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Korea's Largest Government-backed HOOXI Campaign Ventures into Blockchain
- HOOXI campaign, backed by Korean government and endorsed by Korean superstars, ventures into blockchain
- Anticipated HOOXI app to be launched late this year; a solution to reward individuals participating in Greenhouse Gas (GHG) reduction
- First to incentivise individuals contributing to GHG reduction using blockchain technology
- Public token sale to happen from 26th June to 31st July.
SINGAPORE, May 16, 2018 /PRNewswire/ -- The upcoming token behind HOOXI, Korea's largest Greenhouse Gas (GHG) reduction campaign, W Green Pay (WGP), is taking a different tack at encouraging individuals to reduce GHG. While environmental conservation campaigns have been around for a long time, HOOXI is the first campaign backed by the Korean government to reward individuals for reducing GHG, and HOOXI is moving to venture into adopting the blockchain technology to help tokenize the reward system and facilitate the on-going token distribution to individuals.
W-Foundation, an international non-profit organisation established in 2012 and a designated donation organisation under the Ministry of Strategy and Finance of Korea, is the philanthropic foundation behind the HOOXI campaign. Environmental conservation no longer remains as just the governments' and corporations' responsibilities. Simple ways such as taking the public transport or purchasing identified eco-products are just a few of the many ways individuals can collect WGP tokens through the anticipated HOOXI mobile application.
"By first involving individuals in Korea where people are social media savvy and familiar with the campaign, we will be able to actively work on the features of HOOXI application and keep finding ways to better incentivise people to reduce greenhouse gases," explains Youree Lee, CEO of W-Foundation. "We believe that the effort in making this a better world will go beyond governmental and corporate organisations once this has been rolled out globally."
The HOOXI application will allow individuals to set up an account easily and document their contributions to reducing greenhouse gases. It is estimated that by 2020, 70 percent of the global population would be smartphone users1. With smartphones becoming more accessible to individuals and the increase of social media usage, the HOOXI application will be the first project for a government-backed campaign to directly reward these participants. With these actions being logged and approved on the application, people will be completing their choice of greenhouse-gases-reducing missions awarded with mission points. The mission points collected can then be exchanged for WGP tokens.
WGP can be used on online retail stores partnering W-Foundation, such as Lotte Homeshopping. The utility of the tokens extends beyond online shopping - WGP tokens will be introduced to a credit card payback system with major commercial banks in Korea. Credit card users will be able to earn WGP tokens by using the selected credit card at WGP-partnered businesses. For the first time, individuals will be directly incentivised and instantly rewarded to make this a better world by reducing greenhouse gases through daily activities.
The private sale for WGP tokens is ongoing until 25th May. The public will be able to purchase WGP tokens from 26th June to 31st July through their official website (www.wpay.sg).
1 "Number of smartphone users worldwide from 2014 to 2020." Statista. Retrieved May 15 2018.
About W Green Pay
W Green Pay is issued to reward general public's contribution to reducing GHG (Greenhouse Gas) emissions under Korea's KETS (Korea's Emissions Trading Scheme) market. W Green Pay will be the reward method of HOOXI App to its users' GHG reduction efforts.
W-Foundation is an international non-profit organisation that promotes environmental sustainability. W-Foundation supports the Korean government goal to reduce GHG emission. W-Foundation runs several projects on nature conservation and relief work for climate refugees. W-Foundation cooperates with worldwide governments, organisations, and communities in areas of research, field investigation, immediate relief, and education.
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SOURCE W Green Pay
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