I can quickly translate the main parts of the interview for you
So the first few questions are about the fact that ICONOMI raised over $10 mil with 3.5k investors. Then Tim gives asimplified explanation of bitcoin and ethereum blockchain technology to the reporter.
He also gives a comparison between internet technology in 90' (and the start of e-shops) and the blockchain tecnology today and says that many consider blockchain techology as the Web 3.0 (and ethereum a decentralised world computer).
Then the reporter asks what a »token« is.
He answers that the ICN token (and tokens in general) has the same features as Bitcoin but it also represents a stake in the ICONOMI company (like stocks).
Reporter: OK, I vaguely get the infrastructure now. What does your company do?Tim: We are convinced that this si the market with immense potential for rapid growth. We detected that soon there will be a lot startups financed through crowdfunding tokens. That is our main assuption.
When this happens, there will be a need for the mechanisms, which will enable investitors to invest into this system. And that is what our product is – a platform for cryptofund managment. So that people who believe that blockchain techonology will prospere in the future, have this mechanism that will enable them to invest.
We are convinced, that in one years time there will be thousands of these tokens for apps, respectively startups. And we will be the platform, that will enable structuring of the investment funds for investing into these startups.
Our company will have two funds, ane actively managed (by experts) and one passively managed by an algorithm.
Reporter: So you will also pick the companies you will invest into with your funds?
Tim: With the index fund, the algorith will pick the companies to invest into, with an algorithm by the preset criteria. IWith the actively managed fund, we will invest only into new startups from the cryptoworld.
Our platform, wil however, enable every individual to create and shape his own fund. Given the assumption that there will soon be a lot of crypto startups and tokens, there will have been an inormous amount of work needed to investigate all of these startups (due diligence). Thats why we decided to open up the system and leave the oppertunity for this part of the business to the people themselves. So they can do their own portfolio of the startups they think will succeed. And we will sort these invesment funds (by the people) into different categories by different criterias.
For an analogy, what the Apple did for the first iPhone was to only make a few apps themselves, then they opened up the system (IOS) for other developers, who were better for the job than themselves. Simillary, we opened up the system, so the people can create their own investment funds.
We will, however, provide the infrastructure for the protection of an investor, so that someone wont be able to escape with their invested money. We will also prevent other irregularities.
Reporter: Could this new thechonogy somehow add to the current economy?Tim: The technology (blockchain) is as least as big as the internet and I think it will happen sooner than we all think.
You can probably see yourself, how some things in the current world are slow and there is a lot of room for improvement.
Take a look at the banking for example. If i send u a deposit right now (at that our the bank still processes the deposits in the same day), you will recieve the deposit today, but if I send u a deposit after 4pm, you wont recieve it sooner than tomorrow, when the banks open again. Please...
On the other hand, we and the coming generation wants everything to happen NOW. If you can send a message through an app called WhatsApp now and for free, why should it be any different to make a deposit.
The possibilities to use this technology are infinite. The stock markets still use the old system. This will have to change. And this technology will change it.
There are a lot of serious companies looking at this solution. American federal state Delaware, for example, started with adopting of the laws for this technology.
Also, an interesting information is that 43 of the worlds largest banks shaped a consortium R3, is which actively working to implement these technologies.
Serious movements on this area will, however, start when a bigger company will star to look at blockchain technology. When, for example, Apple will start issuing stocks on the blockchain, the dominos will start to fall.
Why? Becouse this system is incomparable cheaper from the current one. We made claculations, which tells us that the cost of paying out the dividends to 30 thousands shareholders would be about $100. That is practically free. Just think, how much the cost of sending out the envelopes with notifications and everything that comes with it, with the current system of the dividend payments, costs.
Reporter: But the public view of the crypto world and everything connected to it has a negative ring to it. Like it would be, more or less, reserved for the criminals.Tim: Its true, but I think Ethereum will change that. But it is true, that Bitcoin has had an inormous influance on the bad reputation of the cryptoworld.
Reporter: And how is with security? This world probably isnt immune to hackers either?
Tim: There is a lot of money at stake. Heckers are always hacking, and they will always try to hack you. That is why the product has to be made on a high technological level. The entry costs for this market are excpetionaly high. Also, the technological threshold is very high. You really need to prove yourself, and we did just that.
Reporter: How will you spend the collected $10 mil?
Tim: 10k BTC that is around $5,5 mil, we will spend on the development of the platform, the rest goes to the managment fund to finance the new startups.
We did, however, sell 85% of the company for these $10 mil. The team that works here, only kept 13%, 2% were reserved for promotion.
We issued our stocks, (App Tokens), which we allready distributed to the holders. Holders can now sell them or keep them, if they think our product has potential.
This is a totaly new paradigm. The organization is decentralised, where I as the founder of the startup, am not the main owner. Unlike the classic startups, these startups are also interesing for the investors, because these startups have high liquidity.
Reporter: You say, your team only own 13% of the company. How are then still you in charge?
Tim: We have a mandate. We wrote we want a 24 month mandate, after it expires, there will be a now vote for the next mandate. We will convene some kind of assembly, we will present our plans for the future, and the shareholders will vote. Of course, they can propose someone else.
Reporter: So what are your plans for the future?
Tim: Currently, all of our focus is on developing the platform Iconomi for cryptofund managment. In addition we will offer a tool, which we developed for ourselves, which enabled the mass financing for our company in the shape of the Kickstarter-like platform for establishemnt of new startups. And we will also invest in some these startups ourselves. By doing this, we believe we will help the people with global ideas with successful financing.
Reporter: How many people are currently employed by Iconomi?
Tim: there is 15 of us at the moment. We do seek for more employees.
Reporter: Given the size of Slovenia, is this still a suitable enviroment for your business?
Tim: Crypto-world is totaly decentralised, so it doesnt really matter where the seat of the company is or where you come from. Our investors, for example, are from all around the world. USA, in this sense, is no more important than the rest of the countries.
Reporter: For how long have you been active in the crypto-world?
Tim: around three and a half years.
Reporter: How will the world look like in 20 years?
Tim: Blockchain is the introduction into the new social order. If you can make company's board with people voting with one click, the times when people are voting for the political positions in this way isn't far away. With such low costs, we can have a referendum every week. The technology cuts off the midlle man.
Reporter: But the numbers of unemployed would rise with this techology.
Tim: True, but they would't be unemployed for good. All the people, that would be made redundent in the public administaration, would be, for example, paid for re education and paid for previus services for three more years. People are creative, some would definately have to start their own business and the successful ones would employ the ones, who don't have the entrepreneurial spirit.
Then we would completely digitalize the operation of communities and administrative units (don't know if these are correct words...he means the public services units, something along these lines). The people, who are computer illiterate, would be helped by the hostesses (dunno if this is the right word either). You have accpet the fact, that there will be less and less people who know nothing about computers every year. And I could go on.
I think this is enaugh for my sunday's english practice
Hope you guys enjoy reading it and that there arn't too many mistakes in it
