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Page 1: Authors - FoxICO · Communication: Day-to-day ... applications (dApp) ... channels, editing of company’s public profile and establishing new business contacts with
Page 2: Authors - FoxICO · Communication: Day-to-day ... applications (dApp) ... channels, editing of company’s public profile and establishing new business contacts with

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”.

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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)

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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

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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

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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

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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.

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