Disclosure: INGOT Coin, the ecoysystem that links crypto to traditional finance, has previously sponsored Hacker Noon.
Today, we’re going to catch up with INGOT Coin’s CRO Zeid Madbak to discuss the progress of INGOT Coin, why cryptocurrency is better equipped to create a better financial system than traditional currency, and what a new financial system could look like.
David Smooke: How were/are the traditional financial institutions ill prepared for the crypto boom?
Zeid Madbak: The current financial system is not broken, so no one was trying to fix it. However, it has many aspects that can be improved, its slow, expensive and unreliable, which leads to it being unacceptable to as it doesn’t meet the demand of the people for providing an elegant and seamless set of services. What we have now is a centralized industry with corporations owning information and processes.
The crypto boom jumped on the new consumer trend; transparency and efficiency led to the decentralization era.
Versus traditional currency, what functions of cryptocurrency make it more capable of creating a just financial system?
Mainly everything the cryptocurrency has is just a step or two ahead of traditional currencies. To list a few: speed, efficiency, transparency and controlling information and value.
In this fast world, we shouldn’t accept a remittance that is not instant, or not being able to jump on an investment opportunity because the of inefficiencies of transferring value between different markets. The innovation in the blockchain and cryptocurrencies are going to revolutionize the financial industry, and INGOT Coin will be a pioneer in that field.
What’s the best way for crypto markets, like INGOT, to prevent fraud and price manipulation?
KYC, KYC and KYC, also add AML to the that list to create a fully transparent, trustworthy ecosystem that people are not even considering the legitimacy of each cent flowing around between the interrelated components.
What does INGOT expect to raise in its 2018 Q3 ICO?
The second round of the ICO is still to be determined as the study for feasibility, token mechanics, regulation progress and much more. However, the first stage Ecosystem will have to be extended to include the fully digitalized commodity exchange, which will cost at least 50 Million USD.
As CRO, what are the revenue goals in 3 Years and what is the projected payback period?
Given our conservative approach for the revenues versus the exaggeration of the cost we have derived a revenue of 2021 of over 800 Million USD and a net income around 300 Million USD. These numbers almost double compared to the previous year. As for the payback period we project it to be just under 2 years.
Could you describe the branding of INGOT Coin? For those who don’t know, “INGOT” on wikipedia is “Aluminium ingot after ejection from mold Pouring Smelted Gold into an INGOT at the La Luz Gold Mine in Siuna, Nicaragua about 1959. An ingot is a piece of relatively pure material, usually metal, that is cast into a shape suitable for further processing.”
An INGOT has precious value the way it is, and can be customized to suit any customer need. The same implies to our ecosystem, the IC will have precious value that will appreciate given our conservative projections. As for the ecosystem, it is created to suit any need and want as it will set the standards for the new revolutionized financial industry.
INGOT Coin seems to have a very big amount of components involved in the Ecosystem, what is the reason for that?
In order to solve the challenges that we have mentioned in our whitepaper — which start from the intransparency and illiquid markets — to the lack of crypto exit strategy, INGOT Coin combines the 4 main components which are the Digital Bank, Wallet, Exchange and Brokerage to make that possible.
The Bank, Wallet and Brokerage will work as a custodial to hold the Fiat, Crypto and Traditional Assets respectively. As for the two remaining components, Certifier and ICO Accelerator, we have included them in order to portray our core values which are continuous learning and social responsibility. The certifier will be in charge of educating and providing for the next generations different ways to learn about the Blockchain, Smart Contracts and Cryptocurrencies development. Furthermore we are providing all those participants who have learned about the blockchain through the Certifier and want to make their own ICO, different services in the ICO Accelerator such as guidance in areas such as the whitepaper, technology, Legality and marketing and PR will be available for them and finally even listing their own tokens on our exchange at a very reduced cost.
How is INGOT Coin getting ahead of the competition?
INGOT Coin, or to be more accurate, INGOT Group believes that collaboration is the best method in terms of innovating the current market. As of today we see thousands of ICOs trying to raise funds and ultimately improve their services and discover new ways to be more efficient. Competition is not bad for innovation or the market however when it is as competitive as it is now then it is more negative than positive. INGOT Coin has been focused on creating a big alliance with big organizations including but not limited to; Successful and promising upcoming ICOs, universities, visionaries, advisers, funds and Institutions.
We believe by building this establishment and with the continuous sharing of knowledge and resources, we will be able to tackle more in the market and truly provide the most innovative and efficient market solutions to all participants.