Indicoin has been making a lot of noise in the recent days, thanks to its innovative blockchain solution. The NewsBTC team decided to catch up with the platform’s creators to get some insight into the platform.
Speaking to us, Varad Shambhawa, Community Admin Indicoin had the following to say
NewsBTC: What’s your story? How you came up with the idea of Indicoin?
Varad: India as a country is facing the challenges of a growing population with slow modernization. Millions of people are suffering severely because of a weak infrastructural system with just a little to be done on such a gigantic scale.
The lack of institutional management has influenced India as a country. All these issues made us think why not adopt this brand-new technology to give back something good to the community.
We discussed few major issues like hunger, poverty and few others because of which the basic growth of the country cannot be achieved, right? So, we came up with a unanimous conclusion to lay the foundation of an organisation which will revolutionise the way of social service. And we ended up with Indicoin!
NewsBTC: What do you think your project will revolutionise, the concept of social giving and helping?
Varad: It’s obvious from the idea of the project that it is determined to create a community of user to address the social sector. It’s always said that social workers make no money, but through Indicoin, you can support a good cause and get rewarded for the same. We are at first hand to incentivize even the simplest contribution done to the society. Incentivisation in any way will pump up the keenness to work for the social welfare. Currently, there is no such use case of blockchain implemented project which aims at incentivising the social tasks.
NewsBTC: Why couldn’t Indians just use ETH? What are you trying to solve, offer or build?
Varad: The social welfare and development system in India as well as all over the world possess some discrete irregularities such as the questionable distribution of funds within the social welfare sector. We plan to decentralize the entire payment gateway so that the allocated funds reach their intended targets. And you asked for why Indians couldn’t just use ETH? And that’s because most Indians don’t even use Bitcoin and that’s what we are trying to change by helping them to shift from the traditional debt based economy.
NewsBTC: What is the use of blockchain technology in your project?
Varad: In our project, we have utilised blockchain technology to remove the third-party involvement in transactions. This technology will help in fair and transparent award distribution over the platform. Smart Contract is going to play a vital role in this.
NewsBTC: Did you use any third-party companies while planning ICO, for solving some legal issues or developing your marketing strategy for example?
Varad: Yes, we had collaboration with Comm Tech Labs, Coin Traders India and Coinwolf. They helped us right from the time presale started and till we concluded with the ICO. We had support in terms of legal issues, campaigns and media reach. We have also collaborated with many IITs and NGOs for the social support through upcoming campaigns.
NewsBTC: Is it similar to Steemit?
Varad: Unlike Steem which rewards any and all content posted by the user, Indicoin provides a platform where only proposals benefiting the society are posted. These proposals then get voted on by the community and they become targets. Upon successful completion and providing a proof of the work Indicoin is distributed to the user and the voters.
NewsBTC: Whom is your project made for? What problems does it solve?
Varad: We did not limit the potential of Indicoin to reach any particular section rather we made a platform where the contributors, recipients and the supporters are together benefited.
The project aims to eradicate social and financial problems.
The “actual proof of work” whose agenda is to raise different issues in the form of social campaigns. Those campaigns are substantiated with proof of works and upon approval or disapproval, Indicoins are awarded to the individuals.
NewsBTC: What are the challenges you may face in future?
Varad: When you enter an industry which is new, you will have to face the challenges every other day. One major concern we have is for Government Regulations which might come into picture at any point in time. We will have to deal with it because we don’t know what is it all going to be, right?
Another challenge we have are the fake ICOs emerging regularly. We will have to work efficiently to keep our members intact. Currently, we are a self-regulatory organization and our campaigns and activities are operated through our non-profit organizations and other NGOs who we have collaborated with us.
NewsBTC: Do you have any competitors on the market? Who are they? What are your advantages over them?
Varad: Well, our idea of social service and incentivisation of work is very unique. There is nothing as such of competition in that space. The uniqueness of the project was the main reason for the ICO success.
NewsBTC: What you have to say about your team?
Varad: Indicoin’s team comprises of compelling co-workers who give their 100% round the clock. The team we convened is pretty efficient in achieving the given targets. We have a global team working in the blockchain ecosystem either involved in Ether or Bitcoin from 2014 or later.
We have a well diverse team and thanks to Comm Tech labs that we collaborated, and it worked out so well. Whether it is ICO marketing or Smart Contract, Comm Tech helped from every end. With efficient curation, we conducted presale and ICO followed by the listing over good exchanges like HITBTC and IDEX.
Learn more about Indicoin at https://www.indicoin.org.in/