it being found by potential clients and business
partners.
3.5. Messenger
The Messenger module is responsible for corporate communications in Jincor
ecosystem. It is built on a quick and scalable decentralized protocol, which allows to distribute
storage and transfer of messages among the organizations (groups of participants), instead
of participants themselves (fig. 8).
Figure 8. The Messenger module operation concept
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The Messenger microservice is open sourced and will always be accessible as a docker
application, which makes it easier for organizations to have a chokehold on their internal and
external communications. On top of that, Jincor Messenger satisfies the whole range of
nowaday safety standards and supports p2p-encryption. Blockchain is used in Jincor
Messenger only in intercorporate communications.
With the view to user experience, Jincor Messenger (fig. 9) also supports a number of
instant messaging solutions, such as group chats and channels, intercorporate
communications, large files processing, typing indicators and message statuses. In most
features Jincor Messenger resembles a popular intracorporate messenger Slack, but has a
much wider functionality — in particular, providing the possibility of intercorporate
communications.
Moreover, thanks to the Jincor architecture flexibility, the developers of third-party
business solutions (like CRM/ERP systems, task organizers and etc.) can integrate them into
the Messenger, so that Jincor corporate users will be able to satisfy all of their business-
related needs in a «single-screen-mode».
Figure 9. Jincor Messenger interface
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3.6. E-Documents
E-documents is a decentralized application (dApp), which is embedded in Jincor
Messenger interface and allows to securely store, send and sign with digital signatures all
kinds of electronic documents (Jincor ecosystem supports several authorized providers of
digital signatures). All working papers, which are loaded into Jincor Messenger and signed
with e-signatures, are written to the blockchain in order to guarantee their authenticity and
save revision history. This application, as well as digital signatures, can also be used for
signing contracts between the shareholders, employees and other parties.
3.7. Cryptocurrency wallets
Cryptocurrency wallets — a decentralized application (dApp), which enables inter- and
intracorporate payments within the platform. As an option, upon registration of a company
the participants of Jincor ecosystem can get cryptocurrency accounts, both enterprise and
individual, to conduct payments with the most popular digital currencies.
For further security it is also possible to create multisig wallets, which require approval
from a number of people responsible for the wallet to get transaction processed.
Along with basic payment options Jincor cryptocurrency wallets also provide a full
range of financial instruments, which one might need while doing business.
3.8. Smart-contracts
Smart contracts — a set of algorithms, which describe conditions leading to automatic
execution of some predefined operations. Jincor lets the users create a number of corporate
smart contracts in a user-friendly interface.
There is a wide variety of potential applications of smart contracts, from paying wages
(on the day X smart contract will transfer Y tokens — JCR, ETH, BTC and etc. — to the
employee Z) to business interactions between companies (when the goods are dispatched
from the warehouse of the company A, a smart contract will draw up a bill to the company
B). However, technical complicatedness of blockchain bars technology-naive users from
implementing smart contracts in their practice. Jincor promotes wider adoption of smart
contracts by providing factory contracts for their creation in a simple and usable interface.
The factory contracts describe the core logic of the most common smart contracts. For
the sake of safety of users and the whole Jincor ecosystem, the contracts creating
opportunities are limited, in a sense that the contracts can be created by a set of templates
only.
Smart contracts are stored and executed in decentralized environment, which
completely eliminates the factor of human errors. The contracts remain unveiled to all parties
involved ensuring complete transparency and rising mutual trust among the participants.
How it works:
The contract takes force as soon as both parties sign it with e-signatures and requires
specific elements in order to be executed automatically. For instance, a first-order
requirement is the presence of cryptocurrency accounts of those involved. In other words, the
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executable code should have unhindered access to the smart contracts objects. Besides that,
all of the smart contract conditions should be described mathematically and have a clear
execution logic, and this is the reason why the first smart contracts in Jincor will be based on
the simplest corporate relations, which involve just a few elements. Given that the code has
the full access to the objects of an agreement, its execution and compliance will be handled
automatically with account for the fulfillment of the smart contract conditions. To sum up,
smart contracts automate contractual business relations and provide their total performance.
