Thanks to the cryptocurrency industry, we learned about many progressive projects that have made our life better. Here comes another promising startup, which is conducting an ICO to realize its idea. We talked with the CEO of Joys – Andrey Mikhailishin – to learn more about the concept of a platform for cryptocurrency payments.
Hello Andrey. Tell us about your product. What makes it stand out from thousands of similar payment services?
Hello! Joys is a payment service for conducting legal transactions in any cryptocurrency when buying goods and services. Joys is a global open source blockchain platform built on a private Ethereum network, which allows you to add almost any cryptocurrency and token as a means of payment.
Many companies solve the problem of cryptocurrency payments with the help of blockchain, covering many areas: from interbank cross-border payments to private p2p transactions: CoinBase, BitPay, Coinify, PundiX, Bitwala, Wirex, Blockchain Merchant, LoyaltyX, LoyalCoin, etc. The biggest problem of almost all projects is the violation of the legislation of most countries in the circulation of cryptocurrencies. The second problem is the restriction of the scope of the existing solutions for retail. The third problem is the need to install new cash register equipment or issue special payment cards.
Joys is integrated into the POS-systems of stores providing regular business logic of sales. Joys applies the loyalty programs, prepaid and gift cards authorized by the laws of mechanics, as well as the technology of handling digital coupons to implement processes where cryptocurrencies are used as payment means. The project achieves legal purity when making payments in cryptocurrency in such a way, allowing to place such purchases in the legal field. It follows from the analysis that the project is unique at the cryptocurrency market, given all of its solutions.
Why did you decide to create such a platform?
We created Joys as a means of bringing together the classical monetary system and the new, blockchain-based one, to make the economy of society more effective. We expand the application scope of any blockchain project’s cryptocurrency in retail stores and service companies, thereby involving classical retail in the blockchain community, contributing to the development of cryptocurrency in general and the currencies of projects that have joined Joys. The Joys platform enables people to pay for real purchases in regular stores with any liquid digital money or tokens.
The infrastructure which is built by the Joys project team has an open API: a bank, payment system or a regulator can not block it. And this infrastructure does not depend on international payment systems, such as VISA, MasterCard, UnionPay or others. We also strive to unite the infrastructures of other projects in the field of blockchain, such as: MPС 123. We open it to other projects – this gives us a competitive advantage!
What other cryptocurrencies besides BTC and ETH can you pay with?
Our payment service currently supports five cryptocurrencies: JOYS, BTC, ETH, BTH, LTC. We are working on adding all new cryptocurrencies. A complete list of planned cryptocurrencies for addition can be found on our website https://joys.digital and in our WP.
Please, explain to our readers how the conversion of cryptocurrency into fiat money takes place in user’s bank accounts?
I want to note that users of Joys do not need to open any bank accounts. You need to install the application, undergo the KYC procedure, register a wallet of a desired cryptocurrency and replenish it.
At the time of the purchase, the cryptocurrency chosen by the customer is transferred from his/her wallet to the exchange and converted into fiat money: EUR or USD according to the current exchange rate. Then the transaction is conducted through the banking system to the country where the purchase was made. The resident bank exchanges EUR or USD for the country’s currency and transfers funds in the national currency to the account of the store. This procedure takes from 1 working day.
What are the dates of your ICO and what stage is it most profitable for an investor to buy tokens at?
We divided the ICO into three stages in accordance with the plans to enter different markets. Sale stages:
Stage I: June 21 – September 04, 2018
Stage II: January 10 – April 10, 2019
Stage III: July 01 – October 10, 2019
In addition, the price varies within phase I, gradually increasing towards the end. Therefore, it’s best to buy tokens as early as possible. In the remaining stages, the placement price will be tied to the current value of the JOYS coin.
Where will Joys work?
In the final stage, we plan to cover all countries of the world. Achieving this goal will take a long time, so we divided the work into three major stages:
Stage I – CIS and Europe.
Stage II – Asia and Africa.
Stage III – America, Australia and Oceania.
What companies are already working with you and who else are you planning to cooperate with?
We have several areas of cooperation.
Financial institutions: International payment system 123, VEB, Alfa Bank, etc.Manufacturers of the cash register software: Scheidt & Bachmann, Micros, Barcode-M, DENSI Cashier, EVOTOR, 1С8, UniPOS, Pro-T-5, Артикс, Regard Software, Service Plus,International organizations: Grand Alliance, Eurasian Economic Cooperation Organization, BRICS Business Council.
Projects: Rate & Goods, ZODIAQ, Smart Valley, etc.
We are currently working with many other companies and are open to possible partnerships.
Will the list of stores and other offline areas working with Joys expand in the future?
This is our main task. We will constantly increase the number of our partners and stores.
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