In the summer of 2018, we already interviewed the founder of the Joys project, Andrey Mikhailishin.
Back then the payment service team had just launched its ICO and shared plans for the future development of Joys. Let’s find out what stage is the development of the project at today and what new has happened during this time?
Andrey, hello. Tell us about the interim results of your ICO? Have you achieved all your financial goals?
Hello! Thanks for the invitation!
I appreciate the results of ICO as negative. Although not so bad really. At ICO, we fundraised only $ 300k with a minimum target of $ 35M. Therefore, we have not achieved our financial goals. The reasons for failure are different:
- Ourselves we have never performed an ICO before yet and therefore we hired a company that had successful ICO experience before. The guys themselves were inspired by our project, but the result did not suit us. The saying goes: “If you want to do well, do it yourself”.
- We started our ICO in the spring of 2018, when the cryptocurrency and ICO market experienced a strong decline. Investors were disappointed with past failures, the rate of cryptocurrency declined sharply, no one wanted to invest. The crowdfunding market through ICO has stopped.
- In the early stages, we had no internationally known advisors and communications with large crypto funds.
Has the collapse of the crypto market and ICO projects affected Joys?
Of course, it had a strong influence on the ICO results. Today we have reoriented our project to the venture capital market. There are much harder rules. We rebuilt our project, and we have received several suggestions already.
What new features have been implemented on the platform since the launch of ICO?
Our slogan is – We transform digital money into real goods. During this time, we have converted Joys from a crypto project to FINTECH. We cooperate with banks, payment systems and other financial institutions, we have direct contacts with the Central Bank of Russia and we plan to work together with regulators and banks in different countries. We are actively involved in the creation of the New International Payment System of the BRICS countries (NIPS – BRICS Pay). Now our solution allows using as well cryptocurrency to pay for goods and services, as customary fiat money. We have developed and implemented several business solutions: a private payment system for the Center for Digital Transformations in Moscow, a voting system, a loyalty program on the blockchain technology. Now we are actively developing on the use of Hyperledger in Joys. By the way, information about this has never been published before. We will make a public announcement about how we will use Hyperledger a little bit later. We also completely redesigned the payment application for users. Now JOYS, BTC, ETH, EOS, LTC, BCH are available in the application. We made the listing of our JOYS coin on the LATOKEN exchange.
We have created many more other things that today make our decision truly unique. But not all the secrets of our kitchen, I’m ready to tell. I really want to share much more news with the community, but this is still premature.
You as well as other representatives of your project take an active part in various conferences and meetings, such as the meeting of the Russian Association of Cryptocurrency and Blockchain (RACIB). What important issues are you discussing at such events?
Today we are working closely with the Russian Association of Cryptoindustry and Blockchain. We participate in the discussions of the problems and tasks of the business in the digital economy, help create a cryptocurrency regulation system in the Russian Federation, advise and share our efforts with other projects. Also in early April, we are launching a joint project with RACIB – a system of customer motivation based on blockchain technologies. Follow our news on our public channels.
As for the implementation of the project, how does Joys integrate into store POS systems?
We integrate at the level of cash register software manufacturers. We have an API that interacts with POS. Now we are finishing the testing of a new payment API, more advanced, even that we used in MVP at the ICO stage. We developed solutions not only for brick and mortar stores but also for e-commerce.
Which important companies or sites have you managed to partner up with lately?
As I said above, we actively cooperate with a number of banks, with the Central Bank of the Russian Federation, with the BRICS Business Council, we are member of the Russian Association of Cryptoindustry and Blockchain, member of the Fintech Association, and actively cooperate with the LATOKEN exchange.
In the last interview you said that “you plan to cover all countries of the world”. Did this goal remain on your agenda, or did you perhaps set new large-scale goals?
This goal has become even more relevant for us, as we have now included fiat currencies in our pool of means of payment. Recent studies show that cloud technologies, hybrid clouds, open APIs, Big Data, and artificial intelligence will produce a transformational impact on business and blockchain technologies will have a big effect on the business. Excluding artificial intelligence, Joys have solutions in all these areas of development, and this opens for us more potential than even we imagined six months ago.
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