The Future of Digital Currency for the Jewelry Industry
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Imagine a currency system that allows jewelry merchants from around the world to do business with an international clientele, all without the need for volatile money conversions and costly international wire transfers. It's a system that's...
When you're imagining the above, you're imagining JWL. The team behind JWL is comprised of veterans of the jewelry business and the world of e-commerce. We have worked in the jewelry industry for decades and understand that consumers no longer restrict their shopping to their neighborhood jewelry store. Increasingly, consumers are crossing international borders by shopping online and are becoming more and more comfortable with big-ticket purchases of precious metals and jewels over the Internet. We are seeing unprecedented growth in the e-commerce international jewelry trade. It has become clear to us that the old ways of conducting business are too expensive and no longer effective. The jewelry industry needs a financial structure to accommodate and encourage these new customer behaviors. It needs a structure that instills trust in online products and transactions. The jewelry industry needs its own currency – our own cryptocurrency. Introducing JWL, the first digital currency built exclusively for the glamorous world of jewelry. |
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The Offering
Investment: Common Stock & JWL Coins
$1.00/share of Common Stock│When you invest you are betting the company’s future equity value will exceed $10.7M.
Perks*
Right to Receive JWL Coins (the “JWLs,” “Coins” or "Tokens")
The Offering includes the right to receive, when the company conducts a token generation event, five (5) JWL Coins, or Tokens, for every $1 invested in this Offering.
In other words, investors will be entitled to receive JWL Coins for an amount that is that is equal to the investment amount. For example, an investment of $500 in Common Stock in this offering will entitle the investor to 500 shares of Common Stock and 2,500 Coins, in accordance with the terms of the future token generation event.
*All Coins or Tokens will be delivered after this offering is completed, if and when there is a future token generation event.
JWL CoinsDescription: JWL coins provide the ability to interact the the JWL Blockchain. This will be an independent blockchain created primarily for the jewelry industry, JWL.com, and other uses as the development team sees fit. However, the JWL blockchain development will be open-source and free to use for any individual or industry to further develop on top of.
As soon as JWL is launched and distributed, contributors will immediately have full ownership and control of their JWL, which provides the ability to securely and privately transact with other JWL users. Investment funds will be used to further develop JWL.com specific JWL tools, aiming for, but not limited to, secure web wallets, Jewelry industry integration, web based escrow services, and simplified cryptocurrency storage, access, and exchange.
Further, JWL Blockchain will be the foundation for all value within the JWL.com, Inc. ecosystem. If there are any blockchain changes, or if JWL.com, Inc. develops further blockchain solutions to bring the Jewelry Industry into the 22nd century, JWL Blockchain will continue to act as the basic value and owners will receive preference in distribution of those tokens.
The right to tokens is contingent upon the successful development of such Tokens and to the extent applicable, the blockchain upon which they function. There is no guarantee that successful development will ever occur.
Our Mission is to provide a secure cryptocurrency payments system that utilizes the JWL blockchain to facilitate jewelry transactions between customers, vendors, distributors, manufacturers, and producers of precious stones and metals.Introducing the JWLJewelry is an investment; JWL is a currency. Unlike Bitcoin, Litecoin, Ethereum, and other popular cryptocurrencies, JWL is designed not for hoarding, but for liquidity. This protects it from the rapid price fluctuations and irrational exuberance that make other cryptocurrencies controversial.
JWLs will be established on blockchain technology. The tokens are independently produced, mined, maintained, and traded on an open source network of international computers, which guarantees the accuracy and integrity of every JWL exchange transaction.
The trading in JWLs will be introduced at international jewelry trade shows, where trading partners will have the option to complete a deal without having to transport large quantities of cash across international borders:
Investment: Common Stock & JWL Coins
$1.00/share of Common Stock│When you invest you are betting the company’s future equity value will exceed $10.7M.
