In a world where modes of payment are no longer limited to cash or credit cards, we see cryptocurrencies gaining popularity. Met with mixed reactions by industry insiders and those who utilise it. While many are sceptical of what many call the currency of the future, others such as Eric Ceret, co-founder of Jetcoin Institute have embraced it and found success in the venture. We sit down with him to learn more about the currency system that has got banks, governments and companies on their toes.
What are cryptocurrencies?
Cryptocurrencies are an alternative to traditional currencies and are complementary to our traditional banking system. Unlike traditional banking, cryptos enable you to record data transactions and can be transferred at the speed of light at a fraction of the cost. These will be factors that will motivate mass adoption. In fact, banks have already adopted digital technology in their online transactions, although it is a totally centralised system.
Cryptocurrencies are decentralised by nature and also enable entrepreneurs to create new solutions and share them with the world through social media in full transparency. They empower the users, as the success of a project will be determined by its adoption in the community. The best projects will have their own currencies attached to them, making them independent from the financial institutions and will last based on their true value to the community. When there are huge imbalances in the financial system, cryptocurrencies are there as a counterbalance to keep the system healthy.
What is Jetcoin?
Jetcoin is a cryptocurrency I created, influenced by my experience when I was Managing Director of Elite Model Look. At that time, I had several meetings and talks with investors and bankers on the concept of developing a fund for talents. The fund I had envisioned would enable people to directly invest in talent and earn revenues according to the talent’s performance. Shortly after, a close friend of mine involved in both investment and cryptocurrency invited me to a Bitcoin Conference.
It was a real eye-opener for me. I quickly saw the potential of leveraging on the blockchain technology to create a marketplace where anyone in the world could invest and benefit from their favourite talents.
I decided to launch Jetcoin in the fields of sports and entertainment, industries dominated by powerful agents and large international labels and agencies. When starting their careers, aspiring talents can face several challenges, such as getting noticed and signing a contract. In many cases, if a talent hasn’t got the right advisers and financial support, he’ll end up being seriously taken advantage of.
We want to tackle these challenges, ensuring talents receive the right support. Jetcoin intends to encourage this through personal investment in talents, directly from the fans.
How do you intend to do this?
Jetcoin provides fans with the opportunity to receive a portion of the talent’s future earnings. The more successful the talent becomes, the more his or her fans benefit financially.
Jetcoin envisions driving this fan-to-talent relationship with what we call “Proof of Social Engagement” (POSE). This rewards fans and supporters with JETS (the Jetcoin currency) when they engage in social media activities.
In the early stages of a newly-signed Jetcoin champion, it helps to create strong and fast social media awareness by creating a buzz, drawing interest from potential sponsors and early investors of the champion. In the second phase, POSE is even more relevant as it gives a true metric of the Jetcoin champion’s social media popularity, hence helping to valuate the Jetcoin champions’ potential contracts with sponsors and brands.
As a champion’s performance improves, the value of their assets increases, which in turn creates revenue for the fans and supporters.
Can you share any exciting news or development of Jetcoin? What can users of Jetcoin look forward to?
JETs are currently in an early sale phase at 10 cents per JET, and early buyers will benefit from competitive prices before market launch. If you compare it to the Bitcoin, now reaching US$2000 and having started at US$0.001, just with user adoption and technology, cryptocurrencies have the potential to reach spectacular growth. Jetcoin adds a unique business model, where the value of the currency is tied to the IP rights of the talents, something concrete and tangible in the digital world.
The Jetcoin Institute has also signed partnerships with established brands and companies that will be helping to support the future Jetcoin Champions.
Currently, the original producer of the Black Eyed Peas has just signed on to the Jetcoin platform to share revenues of his new album with his fan base. That’s something to look forward to!
Will cryptocurrencies kill off our paper notes and metal coins; for example, USD, HKD, SG Dollar, and become the next generation of money/currency?
Currencies won’t die but will take on a more efficient form in a digital space. Younger generations are more open to cryptocurrencies as they see it as the way forward to a more transparent and accountable world. With blockchain technology, every transaction is written and hence traceable, even though it’s encrypted.
Cryptocurrencies will make banks return to their original functions – where they keep the keys to our digital wallets safe without the possibility of speculating with what’s inside without us knowing it. Currently, central banks are lobbying to regulate and control cryptocurrencies, but how can a decentralised protocol based on mutual automated consensus between two clients be regulated?