ASSEMBLE & the Luniverse Webinar
ASSEMBLE’s Co-Founder participated in the point market webinar!
The ASSEMBLE protocol is a blockchain-based global point integration platform that exploits ASM utility tokens, whilst establishing a business ecosystem that can integrate, utilize existing points and miles with point providers, consumers and retailers.
Greetings to the ASSEMBLE community members! As we had previously announced, the Co-Founder of the ASSEMBLE Protocol — Park Gyu Do went online on the 27th of October to participate in the Luniverse Blockchain Webinar. There he explained the reason for the emergence of point integration platforms, shared his vision for the future of ASSEMBLE, and illustrated other details about ASSEMBLE. Although the Webinar was in Korean, you can find a text version of the content of the webinar directly translated in this post.
ASSEMBLE Protocol’s Background
Park Kyu Do launched STA1.com in 2011 and ClubPass in 2015. Both of them serve as brokerage applications that connect users and businesses. STA1.com is a shopping app and ClubPass is a ticketing app for clubs. There are currently 3,590 shopping malls registered with STA1.com, and the total number of registered users is around 530,000.
One of the most frequently asked questions for STA1.com users was related to sharing points. Shoppers collect points by buying products and reviewing their favorite fashion brands. However, this results in them having many points with various stores. Customers are looking for a way to combine all their different points. Thus, the idea for the ASSEMBLE Protocol was born. Creating a point platform that can be freely used anytime, anywhere would increase the value of all points. To create a point integration platform, ASSEMBLE utilizes blockchain technology. This is how ASSEMBLE came into existence. Now, it has been adopted by more than 3,500 stores.
The existing point market has problems with usage limits, liabilities, expiration dates, and cash-to-value differences. These are the main factors that lower the value of points. Therefore, ASSEMBLE will address those issues and solve these problems by introducing a blockchain-based point integration platform.
ASSEMBLE Introduction
The following proposals will be implemented on the ASSEMBLE Platform in order to solve the aforementioned issues:
Ability to use your points anywhere without any restrictions
Points need to be used freely, anytime, anywhere. Of course, this only works if point stability and transparency are ensured. The ASSEMBLE Protocol uses a decentralized distributed ledger in order to store points on tens of thousands of distributed network nodes to address these issues.
Expiration policies for points should be eliminated
In order to increase the value of points, expiration policies must be eliminated. The ASSEMBLE team thought deeply about the validation and security of points when used. If there is a malicious attack or falsification, the point ecosystem can be thrown into chaos and the value will be permanently lost. The ASSEMBLE Protocol uses points that are linked to each other through encrypted blocks. This structure is theoretically integrated and powerful enough to ignore malicious attacks except for a 51% attack, which would enable secure algorithms to be implemented. ASSEMBLE hopes that the point market will eventually become fully blockchain-centered, thereby growing the overall ecosystem.
The ASSEMBLE ecosystem consists of 2 important features:
- Market Place: an online market that enables points usage
- Data Infrastructure: a place where people use data infrastructure and databases created with various data, typically to target advertisements
The ASSEMBLE Protocol has been working closely with Luniverse in order to drive the integration of points and build the aforementioned ecosystem. Additionally, they will share user data and point logs to expand the ecosystem. We’d like to thank Luniverse for inviting the ASSEMBLE Protocol to the Webinar, and for including us as an ally in the fashion industry. We look forward to further expanding the blockchain point ecosystem through collaboration.