Perks*
Right to Receive JWL Coins (the “JWLs,” “Coins” or "Tokens")
The Offering includes the right to receive, when the company conducts a token generation event, five (5) JWL Coins, or Tokens, for every $1 invested in this Offering.
In other words, investors will be entitled to receive JWL Coins for an amount that is that is equal to the investment amount. For example, an investment of $500 in Common Stock in this offering will entitle the investor to 500 shares of Common Stock and 2,500 Coins, in accordance with the terms of the future token generation event.
*All Coins or Tokens will be delivered after this offering is completed, if and when there is a future token generation event.
JWL CoinsDescription: JWL coins provide the ability to interact the the JWL Blockchain. This will be an independent blockchain created primarily for the jewelry industry, JWL.com, and other uses as the development team sees fit. However, the JWL blockchain development will be open-source and free to use for any individual or industry to further develop on top of.
As soon as JWL is launched and distributed, contributors will immediately have full ownership and control of their JWL, which provides the ability to securely and privately transact with other JWL users. Investment funds will be used to further develop JWL.com specific JWL tools, aiming for, but not limited to, secure web wallets, Jewelry industry integration, web based escrow services, and simplified cryptocurrency storage, access, and exchange.
Further, JWL Blockchain will be the foundation for all value within the JWL.com, Inc. ecosystem. If there are any blockchain changes, or if JWL.com, Inc. develops further blockchain solutions to bring the Jewelry Industry into the 22nd century, JWL Blockchain will continue to act as the basic value and owners will receive preference in distribution of those tokens.
The right to tokens is contingent upon the successful development of such Tokens and to the extent applicable, the blockchain upon which they function. There is no guarantee that successful development will ever occur.
Our Mission is to provide a secure cryptocurrency payments system that utilizes the JWL blockchain to facilitate jewelry transactions between customers, vendors, distributors, manufacturers, and producers of precious stones and metals.Introducing the JWLJewelry is an investment; JWL is a currency. Unlike Bitcoin, Litecoin, Ethereum, and other popular cryptocurrencies, JWL is designed not for hoarding, but for liquidity. This protects it from the rapid price fluctuations and irrational exuberance that make other cryptocurrencies controversial.
JWLs will be established on blockchain technology. The tokens are independently produced, mined, maintained, and traded on an open source network of international computers, which guarantees the accuracy and integrity of every JWL exchange transaction.
The trading in JWLs will be introduced at international jewelry trade shows, where trading partners will have the option to complete a deal without having to transport large quantities of cash across international borders:
- Customers of fine jewelry will purchase JWL currency at these trade shows and then exchange the cryptocurrency for product
- Jewelers can use JWLs to purchase inventory
- Manufacturers and wholesalers can exchange JWLs on our platform for a variety of international currencies, deposited directly into their bank accounts.
Explaining the JWL Ecosystem
What Are JWLs?JWLs is a new cryptocurrency established on a blockchain technology. Like Bitcoins, they are independently produced, mined, maintained, and traded on an open-source network of international computers that guarantee the accuracy and integrity of every JWL exchange transaction.
Users will acquire JWL coins by...
JWL coins provide the ability to interact the the JWL Blockchain. It will be an independent blockchain created primarily for the jewelry industry, the Company, and for other uses as the development team sees fit. The JWL blockchain development will be open-source on which any individual or industry participant may freely further develop.
As soon as JWL is launched and distributed, contributors will immediately have full ownership and control of their JWL, which provides the ability to securely and privately transact with other JWL users. Investment funds from this Offering will be used to further develop the JWL.com website, to build specific JWL tools, including, but not limited to, secure web wallets, Jewelry industry integration, web based escrow services, and simplified cryptocurrency storage, access, and exchange.
The JWL Blockchain will be the foundation for all value within the Company's ecosystem. If there are any blockchain changes, or if the Company develops further blockchain solutions to bring the Jewelry Industry into the 22nd century, JWL Blockchain will continue to act as the basic value and owners will receive preference in distribution of those tokens.
