Weekly Update: W-Foundation Partners with Korea Vending Machine Industrial Association and Kweather
W-Foundation launches strategic partnerships with Korea Vending Machine Industrial Association and Kweather to strengthen the HOOXI campaign.
UPDATE (29 SEP 2018): W Green Pay tokens have since been switched to be on the Ethereum network as ERC20 tokens.
On 30th May, a memorandum of understanding (MoU) was signed between W-Foundation and Korea Vending Machine Industrial Association (KOVA) as a first step towards working together on HOOXI Campaign, a movement aimed at reducing Greenhouse Gas (GHG) emissions globally.
Youree Lee and Wook Lee, the CEO and Chairman of W-Foundation respectively, attended the MoU ceremony together with Jungwon Go, the Chairman of KOVA. As part of HOOXI Campaign, KOVA will be working in tandem with W-Foundation to embark on a nationwide “Recycling Vending Machines” project to support the campaign’s causes.
Recycling vending machines (colloquially known as reverse vending machines) are widely used in more than 35 developed countries around the world, where individuals actively participate in recycling. After consuming a beverage for instance, individuals are encouraged to insert their empty aluminium cans, plastic and glass bottles into the vending machine inlets, after which they are compensated according to the inserted material and their weight. In these recycling vending machines, cans and bottles are separated by material type and are compressed and stored without space wastage. Since the installation of recycling vending machines, countries such as Germany, Norway and Sweden have recorded return rates of more than 90%, as Daily Mail reports.
Most reverse vending machines hinge on deposit return schemes, where a small deposit is added on to the cost of drinks which is then refunded to the consumer when the container is returned. Unlike such schemes, W-Foundation aims to incentivise consumers to recycle by rewarding them with W Green Pay (WGP) tokens — the Stellar compliant token that is utilised in the HOOXI app to reward individuals’ efforts in GHG reduction.
Another strategic partner on board the HOOXI Campaign is Kweather, the largest and most comprehensive weather service provider in Korea. On 15th June, Kweather signed a MoU with W-Foundation to work together on the campaign’s pursuit of environmental sustainability. Dongsik Kim, the CEO of Kweather and Youree Lee, the CEO of W-Foundation attended the MoU ceremony.
Based on up-to-date information and data support from Kweather, W-Foundation will lead micro dust reduction projects supported by W-HY Research Institute (R&D). W-HY R&D is a research and technology development institute, established in cooperation between Hanyang University and W-Foundation. Several legislators and municipal authorities have expressed interest in working with W-Foundation to install IoT (Internet of Things)-enabled air quality monitors and purifiers in a number of community facilities in the metropolitan area, with plans to roll out the initiative nationwide in due course.
These partnerships will enable HOOXI app participants to acquire better knowledge of activities and routines they can adopt to contribute to micro dust reduction. The environmental data and information held by the partners will be shared on the HOOXI app, and participants will be empowered to make better informed choices that protect and improve the environment through their daily activities. Participants will also be rewarded with WGP when they complete micro dust reduction activities suggested by the HOOXI app.
These additional strategic partnerships will contribute significantly to W-Foundation’s rollout of the HOOXI campaign and the further development of the HOOXI app.
