Main of May
In this issue:
- Joys enters the fiat payment market
- Joys got to the semifinals of the Startup Village 2021 pitch session: we were among the top 16 of 2 000 projects
- Joys is nominated for the FINAWARD 2021 in the category «FINTECH STARTUP RISING STAR»
- We have developed a loyalty system based on smart contracts
- JOYS blockchain moves from PoW to PoAS
- CEO Joys Andrey Mikhaylishin shared with Forbes magazine the experience of passing the Central Bank's regulatory sandbox
- CEO Joys Andrey Mikhaylishin created two holywars about the digital ruble at the national blockchain conference «Blockchain/Finance»
- Analytics of the JOYS rate in May
Joys enters the fiat payment market
We have successfully completed integration tests with the Bank of Russia's Fast Payment System (FPS). And now Joys (Digital Payments LLC), in partnership with Promsvyazbank, has launched a new service for business «Easily and simply connect the FPS», which allows you to set up a fast payment service on cash registers for free. This expands our market to the world of fiat money. And connected loyalty programs on the Joys blockchain will soon allow the JOYS coin to find application on the fiat market. RBC and Vedomosti reputable magazines have already written about us.
The service provided by Joys allows businesses specializing in the restaurant and retail business to quickly connect FPS to the R-Keeper, iiko and 1C systems.
«We, as an acquiring bank, see great prospects for this solution for entrepreneurs, especially those who work in the field of fast food, because:
- first, the service improves the usability of the FPS,
- secondly, it allows you to reduce the cost of acquiring services by five times with a guaranteed rate of up to 0.7% per operation, because retail and service companies may not pay for the maintenance of POS terminals for accepting payments.
At the same time, all integration of the service is carried out by our partner, Joys, absolutely free of charge», says Nikita Khomutov, Director of the Promsvyazbank Acquiring Department.
By connecting a business to the FPS, we also connect the Joys payment service at the same time. The FPS for our project is an anchor product for selling all our other products.
«Joys (Digital Payments LLC) offers innovative, profitable and most convenient solutions for business. That is why we have integrated the FPS module directly into the cash register software – this allows you to quickly accept payments without additional training for cashiers, while continuing to work in the usual sales logic. FPS complements current payment methods and expands business opportunities in automating marketing programs and attracting new customers. With Joys and Promsvyazbank, connecting to the FPS is free, convenient, simple and promising» – Andrey Mikhaylishin, General Director of Digital Payments LLC.
Joys got to the semifinals of the Startup Village 2021 pitch session: we were among the top 16 of 2 000 projects
Joys, a fintech startup offering a new-generation payment ecosystem, took part in a pitch session for investors at the Startup Village 2021 conference on May 24-25. According to the results of the event, Joys entered the top 16 of 2000 projects.
On May 24-25, 2021, the Skolkovo AdVentureLand startup competition was held, the format of which for the first time provided for three stages of competition rather than standard pitches.
During the year, since the last Startup Village, those who want to take part applied, and out of more than two thousand, the organizers chose only 80. The jury, business angels Kirill Parinov, Bogdan Yarovoy, Vitaly Polekhin and Denis Efremov selected only 32 of the most convincing and promising projects from them, which clashed in the final battle.
The first stage was as concentrated as possible: in just a minute, the speaker, armed with a presentation with a single slide, had to present his project to a jury of professional investors in such a way as to get at least one «like».
Andrey Mikhaylishin, CEO Joys, a fintech startup which has been reached the semifinals: «One-minute elevator speech pitches are, on the one hand, a rather complex format: there is not always enough time to reveal the essence of the project to investors who have already seen many similar speeches, but on the other hand, this is the challenge! And everything happens quickly and dynamically, all participants are on the drive and as a result they are less worried. If you get a «like», then your project is included in the investor's team. Each «playing captain» – a member of the jury-chose 4 projects for the formation of teams. We got into the team of Bogdan Yarovoy».