The JWL BlockchainJWL team members have over six years of experience in developing cryptocurrencies. The JWL blockchain has been under development for over six months, based on an established Monero blockchain fork, and will continuously be under development, providing new utilities and features to support JWL transactions processing.
Transactions will accumulate into a controlled grouping, which are secured through the distributed cryptography, then cast in stone into a proprietary hashed set of transactions referred to as blocks. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.
The resulting growth of blocks, linked together by the hash pointer, are referred to the chain of previous encrypted blocks producing the JWL Blockchain. JWL transactions will be restricted from subsequent changes, once a block has been produced. The JWL blockchain will be an open record of all JWL transaction history, both verifiable and permanent.
For use as an opaque transaction registry, the JWL blockchain will be managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
The JWL Blockchain will be secure by design, due to its distributed computing system nature with a high fault tolerance. The security built into blockchain transactions, provide for strong transaction integrity between buyer/seller transactions.
Initial Blockchain
Transaction OpacityThe JWL blockchain, while being a historic record of all JWL transactions, will only include basic transaction information, such as the transaction amount, timestamp, and the cryptocurrency wallet addresses, making transaction history opaque to anyone with only access to the public facing JWL blockchain.
Our JWL.COM website will maintain additional information for JWL transactions executed within our secured and encrypted exchange ecosystem. This additional information will be restricted to the owners of the related cryptocurrency wallets maintained on our website, requiring an encryption key to download their personal transaction history.
JWL Blockchain MiningThe JWL wallet, an integral part of the JWL blockchain, will be hosted on our proprietary JWL.com website, and made available as an open source to those who want to mine JWLs. Mining operations will be open to anyone who is interested in earning JWL coinage for the proving proof-of-work service of collecting JWL transactions and encoding them into the JWL blockchain.
Currently there are no mining operations in production as the initial JWL coinage has yet to be issued. We anticipate the mining process will commence sometime late in the third quarter or early in the fourth quarter, 2018.
Jewelry retailers, distributers and manufacturers should be in a prime position to provide JWL mining operations. They will most benefit from earning additional JWLs, which they, in turn, can sell to their customers.
Comparing JWL and BitcoinJWLs are like Bitcoins in transaction integrity and security. The blockchain technology makes tampering with or modifying existing transactions extremely difficult. The distributed Proof of Work mining process for JWLs is the same that Bitcoin employs. This is where the similarities end, though... Consider the following major issues with Bitcoin, which prevent it from being a viable cryptocurrency for the jewelry industry:
Bitcoin Scalability IssuesThe sizable transaction volume of Bitcoin is anticipated to reach a technical limit where transaction volume will be pegged a fixed rate, restricting future growth. Attempts to solve this have led to fractures in teams and political disagreements over technical solutions.
We have seen through the past two years the entire blockchain nearly grind to a halt, only allowing transactions with the largest fees to settle within a reasonable time. This makes Bitcoin something that cannot be usable if you need to clear a purchase in person.
JWL.com will cater to the Jewelry Market by focusing primarily on the needs of clearing transactions for our customers. We will do this by ensuring that the JWL blockchain will be ready to accept all transactions when required.
Bitcoin Stability IssuesBitcoin's "fair launch" benefitted only the most technically savvy with no real opportunity for the average user to participate until the cost and demand were through the roof. This has led to a backwards system where consumers are holding a currency that sellers and suppliers have no use for. Bitcoin is volatile, risky, and generally never makes it past a selling gateway (buyer's spend through a service that converts bitcoin direct to local currency for sellers). This has created a speculative market with no real flow or backing of funds.
JWL will focus first and foremost on providing a stable global currency, providing a much cheaper settlement service than cash. This exchange on JWL will provide intrinsic value, and a backing of actual exchange of goods, leading to a realistic stable value sooner than any other cryptocurrency available today. With a stable value, users can buy and sell with a truly global currency, confident in the real-world utilization and market backing.