First of all, Jincor team will create smart contracts for the following applications:
Regular payments;
Partner programs;
Signed transactions;
Business-to-business commerce.
Although smart contracts are executed in decentralized environment eliminating the
human factor, it is important to realize that there are many cases which may require external
interference, no matter how explicit the smart contacts are. For this reason we have
developed a decentralized arbitration system aimed at settling disputes arising with the smart
contracts execution.
3.9. Arbitrage
In case when the execution logic of a contract is not defined clearly enough, the parties
to the agreement may be drown to a dispute. This is particularly so with the cases related to
the real-world actions and goods. Offline, there are clear regulatory mechanisms for such
issues: should the parties have any disputes related to the contract performance, they can
always take legal action. The similar patterns should be implemented within the digital
jurisdiction, too. For that very reason we created Jincor Arbitrage, which help settling disputes
related to the execution of smart contracts.
Jincor arbitration system let the participants of ecosystem resolve arising disputes right
there, within the platform. There are three arbitration levels in Jincor: the first requires
participation of three arbitrators (i.e., organizations who take the final decision), the second
requires nine trusted participants, and the third level involves twenty-seven organizations
aside from the parties to dispute.
In order to preclude the possibility of bias and corruption element Jincor arbitration
system keep the personalities of parties to the case (and the companies to which they belong)
in the dark, so that the arbitrators considered just the facts of the matter.
In compliance with the foundations of decentralised society the arbitrators are chosen
with the use of mathematical algorithms, which analyze their digital reputation, competence
domain and practical experience in the given jurisdiction and economy sector.
With the view to motivate organizations and experts to attend the legal proceedings,
Jincor arbitration system provides remuneration for arbitrators, which is paid by non-
prevailing party on completing the process.
Within the digital jurisdiction of Jincor smart contracts will be available only to verified
users. In common with real world, tainted reputation in the cyberspace will close any available
space for irresponsible actors and hinder their further development.
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3.10. Architecture overview
Figure 10. Jincor architecture
As previously mentioned, Jincor ecosystem is a set of decentralized (dApps) and classic
web applications. The methods of interaction performance between classic web applications
and blockchain-based services remains a debating point in IT community, and our technical
engineers have decided to use the so-called oracles for this purpose. However, Jincor
ecosystem is open to any advanced solutions, which could be developed in the future to
address this problem.
Another difficulty, which Jincor team has been faced with while developing the platform,
is the upgradeability of dApps. The thing is, once a smart contract is written to the blockchain,
any further adjustments are impossible. This issue also lacks adequate solutions in
blockchain community. In Jincor we will use proxy dispatcher contracts, which link the
contracts to each other and make it possible to upgrade their addresses so that they are
visible to other contracts.
Jincor team has vast experience in development, deployment and exploitation of
compiled applications based on microservice architecture, which suggests incapsulating the
parts of functionality into small-scale libraries in order to use them later in microservices. The
same approach is applicable to the smart contracts development.
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3.11. Risks
Software. Despite using smart contracts for the most of business interactions in Jincor,
there is still a possibility of program errors and human factor mistakes, the more so since the
Jincor functionality is partly developed with the use of classic web applications. Jincor stems
this risk by repetitive code checking, using CI/CD, code documentation maintenance, writing
API and integration tests.
Another software-related risk is the possibility of cyberattacks. In order to keep down
the potential damage we developed an incentive program, which involves remuneration in
JCR tokens for finding vulnerabilities in the system.
Scalability. Some of the Jincor modules are not decentralized, but classic web
applications. Jincor team develops such modules as separate microservices in the docker
containers, which can be easily deployed and put into operation. Each of our web services is
distributed, and we work towards further decentralization of the platform.
Subjective decisions and disputes. In the context of smart contracts the parties to the
agreement may have disputes on their execution. To address this problem we developed a
decentralized arbitration system, which can be used for settlement of such matters using the
internal resources of the platform (a closer look at this system was already taken above).
