Jincor aims to allow businesses to take advantage of blockchain technology without requiring deep technical knowledge. The project will enable businesses to execute smart contracts and benefit from other features of its private blockchain in an easy-to-use and intuitive manner.
Smart contracts are self-executing contracts that execute when predefined terms between both parties to them are met. Because they are self-exucuting based on software code on an open ledger referred to as the blockchain, they allow for fair and transparent transactions that do not require intermediaries such as banks, brokers, and notaries. Since they do not require intermediaries, they are trustless transactions that can save businesses enormous time and cost. According to the Jincor whitepaper, the cost-savings for businesses from using their platform can average up to $3,300.
An area of business where blockchain technology and smart contracts can be particularly advantageous is global e-commerce. Currently, businesses face numerous obstacles when conducting global trade, such as timely settlement of payments, mistrust, and fraud. Whereas payments through the banking system can take days to settle, with smart contracts they can be settled in real-time. The trustless nature of the blockchain will bring more confidence among users to transact, since both parties to a contract must meet certain preconditions before transacting. Additionally, the transparent nature of the blockchain prevents fraud by ensuring transactions can be viewed by both parties. Jincor will facilitate global trade by providing these and other important features for businesses in a simple platform.
To build trust in the platform, Jincor will require users, and particularly businesses, to associate their virtual identity with a real-world identity to meet regulatory requirements and prevent fraud. Each business will be given its own unique ID and profile on the platform. Jincor will also assist its users on meeting regulatory requirements while using its platform, given the evolving landscape of cryptocurrency laws.
The native token of the platform, JCR, will be required to create and execute smart contracts on the platform. As an essential part of the platform, JCR tokens will increase in value proportionate with the platform’s growth. In total, 35 million JCR will be minted, thus bringing stability in the value of the token for investors.
During the crowdsale that ends January 31, 2018, investors will be able to buy JCR tokens at $1 each. The hard cap for the project is $26.6 million. Jincor thus aims to raise about $27 million in total to fund its development, marketing, and other needs of the project. By participating in the crowdsale, investors will help bring blockchain technology to the business mainstream and get ahold of tokens of a promising project.
*I am receiving Jincor tokens for the growth of the community.