Bitcoin's Privacy IssuesBitcoin has a privacy and fungibility problem. You don't want any customer or competitor to know how much money you have in your bank account, nor how much you're spending on inventory, nor where that money is being spent.
With Bitcoin, all transactions are public. The addition of dedicated chain analysis companies providing insights into all of your Bitcoin transactions to the highest bidder further puts your money at risk.
JWL.COM will utilize Ring Signatures, Confidential Transactions, and other features to provide the same discretion and anonymity of cash with the benefits of digital currency. Selective, optional transparency is also available with the ability to provide view keys to approved users interested participants, auditors, etc.
Increasing Bitcoin FeesThe Bitcoin cryptocurrency is currently popular with investors, but transaction fees have been increasing as the price and acceptance has grown. Vendors are disabling support for Bitcoin to avoid the extra customer service costs required.
JWL will solve this by creating a custom-designed, low-fee schedule, with the Coinbase mining reward being the biggest factor to encourage mining.
Where We Are Now and Our Plan to Launch the Blockchain
We are a startup. Since our inception in October 2017, we have been coordinating the launch of an open-source blockchain (the "JWL Blockchain").
Although we plan to launch the JWL blockchain within 180 days of closing this Offering, the launch could be delayed, due to the extremely fast progression of blockchain technology.
At launch, the JWL Blockchain will supply a fully functional private blockchain, including a small number of nodes and software to contribute to maintenance of the blockchain (mining). This means that JWL users may send value to other JWL users, similar to the way Bitcoin currently functions. However, the JWL Blockchain is private and designed with the Jewelry and other industries in mind (i.e. it utilizes private keys to make verifiable changes on the blockchain without third-party users to see how much value was sent where).
The next "significant next milestone," in addition to the JWL Blockchain launch, will be the completion of wallet software and the launch of the JWL.com web wallet utilizing the JWL Blockchain with added functionality to access funds and transfer without needing to sync the blockchain to a local device. Further milestone's will be to link a wallet address to an identity or business (with transactions remaining private), manage transaction history, link payments to received goods, provide escrow services, provide conversion services to further cryptocurrencies, and any further developments required of the Jewelry industry and other international transactions to increase usage of JWL and JWL.com.
The JWL Blockchain development team is not employed by JWL.com, inc. and there is no contract concerning payment of developers beyond the initial purchase of majority of the available pre-mined blockchain. We have hired the necessary tech talent to reach our first milestone of providing a JWL.com web wallet. Marketing and adoption will be utilized to encourage users to join JWL.com, create a wallet, and begin using our services.
We intend to allocate JWLS as follows:
Split
% of Subset
% of Total
Units
Total
100%
100%
200,000,000
Mining Reward
50%
50%
100,000,000
Developer Pre-mine
50%
50%
100,000,000
Developer Pre-mine Distribution
100%
50%
100,000,000
Development Team
50%
25%
50,000,000
JWL.com, Inc.
50%
22%
44,650,000
Reserve for Investors in this Offering
3%
5,350,000
About the Jewelry IndustryThe jewelry industry for centuries has relied on personal relationships throughout the extended chain of jewelry transactions, from the raw-material producers to the end consumer. The old-world way of doing business is being replaced by a large informal product distribution, where an established friendship and a handshake no longer provides for transaction security.
With the Jewelry industry’s transition into an open and global market place, there is a problem with trust when jewelry transactions are not conducted face-to-face. The old-world trust and reputation system was only possible in closed marketplaces. For the jewelry market to grow, a new form of trust and transaction verification is required.
The advent of online sales transaction processing, represented by Amazon, Ebay, Alibaba, etc., can only provide a marginal guarantee that trading partners will stand behind their agreements. The online trading services address this issue with consumer/merchant evaluations of their trading partners. Unfortunately, these transaction partner ratings are not transferrable across transaction processing platforms.
Merchants are investing considerable effort and resources into building their trust and integrity index across multiple platforms. Buyers need to establish relationships with each merchant separately, as a buyer’s history is not available for merchants to make trust decisions. Being trusted with one merchant doesn’t mean a buyer can be trusted with others.
