Ho won Song, the CEO of Cosmochain, reveals the reason he quit being a doctor and dived into the blockchain industry
Here is a man who quit being a doctor and went into the blockchain business. Ho won Song(33) is the CEO of Cosmochain which runs ‘COSMEE’, the beauty SNS mobile application based on the blockchain. <News 1> has met him to find out the reason why he transformed from a doctor into a CEO.
After graduating from the College of Medicine in Yonsei Univ., he continued to have tremendous interest in business since he was a university student. That’s why he jumped on flight to the USA after working as a doctor for a year, to study business administration. After he finished MBA in Stanford Univ., he came back to Korea to open a cosmetic store of his own ‘HuiSeoul’ in Myeong-dong, Seoul, in 2014.
“Why did you decide to start a cosmetic store?” His answer was simple. “Because it would make some money.” He got a bank loan to start the store, and it was loved by Chinese tourists for 2 years. Having learned that there are a lot of Chinese who like Korean cosmetics, he expanded his business online, but at the same time started ‘Cosmetic Door-to-door sales’ , which suits perfectly for customization of each customer.
He mentioned, “When starting a door-to-door sales, we built a program to organize customer relations, and this data in fact became the real asset of the business.” Also he added, “Because we can identify who likes which product, whether he/she is more interested in base makeup product or something with colors, like lipstick or eyeshadow.”
At that moment, he happened to know the blockchain, and came up with the idea to apply the blockchain system into customer data. “I came up with the token model to ‘blockchainify’ the data and resell the data”, “It will be likely that users of ‘COSMEE Dapp’ would freely share their data given that they get reward as token”, he said.
That’s how ‘Cosmochain’, the SNS based on blockchain, was born.
Established on February, Cosmochain has launched ‘COSMEE’ Dapp to application markets such as ‘Googleplay’ on August. This Dapp is a beauty SNS. When the users upload photos or write reviews on app, other users share the contents and even react to them by commenting and clicking ‘Like’s. It is a bit sorry that we cannot upload videos yet.
Cosmochain gives a token called ‘COSM’ as a reward to the users who write reviews of makeup products, in order to encourage the participation of users. COSM can be cashed at 3 exchanges (‘GDAC’, ‘Coinzest’, ‘CPDAX’).
“We have finished ICO about the token ‘COSM’ before launching the mobile Dapp, and went public in 3 Korean cryptocurrency exchange on July”, he explained. In fact, Cosmochain has gained attention since the beginning of the establishment by receiving billions of KRW from KakaoInvestment on May. He mentioned that thanks to the investment, he could successfully go through ICO project.
COSMEE’s main source of revenue is advertisement, but they also do a business that sells data about customer behavior pattern analysis. Song said, “Since everyone has different taste in cosmetic, the customized advertisement became very important” and added “COSMEE can do more specified targeted advertisement than does Facebook.” They also sell products based on customer’s taste and recent preference.
According to Song, ‘customized advertisement’ is that after analyzing contents to which a user puts ‘Hate’s, they stop showing other contents that are similar to them, and this same mechanism works in the case of ‘Like’s. He said, “All the comments, ‘Like’s, ‘Hate’s can be seen as data contents, and we already have secured more than 1.5M contents for 4 months after launching the app.”
Song is planning to expand the business of Cosmochain. He is going to have supply high-quality contents by raising ‘Beauty Influencers’ as the first priority, and also thinking about raising ‘Cosmetic Brand Reviewers’, too. He is also finding a way to associate the business with ‘HuiSeoul’, an online store currently operating in China.
Song revealed his strong ambition by saying “There are some cases where the first movers gets behind by followers, but chances are, they go much further. We would like to step forward continuously as a first mover in beauty blockchain industry.”
— by Jung Yoon Seo(News1, firstname.lastname@example.org)
Original Article: http://news1.kr/articles/?3481003
For more details about Cosmochain and COSMEE, please visit the websites below.
※ The contents above contain information subject to change or yet to confirm under the contract. Also, It serves no purpose of recommending or attracting investment in Cosmochain project and is exclusively for sharing information. Accordingly, any results from making a decision based on the contents as a reference are the responsibility of the decision makers themselves. In other words, the Cosmochain Team holds no legal responsibility for any damages, losses or other results.
Cosmochain Web: https://cosmochain.io/ko/
COSMEE Web: https://cosmee.co/
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Medium : https://medium.com/@Cosmochain