The second stage is the battle of metrics. The battle took place within the teams, the captain assigned which of his projects were measured by metrics among themselves. Based on the results of this stage, a decision was made on which of the projects selected by him will go to the final.
The final is a five-minute pitch with a presentation. The winner was awarded to the project for which more votes were given in social networks: Facebook and VK.
Startup Village is an international technology conference that has been held since 2017 at the Skolkovo Innovation Center. This year's event brought together about 10,000 participants from 80 countries, 200 speakers and more than 800 investors.
We passed a serious selection process to take part in the pitch session. A total of 2000 startups took part in Startup Village 2021, only 200 projects of which passed the initial selection for the investment pitch session.
We chose the format of the «ADVENTURELAND CHALLENGE» pitch. This format is fundamentally different from the usual pitch contests. Participants are immediately selected by investors, trained and prepared for pitch duels.
Participation in the pitch to investors gave us the opportunity to attract funding for the seed project round in order to enter the markets of Europe and Asia, develop project tools such as Big Data, streaming analytics, Data Discovery, as well as receive support in the innovation and scientific community.
Joys is nominated for the FINAWARD 2021 in the category «FINTECH STARTUP RISING STAR»
On July 1, 2021, the XI FINAWARD 2021 annual Financial Industry Innovation and Achievement Award will be held.
Joys, a payment service for settlements using fiat and digital currencies, was nominated by the Skolkovo Foundation in the «FINTECH STARTUP RISING STAR». category. All FINAWARD 2021 nominations can be found here.
The winners of the award in competitive categories are determined by an expert council consisting of representatives of the Russian financial community. The Board consists of experts, analysts and representatives of the Russian banking, financial markets and the market of banking and financial infrastructure companies.
We have developed a loyalty system based on smart contracts
The RnD department of Joys has developed a loyalty system based on smart contracts. No, it’s not just the system. We have developed the Standard for smart loyalty contracts and called it JRC (pun: Joys+ERC)!
A whole range of different types of programs are built around JRC contracts:
- branded app for the buyer (example);
- loyalty management system for the store;
- API for cash register applications (for example, 1C or Shtrikh-M);
- API for applications based on the Evotor cloud sales register.
The JRC standard already includes such features:
- storing bonus points in the buyer's wallet. Your bonuses will always be yours. But there is also a standard mode on the server;
- transfer of bonus points from wallet to wallet. Hello, family bonus card!;
- exchange of bonus points from different stores. Hello, S7 miles exchange for Sportmaster points!;
- coupons in the form of NFT tokens. With images from the cloud. And yes, they will be also only in your wallet;
- distributed point storage «out of the box».
In the near future, we will start openly testing the loyalty program on real customers and, of course, we will continue to work on our Standard, integrating new opportunities for both customers and businesses.
JOYS blockchain moves from PoW to PoAS
On April 1, in our Telegram community, we announced that the JOYS cryptocurrency is switching from the Proof-of-Work algorithm to Proof-of-Authority Staking. Most of you thought this was an April Fool's joke. But there is some truth in every joke. Therefore, we confirmed the information about switching to PoAS only the next day.
What is Proof of Authority with Staking?
This is a combination of two algorithms: Proof-of-Authority and Staking. Special nodes (Signers), using the PoA algorithm, sign blocks without receiving any rewards. To earn income, users (or «Stakers») «freeze» their JOYS on the Staking smart contract and receive a reward depending on the duration of the «freeze».
«Stakers» do not need to run any computers or miners: we plan to make staking simple – with Joys Wallet app. The number of «Stakers» will be limited.
Why are we switching to PoAS?
PoW has not proved to be a factor that increases the value of JOYS in the market. It only holds back the lower limit of the price. In addition, we also strive to be a green company that supports ESG's commitment and contributes to energy savings. PoW with the current number of miners after the outflow to the Ethereum network cannot fully protect the network from a 51% attack.
We are preparing to increase the network load by launching loyalty programs based on smart contracts and the Double Profit project. Based on these considerations, the decision to switch was made.
