Blockchain-based beauty social media app, COSMEE, launches

A platform that integrates blockchain technology with beauty industry, to provide fair and practical rewards

Blockchain technology has finally made its way into the beauty ecosystem through Cosmochain, a blockchain-based beauty platform that aims to create shared values for both customers and companies. COSMEE, an integration of blockchain technology and beauty industry, is the newly launched beauty social media platform by Cosmochain.

Practical rewards for both users and companies

Cosmochain is a platform that aims to create mutual benefits by connecting users who create and share beauty contents, with companies which require data such as users’ skin information, and purchasing patterns. COSMEE, a recently launched beauty platform, is the first project of Cosmochain, that rewards cryptocurrencies to the users for creating beauty contents and participating within the community.

COSMEE is the first case to apply token-rewarding algorithm to a beauty community. Both contents creators and customers are rewarded token benefits called Cosmo Coin (COSM) depending on their participation (uploading contents/writing comments/clicking ‘likes’) within the platform under a fair reward system. This is meaningful because it overcomes the limitations posed by conventional beauty communities, where only few influencers gain profit by creating contents.

When ‘Business Solution’ gets implemented to the platform in the future, companies will be able to identify customers’ honest reviews regarding the companies’ cosmetic products. Based on this data which will be analyzed thoroughly with various tools, companies will be able to execute more precise marketing strategies and product development. Eventually, companies will be able to increase profits by reducing product development and marketing costs, and maximize customer value by creating customer-friendly products and marketing plans.

Currently, Team Cosmochain is devoting all energy into preparing efficient operation of the application and attracting potential users, by qualitatively managing communication channels, setting clear community rules and establishing a clear Cosmochain brand hierarchy.

Suin Park, Cosmochain’s Business Development Team leader, said “Users within the COSMEE platform will be rewarded benefits called Cosmo Power for creating contents or reacting (writing comments, clicking ‘likes’) to other users’ contents. Cosmo Power can be converted into a cryptocurrency called Cosmo Coin (COSM) which can be cashed out. The team plans to implement a marketplace within the platform in the future, where COSM may be used as a payment method. This way, Cosmochain can create a transparent and fair beauty ecosystem by redistributing user data and contents ownership, as well as providing transparent rewards.”

What was the biggest challenge in developing the application?

“The main customers in beauty industry are women, but women are and probably will continue to be relatively less interested in cryptocurrency and investment. Cosmochain is a project that started off with the ambition to make women’s beauty life more valuable. Thus, careful consideration was necessary to develop a female-friendly application which also applies the concepts of blockchain and token. These considerations are reflected in the platform’s design, reward display, and easy concept wordings such as Cosmo Power.”

What is Cosmochain’s comparative advantage?

“The key advantage is that users are instantly rewarded for their participation, as well as the potential of expanding into a comprehensive platform which covers all aspects of the beauty value chain, such. User activities get recorded and accumulated via blockchain, which will be used as standards for providing fair rewards back to the users. Eventually, a virtuous cycle would be created, where users will be fairly rewarded for their participation, and these rewards will stimulate more user participation. Furthermore, Cosmochain will be able to overcome the limitations of traditional beauty contents platform, as a comprehensive beauty platform which provides values across the whole beauty value chain, such as product planning, producing, contents creating, distributing, and feedback receiving.”

What are the future plans?

“Through COSMEE pilot launching, we aim to focus on attracting real users in order to create a virtuous cycle where users spontaneously participate within the platform to receive meaningful rewards. Moreover, once we have a meaningful user pool, we plan to develop ‘Business Solution’ by utilizing database, releasing database analyzing tools for cosmetics companies, hosting company-led projects, and establishing marketing and sales channel. Additionally, we plan to expand our market globally to regions including China and Thailand.”

Any last words to COSMEE users?

“The true value of the COSMEE platform depends on user participation. Therefore, it is vital that users go beyond simply registering and actively participate within the platform. We are trying our best to create an ecosystem where beauty fans can experience reliable contents and receive fair rewards for participation. We sincerely encourage the participation of those users who had previously experienced the limitations of conventional beauty ecosystem, and we will always communicate with an open mind to share the vision of COSMEE with our users. Thank you very much.”

Source: http://www.issuemaker.kr/news/articleView.html?idxno=18984#095a