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4. Market
4.1. Target market
According to the joint research of consulting agencies «We are social» and «Hootsuite»
more than a half of the world population, or 3,81 bln people, are active web users (as of April
2017). Such a rapid pace of internet adoption leads to mass expansion of digitalization and
globalization trends in all spheres of our life. That is particularly true of business area:
nowadays it is almost impossible to manage a company without being connected to the web.
However, the potentials of blockchain and smart contracts are yet to be realized in
business community, even if there is already some progress in this field.
Most probably, these tendencies will strengthen with the generational change.
According to The World Bank data, there are now 1,3 bln people aged between 0 and 14
around the globe. Upon entering the global labour market in roughly ten years this new
generation will be considering digital corporate tools, smart contracts and cryptocurrencies
the only acceptable and the most secure form of job relationships.
Consequently, our target audience includes:
Private and public companies;
Self-employed individuals;
Non-profits;
State government bodies;
State-run enterprises;
Global organizations.
The main factor for the market volume assessment is the maximum possible number of consumers, i.e., participants of organizations, which are somehow using digital technologies in their activity. According to our calculations based on World Bank и Dun & Bradstreet Worldwide Network data, the total volume of corporate communications market amounts to $175 bln (fig. 11).
Figure 10. Corporate communications market
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4.2. Business-model
The maintenance of such a broad-scale ecosystem is infeasible without significant
expenditures required for digital verification, setting up cryptocurrency accounts, payment
transactions, creating of smart contracts and e-signatures and etc.
To cover these costs, Jincor will deliver some features on a paid basis, and the only
means of payment for them will be JCR tokens. At the same time, charge-free functionality
of the platform is needed to ease the entry barriers and let the organizations appraise the
usability and benefits of Jincor ecosystem.
5. Legal structure
Jincor organizational structure (fig. 12) includes a parent company incorporated in
Cyprus (Jincor Ltd.), its 100% subsidiary operational company in Moscow («Biznes-seti» LLC)
and also SPV for distribution of the option pool to key employees incorporated on British
Virgin Islands (Jincor Special Ltd.).
Figure 12. Jincor corporate structure
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6. Conclusions
Explosive growth of modern technologies, such as cloud computing, big data and
blockchain, leads to continuous transformation of various spheres of our life from shopping
in the supermarket to business management of major corporations. Taking into
consideration that there are more than 250 mln companies around the world and many of
them recognize the urgency of digital transformation, Jincor is getting to the multibillion-
dollar market, feeling the acute need for its product from the target customers.
The full feature set of Jincor will include corporate cryptocurrency accounts with
multisignatures, smart contract templates, which will make it possible for companies to
transfer all the legal and contractual relationships into trustless blockchain environment, and
a decentralized arbitrage system, which will allow to settle disputes arising with the execution
of smart contracts within the digital jurisdiction.
Our mission is to make blockchain technologies as simple and accessible to business
as usual means of day-to-day communication and create a unique environment for their
evolution and mass implementation in the corporate sector, which will radically reduce the
amount of time, effort and money it always takes companies to find and establish valuable
business connections, expand market reach, workflow management and execute
transactions.
While creating Jincor, we align a range of forthcoming fundamental shifts, which will
result in the establishment of blockchain as a worldwide standard for enterprise
communications. In other words, we shape our long-term vision and strategy according to
emerging demands of decentralized economics of the future. Overall, this will be lead to a
complete changeover in the corporate interactions model, which will eliminate injustice,
defaults on business commitments and a human mistakes factor.
While others are weighing the advantages of Blockchain technologies, cryptocurrency
transactions and smart-contracts, Jincor currently now building decentralized ecosystem for
safe and easy B2B future
In order to scale the progress, investors are welcome to take part in the upcoming pre-
ICO and the following ICO of JCR tokens, announced by Jincor.
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IMPORTANT NOTICE
PLEASE READ THIS SECTION AND THE FOLLOWING SECTIONS ENTITLED “DISCLAIMER OF
LIABILITY”, “NO REPRESENTATIONS AND WARRANTIES”, “REPRESENTATIONS AND
WARRANTIES BY YOU”, “CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS”,
“MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS”, “NO
ADVICE”, “NO FURTHER INFORMATION OR UPDATE”, “RESTRICTIONS ON DISTRIBUTION
AND DISSEMINATION”, “NO OFFER OF SECURITIES OR REGISTRATION” AND “RISKS AND
UNCERTAINTIES” CAREFULLY. IF YOU ARE IN ANY DOUBT AS TO THE ACTION YOU SHOULD
TAKE, YOU SHOULD CONSULT YOUR LEGAL, FINANCIAL, TAX OR OTHER PROFESSIONAL
ADVISOR(S).
