Article published at
https://medium.com/@KolinPlatformKOLIN, a novel platform for translation and information exchangeQuestion #1. Please describe your company/project in 2 sentences.
Kolin will be the unique payment method within the Kolin platform, which will become on the first decentralized centre for translation and information exchange.
Question #2. Why did you decide that blockchain should be the basis of your project?In a globalized world where technology shows exponential growth and development, Blockchain has stood out as one of the strongest and more promising technologies developed during the last years. Thanks to blockchain technology transactions can be performed in seconds without specific intermediates, allowing diffusion of information on a faster, borderless, and more dynamic way. Difficult paperwork is not needed because each transaction is immediately recorded within a chain, and corroborated multiple times by peers.
Kolin’s principal aim is to become the first decentralized center for translation and information exchange, helping to overcome the current limitations that language still has. Kolin will be able to help any person in the world to have access to translation services without the limitations that current procedures have, for instance, a person from India could ask for a translation to a native German speaker or vice versa using the blockchain for paying for the service. On the other hand, blockchain allows the automatization of the process easing the access to international interactions and transactions.
Question #3. Why did you launch the ICO? Was it the only option to collect the funds?Although there are multiple ways to help entrepreneurs to collect funds, blockchain technology goes further than that, by allowing common people around the globe to participate in the process. As Kolin is an inclusive project, our initial offering process is completely aligned with our project ideal of shortening barriers between different languages and cultures.
The initial offering method allows early adopters to be benefited from their investment, being common people favored with the initial low prices offered. We created a novel and innovative Initial Public Sale Offering method (IPSO) that is further explained later on Question №6.
Question #4. Briefly describe your team. Why these people became the engine of your project?Our team comprises people from different nationalities and diverse skill levels. The core Kolin team is currently conformed by people from North America (US/Mexico), South America (Brazil/Chile), Europe (UK/Spain) and Asia (India), and we are looking for new members from Africa and Oceania in order to have representatives from different cultures and locations, being rightful with Kolin’s borderless vision. Volunteers and the entire community are also welcome to participate in the project, by sharing their knowledge, making diffusion or by developing the project further with innovative ideas.
Question #5. What are the main centerpiece and the highlight of your project? What will attract the investors’ attention?The Kolinplatform will become on the first center for translation and information exchange, allowing people all over the world to translate documents/websites/articles/etc to different languages by using the Kolin cryptocurrency for paying to specialized translators via the blockchain, shortening the language barriers within an user-friendly environment.
Furthermore, the platform will contain a social branch that will allow any person to register in order to help with the translation of information from a technical to a more generic language, allowing common users to have access to technical knowledge in a more understandable format. Volunteers working on Kolin’s social branch will be also rewarded for their work with Kolin. Therefore, Kolin will become the leader cryptocurrency with peer-to-peer integrated payment, helping people from different nationalities and education levels to interact, share knowledge and make business without an actual language barrier.
Question #6. What are your thoughts about ICO marketing? Can it be really effective due to all the restrictions and other phenomena?As a team, we believe that mechanisms generally used for public distribution of tokens are broken and losing credibility. Here we proposed a novel and innovative standard procedure named, hereafter, Initial Public Sale Offering (IPSO). The proposal takes the best from an ICO process and mixes it with the standard procedures performed on Stocks exchange listing, also known as Initial Public Offering (IPO). These enter the market by listing their stock (or shares) on a public stock exchange, such as the New York Stock exchange (NYSE), the National Association of Securities Dealers Automated Quotations exchange (NASDAQ) or the London Stock exchange (LSE). As blockchain transactions can be tracked and tokens are immediately available after purchase, the IPSO format increases transparency empowers the cryptocurrency community and generates an accountable process, which is rightful to what in our understanding blockchain technology implies.
More information about IPSO
Question #7. Why is your project better than your competitors?From the best of our knowledge, there is no other project that uses blockchain technology for creating a platform focused on translation and information exchange services. Kolin could become the first blockchain project that joins people from different cultures and languages, in order to pursue the creation of an international but at the same time borderless platform. This yet unexplored niche could become the solution for international relationships, where instead of creating a new language people’s knowledge is used for helping their peers in common challenges, as it is to decrease the language barrier.
As an example, although English is the agreed universal language, there are just 360 million-odd native English speakers. Chinese and Spanish, on the other hand, are the most spoken languages having 1.2 billion and 400 million native speakers respectively. This language barrier limits access to education and business opportunity to a huge proportion of the World population. Thus, Kolin pursues to solve that issue by working directly with an international and strong community and also with entities involved in the educational process, i.e. Universities or Foundations.
Question #8. What are the major ways of monetization for your project?Two principal branches are considered within the Kolin project, a Private section will generate income by offering translation services to private entities and people in a totally confidential process. The first release of the platform considers this section as a priority for assuring the proper function of the second branch.
A Public branch, on the other hand, includes international volunteers in the process, which will offer translation services between different languages, and also “translation” of technical knowledge to a more inclusive and common language.
Solvency will be reached by the interaction of both sections. A percentage of the income obtained within the private section will be transferred to the public branch for paying volunteers with a bonus for the services performed. At the same time, the social branch will strengthen the Kolin community and will help to the project’s diffusion.
Initially the project will be funded by the income obtained during the IPSO, but lately, the private section will be the principal source of funds, benefiting from the high demand for translation services.
Question #9. Which markets are the most attractive for you right now? Do you take in consideration the USA and other countries with the legal restrictions for the crypto crowdfundings?Currently, we are focusing on markets were most non-native English speakers are, i.e. Chinese and Spanish speaking countries. In the future Kolin considers expansion to include Hindi, Arabic, Portuguese, Russian, French, German and Japanese. Further languages will be considered by community demand.
Question #10. Describe your project in 3 years? Will it change something in the world?For 2021 Kolin will become the first and standard decentralized center for translation and information exchange. Gathering thousands of people within its network, helping each other for overcoming common issues as the ones implied by cultural and linguistical differences. Kolin private could become the standard center where diverse enterprises or natural people come for translation services, i.e. for document translations, movie subtitle generations, scientific paper translations, among others. On the other hand, the public section could work directly with educational entities by producing public and open technical material in a more understandable format. Volunteers working on the public section could be from University students to specialists in their areas of knowledge. As a matter of example, Kolin could become in the new Wikipedia, where volunteers are rewarded for their work and information is always published in a common, understandable and multilingual format.
Further information about the Kolin project at: https://kolinplatform.com/en
Questions and Answers are part of an interview performed to the Kolin team and are open to any media diffusion platform that would want to write about the Kolin project.
