Blockchain company enters 'token economy' with Stokens

Blockchain company enters ‘token economy’ with Stokens

Blockchain-based payment company X-widget has stated that it is entering the realm of a “token economy” where users are paid tokens when they spend money.

With a blockchain-based discount voucher system that allows users to collect 10 percent of their purchases and give them a 10 percent discount, X-widget hopes to attract 100 million users worldwide, including 10 million in South Korea, by 2024.

X-widget said its blockchain-based project called SToken, which is designed to help freelancers and small business owners, has attracted more than 800,000 users with more than 1,000 stores that have signed up for the service in Korea and Vietnam.

The company said it plans to attract more stores and users in Southeast Asia and expand to other parts of Asia.

To this end, X-widget has developed the global Web 3.0 platform S-Members, to complement a business structure that rewards stakeholders including suppliers, customers and platform operators based on their level of participation.

Based on X-widget’s blockchain network, or a master network called MASnet, the S-members platform is exclusively embedded in a cold mobile wallet called “Master Bank” that acts as a gateway to the platform. It also features a customer service evaluation system, messaging service, and a blockchain reservation system to prevent no-shows.

SToken is a system for getting discounts from S-members stores. In SToken, the currency setting changes automatically depending on the user’s location and language selection. SToken is currently available in Korean, English and Vietnamese. By the end of this year, the company said, users will be able to record store photos, “follow” stores, post comments, and use alert functions for hot sales.

Member stores can enter information on their products, services, and discount prices in real time using the Business S-members app. They must receive or collect up to 10 percent of payments made at Stokens. Users can get discounts or accumulate points by browsing the information provided by stores near their location. The ‘Hot Sale Alert System’, designed to help stores dispose of their inventory, sends messages via the app to users within a 10-kilometre radius.

X-widget CEO Kimg Seong-un said it is a system in which Master Bank’s mobile cold wallet and the company’s non-fungible token platform have a synergistic effect through SToken users and stores.

“Starting with Korea and Southeast Asian countries such as Vietnam, Thailand, Laos, Cambodia, Bangladesh, Indonesia and the Philippines, we plan to globalize S members and aim to grow into a ‘decimal’ project,” Kim said. Super Unicorn startup valued at more than $10 billion.

The X-widget said that when Stokens come to retain the value of the cash exchange as S-members expand and Stokens use increases, the company will sell all Stokens on crypto-asset exchanges and donate the proceeds to NGOs. A record of where each donor’s donations went can be saved on the blockchain and can be accessed transparently.

X-widget said S-Members’ ultimate goal is to “save the earth” through a win-win Web 3.0 blockchain project for consumers and member stores. It plans to collaborate with a Korean shipbuilder and a global environmental NGO for the “Blockchain NGO Plastic Island” donation project, in which private ships collect plastic waste at estuaries before it flows into the ocean, and the latest technology is used to turn plastic waste into petroleum.

Funds raised from the sale of petroleum products and donations will be used to build more small ships that will be placed in estuaries, and larger ships will also be built to collect pollutants from 10 landfill islands in the Pacific, Atlantic and Indian Oceans, according to it. to the company.

X-widget is also a group of local blockchain experts that provide consulting services and optimized solutions for the enterprise environment.

“The SToken project can lock up platform participants by offering incentive tokens that can be exchanged for tangible or intangible value,” Kim said.

“By lowering the threshold for companies to benefit from blockchain networks, the X-widget will greatly support small business owners around the world, building an ecosystem where digital assets are used in the real world and contribute to society.”

Written by Kim Soo Hyun (sophie@heraldcorp.com)


#Blockchain #company #enters #token #economy #Stokens

Leave a Comment

Your email address will not be published. Required fields are marked *