[The 4th Industrial Revolution] Howon Song, the CEO of Cosmochain, aims to create a platform that goes beyond YouTube
The First Blockchain-Based Platform Startup in the Beauty Industry
Recently, Cosmochain, the first blockchain-based beauty startup company, successfully attracted investments.
Investors such as Kakao Investment, which is Kakao’s subsidiary, GBIC, Signum Capital, and Blockcrafters Capital are interested in Cosmochain largely. Especially, Cosmochain attracted follow-on investments from those institutional investors, demonstrating the value of its project.
Howon Song, the CEO of Cosmochain, showed his ambition to lead the K-beauty industry with a solid business model and its funding power in the interview with Daily Today at the office near Hakdong station in Gangnam-gu, Seoul on November 20th.
The fact that Cosmochain showed the real business through COSMEE (DApp), a blockchain-based social networking service that launched in August, has been a deciding factor for investors to make follow-on investments. As of last weekend, the number of Daily Active Users exceeded 30K, which is a remarkable achievement.
Song explained that it was possible to successfully attract investments due to the high popularity of COSMEE DApp. In fact, the number of daily new users exceeded 1,000. Moreover, COSMEE has the record with the highest DAU among all Ethereum-based DApps.
When users upload beauty reviews to COSMEE app or make comments, they are compensated with Cosmo Power(a token only available within the platform) for its participation.
Cosmo Power can be converted to COSM, an Ethereum-based cryptocurrency in a 1:1 ratio. COSM can be cashed at the exchange. Or, users can purchase cosmetic products after the marketplace feature is added to COSMEE app next year.
As the platform develops, more companies are expected to participate in marketplaces which have benefits such as cost-saving and target-marketing.
Cosmochain aims to ensure that the necessary information creates a virtuous circle by giving clear compensation to users through the platform. Thus, Cosmochain’s ultimate goal is to contribute to the innovation of the ecosystem in the beauty industry.
At the same time, Cosmochain aims to simultaneously solve the unmet demand of both customers and companies in the process of linking users to cosmetics companies which need customer data through a blockchain-based platform.
It’s hard to find authentic beauty reviews in the middle of the advertisement flood on the Internet, and I want to create a platform that meets the needs of consumers and provides clear solutions.
For this, the audition is underway to select and train influencers who will participate in COSMEE service actively. Participants selected from the audition will engage in the education program, which is a part of Influence Icon business. Around 10 people will be selected for the program.
Cosmochain’s goal is to create a beauty-specilaized platform that will help customers with the most authentic beauty contents, beyond Instagram and YouTube, which already have tons of beauty contents.
Song has a unique history. After graduating from Yonsei University and Stanford University MBA, he jumped into the beauty industry which has been growing globally. When he was a medical student, he founded the medical social enterprise called ‘Premed.’
While I was a student, I started a social business with young people in order to support vulnerable people in terms of medical treatment. One day, watching Samsung, the largest social enterprise in Korea, I decided to start Cosmochain to contribute to the society by creating job positions and bringing overseas profits.
Meanwhile, Cosmochain will secure high-quality data and sufficient customer pools in China and Korea during the year, and plan to target the third largest market in the world in the second half of the next year and the ASEAN region, which is so-called “post-China.”
In addition, it plans to expand into the Latin America market as well as Brazil, which is the fourth largest market in the North American market and even Europe and Oceania by 2020.
Song said, “As long as we are aiming to become the Global Next Beauty platform, we consider entering into the global data market in the long term. But firstly, we will focus on strengthening our Korean service and solidifying Cosmochain’s position.”
Currently, COSMEE team has about 30 members, planning to hire more according to the needs.
— by Hogil Song (Daily Today, firstname.lastname@example.org)
Original Article: http://www.dtoday.co.kr/news/articleView.html?idxno=286155
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.
Medium : https://medium.com/@Cosmochain
Cosmochain Web: https://cosmochain.io
COSMEE Web: https://cosmee.co/