Korporatio recap: Q2 and Q3 2021

GENERAL

Welcome back! Yes, it has been a very long time, so long that some of you even asked us if we were still in business. We are! And it is time to share a bit of what has happened with a new recap.

Since then we have managed to achieve quite a few things, despite challenges along the way, and we have been very busy. To give you an idea, in the past 11 months, the company has grown 5x!

We are absolutely delighted, of course, and this has been way faster than expected. Due to this crazy growth we had to dedicate ourselves to running the business, so our social media efforts took a back seat.

However, now that we are back, let’s see if we can restart from where we left off. We can finally tell you the good news of our migration to xDai. Our progress with Malta has been slow, but we will say a bit more below. It isn’t all bad news with the jurisdictions though, as we have new offerings in the form of private foundations. Lastly, we will round out the blog with a little update on Korporatio!

 

STATUS OF MIGRATION

We mentioned we were going to migrate our technology to the xDai blockchain. The process took way more time than we expected. There were a few issues that were not expected, but in the end we were successful! 

Since June, all new Smart Companies have been deployed on xDai by default. The xDai blockchain is connected to Ethereum and is the same underlying technology; however, fees are a fraction of the cost. The Ethereum blockchain has become expensive for most people to interact with, so moving to xDai was a no-brainer.

What do we mean by expensive? Well, you know how we previously mentioned ETH gas fees were going crazy? Even reaching hundreds of dollars for a simple transaction? Well, xDai brings that down to half of a cent, or a fifth.

Say hello to corporate governance that doesn’t break the bank.

As a user, you don’t have to do anything. We will follow and guide you through all steps, as usual. Our onboarding flow is the same as before, so the process will seem exactly the same. Also, if you are not familiar with blockchain, don’t worry. We will not bore you trying to understand things you may not care about. 

 

FUTURE MIGRATIONS

We’ve had a few clients reach out and ask us about Ethereum 2.0. Yes, we will support 2.0 whenever it is ready. However, we are still quite far from it. One interesting suggestion is for the xDai blockchain to become a ‘shard’ of (or possibly a ‘rollup’ on) Ethereum 2.0.

As we just mentioned, the xDai blockchain is where we now deploy Smart Companies and Ethereum 2.0 is the next version of the Ethereum network. At the moment the xDai and Ethereum blockchains are mostly separate and independent; however, under one proposal the xDai blockchain would be a part of Ethereum 2.0 itself.

While the technical details are beyond this blog, for our clients it would mean that all Smart Companies will exist on Ethereum 2.0. We don’t yet know what will happen there, but right now we will focus on xDai and delivering great value for our clients. 

Another frequent question we get is whether we will deploy to another sidechain or other Layer 2 on Ethereum. Right now, we will not deploy to these. We believe it will be possible for the product to run on xDai and eventually go back to the Ethereum (2.0) blockchain when the time comes. However, we will keep our eyes opened as always, and in case it makes sense we will deploy somewhere else as well. 

It is always important to remember that a Smart Company is a real, legally incorporated entity and therefore the tokens are securities. This means you need to run due diligence on any address that owns the token and most importantly, you need a license to sell/offer these tokens to the public market. Considering these limitations, adding extra chains will not increase liquidity or users.

 

STATUS OF THE JURISDICTIONS

Let’s start by addressing the elephant in the room. No, we haven’t launched Malta yet. Yes, we are still working on it!

To be fully transparent the first smart company in Malta was incorporated back at the end of 2020. We were very optimistic that we would have managed to offer the product in Q1 of 2021. However, after a change of government in Malta, there were a few changes made in their laws in February that put us back to the drawing board. As everyone knows, the COVID situation around the world has added further delays to getting this offering to market.

Only now have we managed to reactivate conversations and are now getting our pieces back together. Unfortunately, considering the history, we are not confident in sharing any timeline for this. It will happen, we promise it will happen, we just don’t know when. 

Apart from Malta, our energies are all concentrated into our existing offers.

NEW PRODUCTS

We can now support the creation of a private foundation in Panama. Our website is not yet up to date with this offering, but we will eventually add those pages as well. If this is of interest then please reach out to us. There will be a blog in the coming months giving a better idea about how this might fit with your strategy.

On top of that we also support the creation of a foundation in Seychelles! Please be aware that foundations in Seychelles are required to send physical documents via mail. Yes, it’s a bit old-school, but they obviously target a specific type of client. If you wish to remain fully digital, we will be happy to assist in creating a foundation in Panama. 

For people interested in this field, we can also share that Seychelles has been officially removed from the list of black-listed countries. If you were someone interested in incorporating there but got blocked by the black-listed news, now is your moment!

One further idea that we explored is to provide non-profit companies incorporated in Seychelles, but as it turned out, only locals are allowed to incorporate non-profit entities. At the moment we don’t offer this, although we have been making some important steps to provide local entities in Seychelles. Fingers crossed we will provide a new offering there!

 

STATUS OF THE COMPANY

As mentioned above, we have been experiencing a type of growth that has challenged us deeply. Every company, eventually, gets to the point of growing and moving from little startup to a more robust entity. 2021 has been that year for Korporatio. 

However, with new pages comes new mistakes. We have decided to switch our mentality a bit. Moving from a fully decentralised team to a bit of a more localised company. We currently have a couple of openings specifically for people in Singapore, and if you are interested, feel free to apply 😉 . Before writing anything else, don’t worry, if you are a perfect candidate we still hire remote individuals, so no worries!

Supporting clients and jurisdictions literally in every timezone has illustrated how difficult it is to keep up at full steam. Having an entirely remote team also made coordination very challenging and the time required to complete an order a bit too long. 

Entering 2022, our main challenge is now to hire a couple of key members that can help really smoothing up the entire workflow we currently have. Once this priority is completed we will focus on getting back on track with brand and awareness, as well as improving the product further.

 

COMMUNITY

We still receive many questions on our Discord server, which is the best way of reaching out to us. If you’d like to join, feel free to click here: Link.