Interview With Dmitry Nazarov, CEO At Genesis Vision Company
Dmitry Nazarov, CEO at Genesis Vision talked about the platform in details, its features, the ICO conducting, and the difficulties of the full product version launch on the market.
What is the essence of the Genesis Vision project?
Our project is a decentralized asset management platform. We write the core for trust management, investment, profit distribution. Forex brokers and traders from the crypto world can be involved in the process. Users have a possibility to attract money via Genesis Vision and manage it. It is profitable for brokers as it allows increasing the volume of trading. This is not a new system, it has existed for a long time. The problem was that such systems are centralized. Users should trust companies, which provide the statistics about brokers and exchanges. We record all the information in real time in blockchain as it is a decentralized system, which allows you to check the information at any time. In fact, our system’s interface reminds the catalogue or ranking of traders. You can find all the necessary information about it and make investment. Our another advantage is that we created a hub to build diversificated investment portfolio.
What stage is the product at?
We have been working in the demo mode for two months. We have a list of brokers we cooperate with in the test mode. Now we have a preparation for the real trade. The ICO brought us three million dollars. This sum is not so big but it's enough to create and release the product. Our company is based in Ireland, but the biggest part of our developing team is in Saint Petersburg. Besides, we hire new developers, analysts, and technical support.
What elements does your platform contain?
All our developments are in-house. We also have developments in the integration field, mobile app and a core based on smart-contracts. We use Solidity, a programming language for writing smart contracts, based on the Ethereum blockchain. We also use IPFS to store internal data. In this case it's enough to put the hash off all data from IPFS in the blockchain once a day. This system scales easily. The Ethereum blockchain is one of the most developed, simple, and it works well. We conducted the ICO on Ethereum, and the platform prototype was launched there.
What problems did you have at the very beginning?
We came on the crypto market from the traditional Forex trading fields. Previously, I was working on the exchanges, I was a developer. We had a problem with partnerships, because we rushed into the community where no one knew us. We felt a lack of confidence, we collected money very slowly, but in the end everything worked out. Now we have eight thousand subscribers in our Telegram channel, but the audience is very active.
Do you have competitors in the market?
In traditional financial markets, asset management is rather common. At the same time, various crypto funds emerge in the cryptosphere. However, no one before us has yet united these two worlds. We wrote the core on blockchain, then we involved brokers. We do not have actual competitors, because this is a rather laborious process, and few are eager to do this. We have competitors in each individual market, they provide certain services, but I haven’t seen such an integrated solution.
Have you issued your own tokens for ICO? What are they used for now?
We created utility tokens, which are used for investment and profit distribution. All processes occur through GVT tokens. Since the platform operates in a demo version only, our tokens are now in speculative status, so to say. We still have quite an active market; we are present in the listing of major exchanges, for example, Binance. During the ICO, our tokens cost about a dollar, now they cost about twenty. However, there is no real token demand from the platform yet. We have only 4.5 million tokens, but they have good liquidity and mobility. The token allows to operate on the platform. Since we have different markets using different financial accounts and currencies, customers can use our tokens for investment. We will provide the possibility of automatic conversion, but for now on a third-party exchange.
What strategy did you use for promotion?
The ICO market is wild, even insane. We tried different strategies. First, we spent a lot of money on advertising. Then we focused on the technical side. In general, we did our best to launch. We were and we are as open as possible. The best marketing is a successful product. Now our strategy is that the product will speak for itself.
You said that the platform is being finalized. Do you plan to expand the functionality before the official release?
We have created an additional fund of GVT tokens, which we will invest in the most successful managers, introducing our own incentive system for good trading. We aim to simplify the process for investors. Perhaps, some people like to dig into the charts and compare brokers by themselves. Although, we want to compile comparative characteristics and portfolio with flexible analysis tools.
What information do you register in blockchain?
We store information about transactions in blockchain. We publish them in real time. Still, not all managers agree with this method, for reasons of protecting their strategy, for instance. Therefore, many traders try to hide details somehow. For such customers, we have a special solution that allows publishing all information in an encrypted form. This information will be deciphered at the end of the period, and since it has entered in blockchain, it cannot be changed. Each broker has his own conditions, so we give our clients the opportunity to choose the most appropriate ones for them. We have a reliability rating and analytical tools. We have implemented an internal level system, and depending on the level, manager can attract more funds for management. The system evaluates the experience and strategy of each broker and automatically determines its place in the ranking.
How do you profit?
Our monetization pattern is that we take a certain percentage from investing transactions. At the moment our commission is set at 0.5%. That’s it.
What is the target audience of your platform?
We want to cover the whole world, since this is the basic idea of decentralization, the more people, the more effective the system. However, we are limited by licensing, and each country has its own rules. For instance, it is quite problematic to start working with the US and China. Both states have strict regulation, which does not allow quick launch in these markets. In addition, many companies remain wary of our business, and this is fair since there is still no complete trust in tokens and cryptocurrencies. There is also distrust on the part of blockchain projects and crypto traders, as they first encounter the phenomenon of trust management in the cryptosphere. And it's quite unusual.
How is the cost of such tokens formed?
Initially, the cost of tokens is fixed at $1. Then investors start trading, and dividends are added to the value of the tokens as a percentage of its trade. It's a free market.
When do you plan to release an official working version?
We are almost ready to launch, but everything depends on partner agreements. We are engaged in negotiations to attract as many traders, brokers, and exchanges as possible. There is a basic KYC-process for the users on the platform. It's enough for most cryptocurrency exchanges. However, working with traditional brokers is more complicated, it is necessary to take into account various details. All this can be called paper red tape, which takes a lot of time and effort.