The JCR tokens are not intended to constitute securities in any jurisdiction. This Whitepaper
does not constitute a prospectus or offer document of any sort and is not intended to
constitute an offer of securities or a solicitation for investment in securities in any jurisdiction.
This Whitepaper does not constitute or form part of any opinion on any advice to sell, or any
solicitation of any offer by the distributor/vendor of the JCR tokens (the “Distributor”) or Jincor
Ltd and affiliated companies (the “Company or Jincor”) to purchase any JCR tokens nor shall
it or any part of it nor the fact of its presentation form the basis of, or be relied upon in
connection with, any contract or investment decision.
No person is bound to enter into any contract or binding legal commitment in relation to the
sale and purchase of the JCR tokens and no cryptocurrency or other form of payment is to
be accepted on the basis of this Whitepaper. You are not eligible and you are not to purchase
any JCR tokens in the Jincor Initial Token Sale (as referred to in this Whitepaper) if you are a
citizen, resident (tax or otherwise) or green card holder of the United States of America or a
citizen or resident of the Republic of Singapore.
No regulatory authority has examined or approved of any of the information set out in this
Whitepaper. No such action has been or will be taken under the laws, regulatory requirements
or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper
does not imply that the applicable laws, regulatory requirements or rules have been complied
with. There are risks and uncertainties associated with the Company and/or the Distributor
and their respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale
and the Jincor Wallet (each as referred to in this Whitepaper).
This Whitepaper, any part thereof and any copy thereof must not be taken or transmitted to
any country where distribution or dissemination of this Whitepaper is prohibited or restricted.
No part of this Whitepaper is to be reproduced, distributed or disseminated without including
this section and the following sections entitled “Disclaimer of Liability”, “No Representations
and Warranties”, “Representations and Warranties By You”, “Cautionary Note On Forward-
Looking Statements”, “Market and Industry Information and No Consent of Other Persons”,
“Terms Used”, “No Advice”, “No Further Information or Update”, “Restrictions On Distribution
and Dissemination”, “No Offer of Securities Or Registration” and “Risks and Uncertainties”.
23
DISCLAIMER OF LIABILITY
To the maximum extent permitted by the applicable laws, regulations and rules, Jincor and/or
the Distributor shall not be liable for any indirect, special, incidental, consequential or other
losses of any kind, in tort, contract or otherwise (including but not limited to loss of revenue,
income or profits, and loss of use or data), arising out of or in connection with any acceptance
of or reliance on this Whitepaper or any part thereof by you.
NO REPRESENTATIONS AND WARRANTIES
Jincor and/or the Distributor does not make or purport to make, and hereby disclaims, any
representation, warranty or undertaking in any form whatsoever to any entity or person,
including any representation, warranty or undertaking in relation to the truth, accuracy and
completeness of any of the information set out in this Whitepaper.