Current day credit card payments are subject to fraud from a stolen card or identity theft. In 2015, card fraud reached $21.84 billion and is expected to rise to $31.67 billion by 2020. According to Advanced Payment Report 2016 conducted with the help of Wirecard.de, 92% of merchants say fraud will remain a prime concern for online payments. Large e-commerce and m-commerce merchants lose 1.4% and 1.7% of revenues respectively to fraud, according to the 2015 True Cost of Fraud Study.
The State of Payment Processing in the Jewelry IndustryBrick and mortar jewelry stores are facing greater competition form e-commerce jewelry websites. Consumers are warming up to purchasing personal items, such as clothing and jewelry without having experienced an item first hand. Retail jewelers are looking for new ways to drive consumers into their stores.
The existing credit card payment systems are both costly and subject to fraud, as customers may make a credit card purchase, walk off with the goods, only to have the charges reversed claiming that the card was stolen. Card ownership authentication being presented to the merchant is not always properly validated.
Credit cards have different sets of costs associated their service.Average processing fees range from 2% up to 5%, depending on the credit card vendor. Additionally, back office processing will take from two to five days before cash can be routed to a business' bank account. For most credit card batch deposits, it is difficult and impracticable to trace the point of sales transaction to cash deposits and into checking accounts.
International payments are subject to foreign exchange and currency conversion volatility. The trading partners have little control over payments tied to product sales. Purchase payments are either paid in advance, paid upon deliver, or paid within a limited time frame subject to trade terms such as “1% 10 Net 30”.
Customers, who enter into a small value transaction under $10,000, could encounter up to a 2.5% valuation swing over 30 days, resulting in a +/- $250 variance with currency conversion. For merchant inventory purchases that may exceed $100K, the conversion variance ratio could generate a $2,500 variance on a single purchase, a significant amount for most retail jewelry merchants.
The volatility issues inherent in international currency conversion have been mitigated by middlemen import/export distribution services. However, the distribution chain adds an extra layer of cost to inventory purchase in exchange for assuming the currency conversion volatility risks. Jewelry merchants who currently rely on distributors would purchase directly from the international manufacture, if the currency conversion volatility risk were eliminated.
Users of cryptocurrencies may resist such forms of payment, afraid they will become entangled with their governments’ regulations. Issuers of cryptocurrency are more at risk as they usually the focus of regulatory agency investigation.
JWL Is the SolutionGiven the problems presented by traditional payment processing in the jewelry industry, and also those presented by cryptocurrencies like Bitcoin, the need for a solution is evident. JWL is just that solution!
We have conceived of and are developing a token ecosystem that's built from the ground up to service the jewelry industry. It's our belief that the JWL has the potential to see mass adoption due to the ways in which it can bring both trust and expedience back into the marketplace.
If you'd like to join the digital revolution and help carry the jewelry industry fully into the 21st century, then you know what to do...
Invest in JWL Today!
Users will acquire JWL coins by...
- Purchasing JWLs on an open exchange
- Exchanging them for products and services
- Performing mining services
- Receiving them during the limited initial issuance of pre-mining JWLs
JWL coins provide the ability to interact the the JWL Blockchain. It will be an independent blockchain created primarily for the jewelry industry, the Company, and for other uses as the development team sees fit. The JWL blockchain development will be open-source on which any individual or industry participant may freely further develop.
As soon as JWL is launched and distributed, contributors will immediately have full ownership and control of their JWL, which provides the ability to securely and privately transact with other JWL users. Investment funds from this Offering will be used to further develop the JWL.com website, to build specific JWL tools, including, but not limited to, secure web wallets, Jewelry industry integration, web based escrow services, and simplified cryptocurrency storage, access, and exchange.
The JWL Blockchain will be the foundation for all value within the Company's ecosystem. If there are any blockchain changes, or if the Company develops further blockchain solutions to bring the Jewelry Industry into the 22nd century, JWL Blockchain will continue to act as the basic value and owners will receive preference in distribution of those tokens.
