Jetcoin Gears up to Disrupt the Sporting Industry
Jetcoin was created by co-founder Eric Alexandre, who drew on his experience as Managing director of Elite Models. “At that time, I had several meetings and talks with investors and bankers on the concept of developing a Fund” Alexandre recalls. The fund he envisioned would enable people to directly invest in talent, and earn revenues according to the talent’s performance. A close friend of Alexandre was involved in both investment and cryptocurrency, and invited him to a Bitcoin Conference. “It was a real eye opener for me,” explains Alexandre.
“I quickly saw the potential of leveraging on the blockchain technology to create a marketplace where anyone in the world could invest and benefit from their favourite talents/champions.”
– Eric Alexandre, Jetcoin Co-Founder
According to Alexandre the world of sports is dominated by powerful agents and large international agencies. When starting their career an aspiring athlete can face several challenges, such as getting noticed and signing a contract which is fair. “In many cases, if an athlete hasn’t got the right advisers and financial support, he’ll end up being seriously taken advantage of” said Alexandre.
“Players who are not so lucky end up signing away all of their economic rights and in some cases also a part of their salaries to their agents.”
Jetcoin wants to tackle these challenges, ensuring athletes receive the right support. Alexandre explains that it is common for clubs to play athletes regardless of their fitness level.
“They play them until they break and this can sometimes lead to serious injuries for a player, cutting a potential career short,”
According to Alexandre, when a player has the right support they will only be played when appropriate. The correct support for athletes ensures they are in peak condition, and that they have specific programs for recovery periods and development schedules. Jetcoin intends to encourage this through personal investment in athletes, directly from the fans.
Jetcoin provides fans with the opportunity to receive a portion of the athlete’s future earnings, as outlined by Jetcoin Institute Advisors. The more successful the athletes become, the more their fans will benefit financially. The Jetcoin Institute Advisors Board is there to create an environment that will help the athletes focus on their training, secure in the knowledge that their developmental needs are taken care of.
Jetcoin envisions driving this fan to athlete relationship with what they call Proof of Social Engagement (POSE), this rewards fans and supporters with Jetcoins when they engage in social media activities. “In the early stages of a newly-signed Jetcoin champion, it helps to create strong and fast social media awareness by creating a buzz and interest in potential sponsors and early investors of the champion,” said Alexandre. “In the second phase POSE is even more relevant as it gives a true metric of the jetcoin champion’s social media popularity, hence helping to valuate the jetcoin champions’ potential contracts with sponsors and brands.”
“We create a social media army at the service of our champions. At Jetcoin, we strongly encourage fans to POSE and share!”
Jetcoin is implementing blockchain technology with a difference, proof of stake. This secures the network, and achieves distributed consensus, by requiring users to show ownership of a certain amount of Jetcoins. “We decided to walk away from mining as it has become a computer processing power challenge,” states Alexandre.
As a champion’s performance improves, the value of their assets increase, which in turn creates revenue for the fans and supporters. Alexandre is quick to point out “Currently we are working closely with NXT Foundation and developers to implement the best solutions for [the] Jetcoin platform and services,”
Jetcoin is currently in a presale phase, in which early Jetcoin buyers will benefit from competitive prices and the option to invest 50% of their Jetcoins into the Pool of Jetcoin Champions.
“The Pool of Jetcoin Champions is an asset where every champion signing with the Jetcoin Institute will have to release a percentage of their IP rights to this asset in order to fund the Jetcoin Institute operation.”
For the Jetcoin champions the pool creates an early group of investors. Currently, the Jetcoin Institute has a slew of partners involved, including but not limited to Stadia, Pogoseat and Samsung Sports Flow.
Jetcoin hope to have a stable group of champions endorsed by millions of fans worldwidem, who will also benefit from their success. “Jetcoin will prove that community engagement can make a huge difference in someone’s life and in your own life,” said Alexandre.
“Disrupting the relationships between athlete-fan-investor-sponsor-club, Jetcoin is the new paradigm in the world of sports,”