REPRESENTATIONS AND WARRANTIES BY YOU
By accessing and/or accepting possession of any information in this Whitepaper or such part
thereof (as the case may be), you represent and warrant to Jincor and/or the Distributor as
follows: (a) you agree and acknowledge that the JCR tokens do not constitute securities in
any form in any jurisdiction; (b) you agree and acknowledge that this Whitepaper does not
constitute a prospectus or offer document of any sort and is not intended to constitute an
offer of securities in any jurisdiction or a solicitation for investment in securities and you are
not bound to enter into any contract or binding legal commitment and no cryptocurrency or
other form of payment is to be accepted on the basis of this Whitepaper; (c) you agree and
acknowledge that no regulatory authority has examined or approved of the information set
out in this Whitepaper, no action has been or will be taken under the laws, regulatory
requirements or rules of any jurisdiction and the publication, distribution or dissemination of
this Whitepaper to you does not imply that the applicable laws, regulatory requirements or
rules have been complied with; (d) you agree and acknowledge that this Whitepaper, the
undertaking and/or the completion of the Jincor Initial Token Sale, or future trading of the
JCR tokens on any cryptocurrency exchange, shall not be construed, interpreted or deemed
by you as an indication of the merits of the Jincor and/or the Distributor, the JCR tokens, the
Jincor Initial Token Sale and the Jincor Wallet (each as referred to in this Whitepaper); (e) the
distribution or dissemination of this Whitepaper, any part thereof or any copy thereof, or
acceptance of the same by you, is not prohibited or restricted by the applicable laws,
regulations or rules in your jurisdiction, and where any restrictions in relation to possession
are applicable, you have observed and complied with all such restrictions at your own expense
and without liability to Jincor and/or the Distributor; (f) you agree and acknowledge that in the
case where you wish to purchase any JCR tokens, the JCR tokens are not to be construed,
interpreted, classified or treated as: (i) any kind of currency other than cryptocurrency; (ii)
debentures, stocks or shares issued by any person or entity (whether Jincor and/or the
Distributor) (i) rights, options or derivatives in respect of such debentures, stocks or shares;
(ii) rights under a contract for differences or under any other contract the purpose or
pretended purpose of which is to secure a profit or avoid a loss; (iii) units in a collective
investment scheme; (iv) units in a business trust; (v) derivatives of units in a business trust;
or (vi) any other security or class of securities. (g) you are fully aware of and understand that
you are not eligible to purchase any JCR tokens if you are a citizen, resident (tax or otherwise)
24
or green card holder of the United States of America or a citizen or resident of the Republic of
Singapore; (h) you have a basic degree of understanding of the operation, functionality, usage,
storage, transmission mechanisms and other material characteristics of cryptocurrencies,
blockchain-based software systems, cryptocurrency wallets or other related token storage
mechanisms, blockchain technology and smart contract technology; (i) you are fully aware
and understand that in the case where you wish to purchase any JCR tokens, there are risks
associated with Jincor and the Distributor and their respective business and operations, the
JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the
Whitepaper); (j) you agree and acknowledge that neither Jincor nor the Distributor is liable for
any indirect, special, incidental, consequential or other losses of any kind, in tort, contract or
otherwise (including but not limited to loss of revenue, income or profits, and loss of use or
data), arising out of or in connection with any acceptance of or reliance on this Whitepaper or
any part thereof by you; and (k) all of the above representations and warranties are true,
complete, accurate and nonmisleading from the time of your access to and/or acceptance of
possession this Whitepaper or such part thereof (as the case may be).
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS
All statements contained in this Whitepaper, statements made in press releases or in any
place accessible by the public and oral statements that may be made by Jincor and/or the
Distributor or their respective directors, executive officers or employees acting on behalf of
Jincor or the Distributor (as the case may be), that are not statements of historical fact,
constitute “forwardlooking statements”. Some of these statements can be identified by
forward-looking terms such as “aim”, “target”, “anticipate”, “believe”, “could”, “estimate”,
“expect”, “if”, “intend”, “may”, “plan”, “possible”, “probable”, “project”, “should”, “would”, “will” or
other similar terms. However, these terms are not the exclusive means of identifying forward-
looking statements. All statements regarding Jincor’s and/or the Distributor’s financial
position, business strategies, plans and prospects and the future prospects of the industry
which Jincor and/or the Distributor is in are forward-looking statements. These forward-
looking statements, including but not limited to statements as to Jincor’s and/or the
Distributor’s revenue and profitability, prospects, future plans, other expected industry trends
and other matters discussed in this Whitepaper regarding Jincor and/or the Distributor are