The JWL BlockchainJWL team members have over six years of experience in developing cryptocurrencies. The JWL blockchain has been under development for over six months, based on an established Monero blockchain fork, and will continuously be under development, providing new utilities and features to support JWL transactions processing.
Transactions will accumulate into a controlled grouping, which are secured through the distributed cryptography, then cast in stone into a proprietary hashed set of transactions referred to as blocks. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data.
The resulting growth of blocks, linked together by the hash pointer, are referred to the chain of previous encrypted blocks producing the JWL Blockchain. JWL transactions will be restricted from subsequent changes, once a block has been produced. The JWL blockchain will be an open record of all JWL transaction history, both verifiable and permanent.
For use as an opaque transaction registry, the JWL blockchain will be managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
The JWL Blockchain will be secure by design, due to its distributed computing system nature with a high fault tolerance. The security built into blockchain transactions, provide for strong transaction integrity between buyer/seller transactions.
Initial Blockchain
- Migration to Alternative Blockchain: we anticipate full functionality of blockchain will be available at launch with no requirements for a switch.
- Expected Network Launch date: 90 days after the completion of this Offering.
- Price per Token at token generation event or method for determining price: $0.20 per JWL.
- Total amount of Tokens authorized for creation: ~200,000,000 (total lifetime supply + small tail distribution)
- Amount of Tokens or Rights to Tokens already issued:
- ~50,000,000 to be restricted coins, set aside for development team, used for development team costs, blockchain improvement, and currency adoption.
- ~50,000,000 to be provided to JWL.com, Inc. (To be distributed internally and to JWL offering investors), which includes
- ~5,350,000 of JWL.com’s initial share to be distributed to StartEngine investors
- Will they be listed on Exchanges: TBD.
Transaction OpacityThe JWL blockchain, while being a historic record of all JWL transactions, will only include basic transaction information, such as the transaction amount, timestamp, and the cryptocurrency wallet addresses, making transaction history opaque to anyone with only access to the public facing JWL blockchain.
Our JWL.COM website will maintain additional information for JWL transactions executed within our secured and encrypted exchange ecosystem. This additional information will be restricted to the owners of the related cryptocurrency wallets maintained on our website, requiring an encryption key to download their personal transaction history.
JWL Blockchain MiningThe JWL wallet, an integral part of the JWL blockchain, will be hosted on our proprietary JWL.com website, and made available as an open source to those who want to mine JWLs. Mining operations will be open to anyone who is interested in earning JWL coinage for the proving proof-of-work service of collecting JWL transactions and encoding them into the JWL blockchain.
Currently there are no mining operations in production as the initial JWL coinage has yet to be issued. We anticipate the mining process will commence sometime late in the third quarter or early in the fourth quarter, 2018.
Jewelry retailers, distributers and manufacturers should be in a prime position to provide JWL mining operations. They will most benefit from earning additional JWLs, which they, in turn, can sell to their customers.
Comparing JWL and BitcoinJWLs are like Bitcoins in transaction integrity and security. The blockchain technology makes tampering with or modifying existing transactions extremely difficult. The distributed Proof of Work mining process for JWLs is the same that Bitcoin employs. This is where the similarities end, though... Consider the following major issues with Bitcoin, which prevent it from being a viable cryptocurrency for the jewelry industry:
Bitcoin Scalability IssuesThe sizable transaction volume of Bitcoin is anticipated to reach a technical limit where transaction volume will be pegged a fixed rate, restricting future growth. Attempts to solve this have led to fractures in teams and political disagreements over technical solutions.
We have seen through the past two years the entire blockchain nearly grind to a halt, only allowing transactions with the largest fees to settle within a reasonable time. This makes Bitcoin something that cannot be usable if you need to clear a purchase in person.