How will the transition work?
The transition will take place in 3 stages:
- Prototyping and testing on TOYS (this is our test coin);
- Testing for JOYS;
- The transition itself.
After testing the prototype, we will launch the official JOYS PoAS pool – we plan it around July 15th. The last step of switching to PoAS will be automatic conversion of all wallets at the end of July. We plan to complete the transition to JOYS PoAS on crypto exchanges and in Joys Wallet in early August.
We will inform you about the progress of each of the stages in our channels, as well as regularly publish posts with more detailed information on each of the elements of our new JOYS PoAS model.
CEO Joys Andrey Mikhaylishin shared with Forbes magazine the experience of passing the Central Bank's regulatory sandbox
CEO Joys Andrey Mikhaylishin told Forbes journalists how our payment service was piloted in the Central Bank of Russia, what comments were particularly important and valuable for us, as well as about the future plans of the project. So the article «We wanted to be an icebreaker that breaks the ice between the regulator and the industry: how the Central Bank tested crypto projects and what came out of it» appeared, which you can read at this link (available in Russian).
The Bank of Russia said in its 2020 report that it tested three digital currency projects last year, including the Joys payment service.
«Since both the Central Bank has a negative attitude towards cryptocurrencies and the crypto industry has a very negative attitude towards the Central Bank, we wanted to be an icebreaker that breaks the ice between the regulator and the industry. We have partially succeeded», Andrey said.
After piloting the project for cryptocurrencies, Joys executives realized that their infrastructure fits well with the Fast Payment System (FPS). So Joys became an agent for connecting retail and service enterprises to the FPS. The platform is also ideally suited for the development of the digital ruble, which the Central Bank is currently working on, says Andrey Mikhyilishin. You can connect the FPS to accept payments from customers by leaving a request on our website.
CEO Joys Andrey Mikhaylishin created two holywars about the digital ruble at the national blockchain conference «Blockchain/Finance»
On May 20, Moscow hosted the National Blockchain Conference «Blockchain/Finance», organized with the support of St. Petersburg State University.
CEO Joys Andrey Mikhaylishin was a speaker at the panel discussion and pitch session of blockchain projects. The topic of Andrey's new presentation is «Two-level «direct» issue of a digital ruble or a digital penny».
In his speech, Andrey raised two holivars.
The first is that the Central Bank actually proposed the concept of a single-level issue of digital currencies by central banks, and not a two-level one, as it is declared. If you rely on the well-known methods proposed by The World Economic Forum and According to the Bank for International Settlements, the proposed concept is a direct issue of the digital ruble, which greatly reduces the role of commercial banks.
The second is that it is necessary to digitalize the penny, not the ruble. Andrey gave arguments in favor of this approach. In this sense, we need to talk about a digital penny, not a digital ruble.
Analytics of the JOYS rate in May
Daily chart of the JOYS/USDT pair for May from the LATOKEN exchange
In May 2021, the entire cryptocurrency market was shaken after an unexpected statement from the Chinese leadership. The news about the tightening regulation of mining has made many investors from the Middle Kingdom think about the future of crypto. In the wake of negative news, the Bitcoin exchange rate fell by 35%. Most of all, the price of BTC fell twice: in 2011 by 40% and in 2018 by 37%. In the moments of such falls of the «main» cryptocurrency, the vast majority of altcoins lost up to 95% in price. The wave of panic sales did not pass by JOYS, although not so significantly.
The month opened at 0.00837 USDT per JOYS and closed at 0.00546, down 34% from the open. During the first three weeks of the month, the market was dominated by sellers. On May 21, after three days of increased volatility, indicating the presence of a large interested player in the price range from 0.0046 to 0.0068, the price of JOYS reached a monthly low at 0.0045 and began a systematic upward movement until the end of the month.
The likely scenario is a continuation and copying of the general trend of the cryptocurrency market. Together with you, we look forward to the recovery of BTC along with other altcoins and updating the highs of JOYS.
See you in the next month!