matters that are not historic facts, but only predictions. These forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause the actual
future results, performance or achievements of Jincor and/or the Distributor to be materially
different from any future results, performance or achievements expected, expressed or
implied by such forward-looking statements. These factors include, amongst others: (a)
changes in political, social, economic and stock or cryptocurrency market conditions, and the
regulatory environment in the countries in which Jincor and/or the Distributor conducts its
respective businesses and operations; (b) the risk that Jincor and/or the Distributor may be
unable or execute or implement their respective business strategies and future plans; (c)
changes in interest rates and exchange rates of fiat currencies and cryptocurrencies; (d)
changes in the anticipated growth strategies and expected internal growth of Jincor and/or
the Distributor; (e) changes in the availability and fees payable to Jincor and/or the Distributor
in connection with their respective businesses and operations; (f) changes in the availability
and salaries of employees who are required by Jincor and/or the Distributor to operate their
respective businesses and operations; (g) changes in preferences of customers of Jincor
25
and/or the Distributor; (h) changes in competitive conditions under which Jincor and/or the
Distributor operate, and the ability of Jincor and/or the Distributor to compete under such
conditions; (i) changes in the future capital needs of Jincor and/or the Distributor and the
availability of financing and capital to fund such needs; (j) war or acts of international or
domestic terrorism; (k) occurrences of catastrophic events, natural disasters and acts of God
that affect the businesses and/or operations of Jincor and/or the Distributor; (l) other factors
beyond the control of Jincor and/or the Distributor; and (m) any risk and uncertainties
associated with Jincor and/or the Distributor and their businesses and operations, the JCR
tokens, the Jincor Initial Token Sale and the Jincor Wallet (each as referred to in the
Whitepaper).
All forward-looking statements made by or attributable to Jincor and/or the Distributor or
persons acting on behalf of Jincor and/or the Distributor are expressly qualified in their
entirety by such factors. Given that risks and uncertainties that may cause the actual future
results, performance or achievements of Jincor and/or the Distributor to be materially
different from that expected, expressed or implied by the forward-looking statements in this
Whitepaper, undue reliance must not be placed on these statements. These forward-looking
statements are applicable only as of the date of this Whitepaper.
Neither Jincor, the Distributor nor any other person represents, warrants and/or undertakes
that the actual future results, performance or achievements of Jincor and/or the Distributor
will be as discussed in those forward-looking statements. The actual results, performance or
achievements of Jincor and/or the Distributor may differ materially from those anticipated in
these forwardlooking statements. Nothing contained in this Whitepaper is or may be relied
upon as a promise, representation or undertaking as to the future performance or policies of
Jincor and/or the Distributor. Further, Jincor and/or the Distributor disclaim any responsibility
to update any of those forwardlooking statements or publicly announce any revisions to those
forward-looking statements to reflect future developments, events or circumstances, even if
new information becomes available or other events occur in the future.
MARKET AND INDUSTRY INFORMATION AND NO CONSENT OF OTHER PERSONS
This Whitepaper includes market and industry information and forecasts that have been
obtained from internal surveys, reports and studies, where appropriate, as well as market
research, publicly available information and industry publications. Such surveys, reports,
studies, market research, publicly available information and publications generally state that
the information that they contain has been obtained from sources believed to be reliable, but
there can be no assurance as to the accuracy or completeness of such included information.
Save for Jincor, the Distributor and their respective directors, executive officers and
employees, no person has provided his or her consent to the inclusion of his or her name
and/or other information attributed or perceived to be attributed to such person in connection
therewith in this Whitepaper and no representation, warranty or undertaking is or purported
to be provided as to the accuracy or completeness of such information by such person and
such persons shall not be obliged to provide any updates on the same. While Jincor and/or
the Distributor have taken reasonable actions to ensure that the information is extracted
accurately and in its proper context, Jincor and/or the Distributor have not conducted any
independent review of the information extracted from third party sources, verified the
accuracy or completeness of such information or ascertained the underlying economic
26
assumptions relied upon therein. Consequently, neither Jincor, the Distributor, nor their
respective directors, executive officers and employees acting on their behalf makes any
representation or warranty as to the accuracy or completeness of such information and shall
not be obliged to provide any updates on the same.