JWL.com will cater to the Jewelry Market by focusing primarily on the needs of clearing transactions for our customers. We will do this by ensuring that the JWL blockchain will be ready to accept all transactions when required.
Bitcoin Stability IssuesBitcoin's "fair launch" benefitted only the most technically savvy with no real opportunity for the average user to participate until the cost and demand were through the roof. This has led to a backwards system where consumers are holding a currency that sellers and suppliers have no use for. Bitcoin is volatile, risky, and generally never makes it past a selling gateway (buyer's spend through a service that converts bitcoin direct to local currency for sellers). This has created a speculative market with no real flow or backing of funds.
JWL will focus first and foremost on providing a stable global currency, providing a much cheaper settlement service than cash. This exchange on JWL will provide intrinsic value, and a backing of actual exchange of goods, leading to a realistic stable value sooner than any other cryptocurrency available today. With a stable value, users can buy and sell with a truly global currency, confident in the real-world utilization and market backing.
Bitcoin's Privacy IssuesBitcoin has a privacy and fungibility problem. You don't want any customer or competitor to know how much money you have in your bank account, nor how much you're spending on inventory, nor where that money is being spent.
With Bitcoin, all transactions are public. The addition of dedicated chain analysis companies providing insights into all of your Bitcoin transactions to the highest bidder further puts your money at risk.
JWL.COM will utilize Ring Signatures, Confidential Transactions, and other features to provide the same discretion and anonymity of cash with the benefits of digital currency. Selective, optional transparency is also available with the ability to provide view keys to approved users interested participants, auditors, etc.
Increasing Bitcoin FeesThe Bitcoin cryptocurrency is currently popular with investors, but transaction fees have been increasing as the price and acceptance has grown. Vendors are disabling support for Bitcoin to avoid the extra customer service costs required.
JWL will solve this by creating a custom-designed, low-fee schedule, with the Coinbase mining reward being the biggest factor to encourage mining.
Where We Are Now and Our Plan to Launch the Blockchain
We are a startup. Since our inception in October 2017, we have been coordinating the launch of an open-source blockchain (the "JWL Blockchain").
Although we plan to launch the JWL blockchain within 180 days of closing this Offering, the launch could be delayed, due to the extremely fast progression of blockchain technology.
At launch, the JWL Blockchain will supply a fully functional private blockchain, including a small number of nodes and software to contribute to maintenance of the blockchain (mining). This means that JWL users may send value to other JWL users, similar to the way Bitcoin currently functions. However, the JWL Blockchain is private and designed with the Jewelry and other industries in mind (i.e. it utilizes private keys to make verifiable changes on the blockchain without third-party users to see how much value was sent where).
The next "significant next milestone," in addition to the JWL Blockchain launch, will be the completion of wallet software and the launch of the JWL.com web wallet utilizing the JWL Blockchain with added functionality to access funds and transfer without needing to sync the blockchain to a local device. Further milestone's will be to link a wallet address to an identity or business (with transactions remaining private), manage transaction history, link payments to received goods, provide escrow services, provide conversion services to further cryptocurrencies, and any further developments required of the Jewelry industry and other international transactions to increase usage of JWL and JWL.com.
The JWL Blockchain development team is not employed by JWL.com, inc. and there is no contract concerning payment of developers beyond the initial purchase of majority of the available pre-mined blockchain. We have hired the necessary tech talent to reach our first milestone of providing a JWL.com web wallet. Marketing and adoption will be utilized to encourage users to join JWL.com, create a wallet, and begin using our services.
We intend to allocate JWLS as follows:
Split
% of Subset
% of Total
Units
Total
100%
100%
200,000,000
Mining Reward
50%
50%
100,000,000
Developer Pre-mine
50%
50%
100,000,000
Developer Pre-mine Distribution
100%
50%
100,000,000
Development Team
50%
25%
50,000,000
JWL.com, Inc.
