As per our previous article, we had a frustration that resonated beyond just us; and one that a whole generation of new founders faced. The Korporatio model was designed around the partnership of one new-age jurisdiction (and more in the coming years) accepting this, and it, thereby, being enforceable worldwide.

 

Part 1: Making friends

January 2017,  When Korporatio first came about, we knew we had to get the right advisors on board to be able to create the product that we had envisioned. Our first advisor that joined came through a LinkedIn message I sent about the idea. Diego De Notaris, a fellow Italian, an international lawyer specialising in offshore jurisdictions, angel investor and blockchain expert. Diego helped us mould the product into the legally compliant venture it is today, while introducing us to key partners and clients.

 

Part 2: Infiltrate the government.

May 2017,  we secured an understanding with the Seychelles Government thanks to the assistance of the A.C.T. Offshore incorporation agency. As a resident of Seychelles, Karl Pragassen, owner of A.C.T. Offshore, endorsed the model behind Korporatio. We decided to join forces to help bring this seminal partnership to life. As of January of 2018, Karl processed the first company incorporation on Korporatio, his own company, Future Now Inc.

 

Part 3: Respecting the law

June 2017, we created a new custom memorandum for company incorporation. This memorandum defines the address of the smart contract as the main database to source company information, changes (in shares and members) and other notable developments. As a result, this memorandum was successful compliant with Seychelles legislation as of June 2017.

 

Part 4: Approval from the Seychelles regulators

October 2017, We got the go ahead! The Financial Services Authority (FSA), the regulator for non-bank financial services in Seychelles, gave us the all clear.

 

Part 5: Product development

October – December 2017, Development of an Ethereum SC with all memorandum requirements. This is a dApp that runs via metamask. It allows the transfer of shares, a listing of members, viewing member and owners lists, voting systems and the generation of a downloadable pdf, for every transfer and vote that has been completed. Some of the information on the dApp is accessible to the general public such as the member’s list (like that which you can see in a Companies House database).

The decision to go with metamask was an easy one. Firstly, it allows everyone to use the platform without the hassle of downloading and installing software on a computer (as is required with Mist or the official Ethereum Wallet). Secondly, and most importantly, there is no need to download a full node of the blockchain and store the files to a computer. The SC was finally completed around December.

 

Part 6: Product deployment

December 2017 – January 2018, The Ethereum network was incredibly congested. Due to the massive spikes in activity, the cost of deploying these contracts skyrocketed to more than US$1,000. After certain issues with Parity, we changed a few aspects of the code and transferred to Remix to deploy the smart contracts. With these changes, contract deployment costs dropped more than 80%!

January 2018, The design of our product allows the continuous addition of new features that users may require. While breaking ground in an essentially non-existent industry, we are prepared for our community’s feedback on what has been missing from the traditional approach.

Furthermore, we are gearing up for the product’s second update. New features will include an automated KYC sign-in and a framework for fast incorporations. We are also finalising checks with A.C.T. Offshore and the FSA to ensure a compliant and comprehensive platform – especially with the features that are in our development pipeline.

 

Part 7: Losing our virginity

17th January 2018, We. Generated. The. First. Legal. Blockchain. Company.

We submitted the SC for Future Now Inc. and in turn, we made history. From here we received approval to incorporate the new entity and start scaling by inviting selected individuals to our ALPHA product launch.

 

Part 8: On-boarding the lucky ALPHAs

We are currently running our ALPHA. We have also developed our pricing model. This is to ensure that companies that use a SC to incorporate their venture will be using the most advanced, the simplest and arguably the cheapest options in the market! Companies will have to pay less than a coffee per day to incorporate their venture.

 

Part 9: What’s next?

January – July 2018, the upcoming months, the team at Korporatio is focusing on the continuous development of the platform. Features in the development pipeline for the next months are:

  • Implementing the automated KYC
  • Testing towards the reduction of the deployment costs
  • Creating at least 10 SCs
  • Closing a B2B partnership
  • Exploring potential jurisdictions for secondary model deployment

 

After a year of working on Korporatio, we are only just beginning to scratch the surface of what we want to offer to our community. Watch out for our updates here!

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