Please introduce your company and give a brief about your role within the company?
SoluLab is a leading Blockchain, AI and IoT Development Company, started by ex-vice president of Goldman Sachs and ex-principal software architect of Citrix. SoluLab provides full-spectrum, 360-degree services to enterprises, start-ups, and entrepreneurs, helping turn their dreams into excellent software products.
I am a co-founder at SoluLab. My primary role is to encourage employee-friendly culture, implement strategies, build a brand, and ensure that whatever solutions we make, create value for businesses.
How does your company differentiate itself from the competition?
Our solutions have made our clients more productive and more successful. Some of our products were technically so potential that it even helped rise Venture Capital funding. In all, we put our legs into the shoes of our clients to understand their requirements and we add heart to technology while delivering their desired output.
What industries do you generally cater to? Are your customers repetitive? If yes, what ratio of clients has been repetitive to you?
We cater to varied industries like Education, Health and Fitness, Entertainment and Media, BFSI, Transportation and Logistics, Travel and Tourism, Retail and eCommerce, and Energy. We have also worked on a small project of the Real Estate industry. We mainly accept plans based on the brainstorming at the research and discovery phase and the technologies we plan to use. Because in the end, what matters most are the result-oriented efforts in the right direction, regardless of the industries we serve.
More than 50% of our clients are repetitive. In NYC and LA, there were many clients, in their start-up phase, with whom we have worked. And, the solutions we have developed for them were self-sustaining.
Please share some of the services that you offer for which clients approach you the most for?
Under the umbrella of blockchain, our expertise lies in enterprise blockchain solution development, blockchain consulting, smart contracts development, ICO Advisory and Launch, and dApp development. We also have the upper hand in developing AI and IoT based mobility solutions.
Which platform do you prefer to use when developing a blockchain application? Why?
Depending upon the requirements, we prefer using Ethereum, Hyperledger Fabric, Ripple, Corda, and Quorum. Our choice of platform mainly depends upon many factors that include, but not limited to, permissioned vs. permissionless network, tokenization, and creation of crypto, frameworks and their languages, and granularity of the security.
What tech stack and tools do your developers use?
Ethereum, Hyperledger, Solidity, Truffle, R3Corda, Ripple, Quorum, IOTA and similar others.
Are open source, decentralized protocols going to be more significant than their web equivalent?
Perhaps yes! More and more start-ups and small businesses are evolving across the globe, at the speed of light. It will definitely boost the significance of open-source decentralized protocols.
What scalability and throughput challenges are there with blockchain? What solutions would you suggest?
Currently, all blockchain are structured as P2P network. The most-talked problem with blockchain scalability is a growing number of transactions and its impact on nodes. Blockchain becomes weaker as nodes are added to it, because inter-node latency logarithmically rises as each new node is added. However, there are solutions as well. Increase the block size or use less bytes to represent information in the block, change from proof of work to proof of stake, implement sharding, and others.
Will the success rate of ICOs be better or worse than tech start-ups?
Comparison of ICOs and tech start-ups is a misguided debate. ICOs are definitely doing better than IPOs, since it’s not just an ordinary fund-raising tool. But, the lack of awareness and education is pushing its adoption rate little behind. Though, as of now, roughly 25% of the tech start-ups fail in their first year and 99% of the ICOs fail after their launch, the numbers are going to swap soon. Just, a little more scrutiny is required to evaluate the project.
What are the key factors that you consider before deciding the cost of a project?
Usually, we consider the complexity of features, required integrations, given timeline and urgency, team size, and technologies to provide a ball-park estimation of the overall project cost. And the final price is arrived upon, based on customizations we carry out.
What kind of payment structure do you follow to bill your clients?
In most cases, our engagement model is based on a charge per man-hour. In rare cases, we prefer project-based fixed pricing model and retainer pricing model.
What is the price range (min and max) of the projects that you catered to in 2018?
From 10000 USD to 250000 USD per project.
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