50%
22%
44,650,000
Reserve for Investors in this Offering
3%
5,350,000
About the Jewelry IndustryThe jewelry industry for centuries has relied on personal relationships throughout the extended chain of jewelry transactions, from the raw-material producers to the end consumer. The old-world way of doing business is being replaced by a large informal product distribution, where an established friendship and a handshake no longer provides for transaction security.
With the Jewelry industry’s transition into an open and global market place, there is a problem with trust when jewelry transactions are not conducted face-to-face. The old-world trust and reputation system was only possible in closed marketplaces. For the jewelry market to grow, a new form of trust and transaction verification is required.
The advent of online sales transaction processing, represented by Amazon, Ebay, Alibaba, etc., can only provide a marginal guarantee that trading partners will stand behind their agreements. The online trading services address this issue with consumer/merchant evaluations of their trading partners. Unfortunately, these transaction partner ratings are not transferrable across transaction processing platforms.
Merchants are investing considerable effort and resources into building their trust and integrity index across multiple platforms. Buyers need to establish relationships with each merchant separately, as a buyer’s history is not available for merchants to make trust decisions. Being trusted with one merchant doesn’t mean a buyer can be trusted with others.
Current day credit card payments are subject to fraud from a stolen card or identity theft. In 2015, card fraud reached $21.84 billion and is expected to rise to $31.67 billion by 2020. According to Advanced Payment Report 2016 conducted with the help of Wirecard.de, 92% of merchants say fraud will remain a prime concern for online payments. Large e-commerce and m-commerce merchants lose 1.4% and 1.7% of revenues respectively to fraud, according to the 2015 True Cost of Fraud Study.
The State of Payment Processing in the Jewelry IndustryBrick and mortar jewelry stores are facing greater competition form e-commerce jewelry websites. Consumers are warming up to purchasing personal items, such as clothing and jewelry without having experienced an item first hand. Retail jewelers are looking for new ways to drive consumers into their stores.
The existing credit card payment systems are both costly and subject to fraud, as customers may make a credit card purchase, walk off with the goods, only to have the charges reversed claiming that the card was stolen. Card ownership authentication being presented to the merchant is not always properly validated.
Credit cards have different sets of costs associated their service.Average processing fees range from 2% up to 5%, depending on the credit card vendor. Additionally, back office processing will take from two to five days before cash can be routed to a business' bank account. For most credit card batch deposits, it is difficult and impracticable to trace the point of sales transaction to cash deposits and into checking accounts.
International payments are subject to foreign exchange and currency conversion volatility. The trading partners have little control over payments tied to product sales. Purchase payments are either paid in advance, paid upon deliver, or paid within a limited time frame subject to trade terms such as “1% 10 Net 30”.
Customers, who enter into a small value transaction under $10,000, could encounter up to a 2.5% valuation swing over 30 days, resulting in a +/- $250 variance with currency conversion. For merchant inventory purchases that may exceed $100K, the conversion variance ratio could generate a $2,500 variance on a single purchase, a significant amount for most retail jewelry merchants.
The volatility issues inherent in international currency conversion have been mitigated by middlemen import/export distribution services. However, the distribution chain adds an extra layer of cost to inventory purchase in exchange for assuming the currency conversion volatility risks. Jewelry merchants who currently rely on distributors would purchase directly from the international manufacture, if the currency conversion volatility risk were eliminated.
Users of cryptocurrencies may resist such forms of payment, afraid they will become entangled with their governments’ regulations. Issuers of cryptocurrency are more at risk as they usually the focus of regulatory agency investigation.
JWL Is the SolutionGiven the problems presented by traditional payment processing in the jewelry industry, and also those presented by cryptocurrencies like Bitcoin, the need for a solution is evident. JWL is just that solution!
We have conceived of and are developing a token ecosystem that's built from the ground up to service the jewelry industry. It's our belief that the JWL has the potential to see mass adoption due to the ways in which it can bring both trust and expedience back into the marketplace.
If you'd like to join the digital revolution and help carry the jewelry industry fully into the 21st century, then you know what to do...
Invest in JWL Today!
