▶ Internal News
● Partner Interview: 10 Questions & Answers with Young Kang, Leader of Business Development Team at Klaytn
** The interview contents have been officially confirmed by Klaytn.
1. Today our interviewee is Young Kang from “Klaytn”, the most popular subject within blockchain industry lately. Please introduce yourself.
> Hello, I am Young Kang and I lead business development team at Klaytn. Prior to Klaytn, I was mainly responsible for Fintech related work such as Online Finance, Insurtech, and Payment at Hyundai Card, Hyundai Capital, and Hyundai Life.
Klaytn business development seeks to expand Klaytn ecosystem and generate synergy within the system. Discovering game company partners who will utilize KLAY as a payment method and making partnership with other promising service are our representative work. Currently, we are focusing on expanding ecosystem into exchanges / wallets / marketplace sector and supporting projects to successfully onboard on Klaytn after partnership signing.
2. “KlaytnPhone” was disclosed yesterday. What are the objectives behind KlaytnPhone?
> We thought if globally selling device could feature Klaytn, then we would bring about blockchain mass adoption in a more friendly way.
For this reason, we concluded that utilizing Samsung Blockchain Keystore, which is blockchain friendly and has very solid global presence would allow us to introduce Klaytn to people around the world and provide ISP partners a channel where they can meet with their clients. At the same time, we could secure the chance to apply Klaytn on blockchain keystore.
3. Amongst numerous partners, Cosmochain has been selected. Is there a special reason?
> There are many standards for selecting partners, but we primarily considered whether the project effectively utilized blockchain yet at the same time had a quality of service to be left as preloaded BApp. As you are aware, Cosmochain is our first ISP and has shown its effective usage of Klaytn blockchain. This was why we contacted Cosmochain first for the partnership.
4. As the leader of business development team which cooperates with Cosmochain, what is the biggest strength of Cosmochain?
> I think Cosmochain teams’s speed of work and following and strong execution ability are their biggest strengths, and I too agree that these qualities are highly valued in this blockchain business.
Because blockchain market is not yet organized nor has any system, I think a team that can pivot fast and keep up with the fast-paced blockchain environment will survive.
Cosmochain team is well adapting to this rapidly changing blockchain scene with their decisiveness and initiatives. We also think highly of Cosmochain effectively leveraging their given resources.
5. What do you expect from Cosmochain?
> Cosmochain team is a team that takes challenges with their speed of project and execution capability. It is inevitable to experience much trial and error when taking challenges with speed, but I think this is like the two sides of coin. I believe Cosmochain team knows the takeaways from their trial and error and even use that experience to grow. I hope that these qualities can last for long.
6. What expectations do you have for Cosmochain’s FitsMe service?
> We look forward what FitsMe service would bring about, but I’m a bit careful in saying my words as the service in its very early stage. I can be certain though that FitsMe service is taking the steps startups do to develop its service.
There are two things I can say.
First, FitsMe gives recommendations through rule-based logic, but I think this can be improved further if it can be replaced with an algorithm. However, as I’m not getting all the data FitsMe service create, it’s hard to tell.
Second, I personally think that there are two type of data in FitsMe. One is product data, and the other is user data. I believe that if these data get piled up and become algorithm that leads to matching and perhaps product recommendation service, then FitsMe would turn into a good curation platform.
Indeed, there is not enough product data in FitsMe right now, and it needs some modifications. However if it continues to develop its service with sourcing and customer acquisition, then it is likely that it will become a meaningful service in this new era of personalization and blockchain.
7. What do you think of Cosmochain token model?
> I’ll share what I personally think of Cosmochain token model.
If we think of what we learned from COSMEE service, it’s a bit meaningless to compensate for non-target users who create vague data.
Whether it’s possible to compensate only those users who create accurate data seems to be another challenge.
From this perspective, I think it’ll be better to expand its service based on main targets without having token compensation model from the very beginning.
However, building a token model that brings about meaningful contents is at the core of token model settlement, and every other project are all thinking of this problem. Building a token model system with appropriate data utilization is an onerous work and takes quite a long time, so I believe the team that could manage this and create the best service will survive till the end.
We too work harder to build an infrastructure and environment where projects can operate without difficulty.
8. After Klaytn Bapps were listed on State of the DApps, Cosmochain’s “FitsMe” ranked first with meaningful user / volume statistics.