TERMS USED
To facilitate a better understanding of the JCR tokens being offered for purchase by the
Distributor, and the businesses and operations of Jincor and/or the Distributor, certain
technical terms and abbreviations, as well as, in certain instances, their descriptions, have
been used in this Whitepaper. These descriptions and assigned meanings should not be
treated as being definitive of their meanings and may not correspond to standard industry
meanings or usage. Words importing the singular shall, where applicable, include the plural
and vice versa and words importing the masculine gender shall, where applicable, include the
feminine and neuter genders and vice versa. References to persons shall include
corporations.
NO ADVICE
No information in this Whitepaper should be considered to be business, legal, financial or tax
advice regarding Jincor, the Distributor, the JCR tokens, the Jincor Initial Token Sale and the
Jincor Wallet (each as referred to in the Whitepaper). You should consult your own legal,
financial, tax or other professional adviser regarding Jincor and/or the Distributor and their
respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the
Jincor Wallet (each as referred to in the Whitepaper). You should be aware that you may be
required to bear the financial risk of any purchase of JCR tokens for an indefinite period of
time.
NO FURTHER INFORMATION OR UPDATE
No person has been or is authorised to give any information or representation not contained
in this Whitepaper in connection with Jincor and/or the Distributor and their respective
businesses and operations, the JCR tokens, the Jincor Initial Token Sale and the Jincor Wallet
(each as referred to in the Whitepaper) and, if given, such information or representation must
not be relied upon as having been authorised by or on behalf of Jincor and/or the Distributor.
The Jincor Initial Token Sale (as referred to in the Whitepaper) shall not, under any
circumstances, constitute a continuing representation or create any suggestion or implication
that there has been no change, or development reasonably likely to involve a material change
in the affairs, conditions and prospects of Jincor and/or the Distributor or in any statement of
fact or information contained in this Whitepaper since the date hereof.
RESTRICTIONS ON DISTRIBUTION AND DISSEMINATION
The distribution or dissemination of this Whitepaper or any part thereof may be prohibited or
restricted by the laws, regulatory requirements and rules of any jurisdiction. In the case where
any restriction applies, you are to inform yourself about, and to observe, any restrictions which
are applicable to your possession of this Whitepaper or such part thereof (as the case may
be) at your own expense and without liability to Jincor and/or the Distributor. Persons to
whom a copy of this Whitepaper has been distributed or disseminated, provided access to or
27
who otherwise have the Whitepaper in their possession shall not circulate it to any other
persons, reproduce or otherwise distribute this Whitepaper or any information contained
herein for any purpose whatsoever nor permit or cause the same to occur.
NO OFFER OF SECURITIES OR REGISTRATION
This Whitepaper does not constitute a prospectus or offer document of any sort and is not
intended to constitute an offer of securities or a solicitation for investment in securities in any
jurisdiction. No person is bound to enter into any contract or binding legal commitment and
no cryptocurrency or other form of payment is to be accepted on the basis of this Whitepaper.
Any agreement in relation to any sale and purchase of JCR tokens (as referred to in this
Whitepaper) is to be governed by only the T&Cs of such agreement and no other document.
In the event of any inconsistencies between the T&Cs and this Whitepaper, the former shall
prevail.
You are not eligible to purchase any JCR tokens in the Jincor Initial Token Sale (as referred to
in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the
United States of America or a citizen or resident of the Republic of Singapore.
No regulatory authority has examined or approved of any of the information set out in this
Whitepaper. No such action has been or will be taken under the laws, regulatory requirements
or rules of any jurisdiction. The publication, distribution or dissemination of this Whitepaper
does not imply that the applicable laws, regulatory requirements or rules have been complied
with.
RISKS AND UNCERTAINTIES
Prospective purchasers of JCR tokens (as referred to in this Whitepaper) should carefully
consider and evaluate all risks and uncertainties associated with Jincor, the Distributor and
their respective businesses and operations, the JCR tokens, the Jincor Initial Token Sale and
the Jincor Wallet (each as referred to in the Whitepaper), all information set out in this
Whitepaper and the T&Cs prior to any purchase of JCR tokens. If any of such risks and
uncertainties develops into actual events, the business, financial condition, results of
operations and prospects of Jincor and/or the Distributor could be materially and adversely
affected. In such cases, you may lose all or part of the value of the JCR tokens.
28
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