> We too are very curious of the rank system. In fact, I believe this ranking shows what I previously said, which is Cosmochain’s leveraging skill.
When we shared other projects about how the projects are now listed in State of the DApps, Cosmochain directly contacted State of the DApps to update their information and even uploaded their smart contract addresses.
The reason that the user and transaction indices for Cosmochain is uniquely high is that they always work with high speed and research a way to increase their transaction by utilizing blockchain as much as possible. As a result, a project that most cleverly leverages their resources is Cosmochain.
In the future, there will be other various BApps, and I hope Cosmochain can keep that high ranking in both Klaytn and all rankings.
9. Please describe your impression of Cosmochain CEO, Howon Song, as a business partner.
> As I’m working at the business development team, I meet many CEOs and very often get motivated and learn a lot from them. Among them, CEO Song seems to be a dreamer who have realizable dream.
What I have seen is that CEO Song always gives out an idea that executes the business very fast and emphasizes having the title of “the first” and “the best,” which I think contributed a lot to settle the business direction of Cosmochain.
It’s impressive how he tries everything, but not in a slow pace when going for a star in a very long distance.
10. Last words to our holders?
> Blockchain investment isn’t like a one-year harvest. I think of it as growing a tree. You see how it gets sprout, and you sometimes have to take weeds out to grow your tree. Just like this, project cannot be completed in just one moment.
I believe Cosmochain holders made their investment decision based on the project’s vision. This is just my personal opinion, but Cosmochain has been working really hard to pivot their business direction and make new opportunities so please look forward to the team.
▶ External News
1. Release of ‘KlaytnPhone’, a specialized blockchain phone
‘KlaytnPhone’, which has pre-loaded COSM token and FitsMe service has been announced on September 5, 2019.
(Purchase website: https://www.klaytnphone.com/)
‘KlaytnPhone,’ which is based on Klaytn theme, supports BApps (Blockchain Applications) which utilize Samsung Blockchain Keystore. As Cosmochain is a partner which contributes the most number of transactions on Klaytn, we will continue to make efforts to expand Cosmochain ecosystem through cooperation with Klaytn.
2. Meeting with holders
On August 29th, we had our “Meeting with Holders”.
Through this meeting, we shared current business status and future plans, as well as held Q&A session with holders. It was a truly inspiring meeting in which we received various holder opinions.
From now on, we will organize a monthly opportunity to communicate with our holders closely.
Next holder meeting will be held on September 21 (Sat), in Busan. Further details will be shared shortly.
3. Bittrex Exchange supporting Klaytn Mainnet
Bittrex is the first non-Korean exchange to support Klaytn compatible COSM. The swap took place on Wednesday August 27th, 4PM.
We will do our best to provide a broader trading environment in the future.
◈ Precautions for COSM withdrawal
1. You cannot withdraw to an exchange that has already been swapped based on KCT.
2. Address format of ERC20 and KCT are very similar. If you put down a wrong address during withdrawal, COSM will be lost and it cannot be restored. When you withdraw your COSM, please check whether your address is ERC20 or KCT.
▶ Ask Me Anything
(Answers to the most frequently asked questions within our community)
1. It’s already September. Is the buyback for Q3 complete?
Buyback will be completed in September as we announced. Upon completion, we will share you through community.
2. When will the token model be released?
Preparations for the token model are currently in progress as planned. We will share in advance through a preview.
Cosmochain is a blockchain project based on beauty data, founded in March of 2018. We aim to contribute to the development of beauty ecosystem by systematically managing data incurred within beauty industry, and data to those in demand through our platform,
On June 2019, Cosmochain launched its main service “FitsMe” based on the 1.5 million data points incurred through its pilot service. So far, FitsMe is performing well, ranking 6th within Beauty Category of Google Play Store, with an MAU of 20,000 people.
Cosmochain Official Channels
● Cosmochain Web: https://cosmochain.io/
● Telegram(Announce): https://t.me/cosmochainannouncement
● Telegram (KOR): https://t.me/cosmochain_english
● Telegram (ENG) : https://t.me/cosmochain_global
● KakaoTalk(KR): https://open.kakao.com/o/gAMfQpU
● Medium : https://medium.com/Cosmochain
● Twitter: https://twitter.com/cosmochain