● Staff Interview: 10 Questions & Answers with Juyong Kim, CBO
Please introduce yourself. Hello, I am Juyong Kim, CBO of Cosmochain. Having experienced from the start to the exit of a startup service, I joined Cosmochain since January of this year.
What is your responsibility at Cosmochain? I am in charge of directing all the business related to Cosmochain. They include partnership, investment, listing on exchanges, communities, and so on.
It sounds like you have a general say in the business operation of Cosmochain, is it right? Instead of saying that I have all the right to decide, I would like to say that I have that much responsibility. My team is trying many things out freely, and the responsibility lies with me.
There was a lot of controversy regarding the big announcement during the meet-up on June 21. What do you think of the meet-up as a CBO of Cosmochain? There was a reason that we named the meet-up “Beyond Korea”. We were trying to express confidence that we could grow as the best dApp project in Korea, if only we had made presentations as expected. We also think it was too bad that it didn’t go as well as we wanted for an unexpected reason.
How is the preparation of the media day or official announcement scheduled for July 4 going? We are preparing the announcement according to plan, and we are trying to speed up the schedule. For real! Maybe! The schedule could be moved up. They are very good news, and a lot of journalists have been calling me, but I could not respond to their questions properly. I also want to deliver the good news quickly.
After Klaytn on-boarding on June 27, many holders expected some visible, substantive changes within the application, but there has been no change. Can you give explain this so we can understand easily? Mainnet is like an OS (operating system) for blockchain. It would be simpler to say that we are using Klaytn as the OS for accumulating our data. We are continuously generating data through FitsMe, so there will be no new app launching. Nevertheless, we will timely “on-board” the future that Klaytn is planning and join the ecosystem, so we expect to draw a bigger picture.
Many holders hoped for a significant price increase along with the launch of Klaytn mainnet, which was not the case. What do you think of this? I think price is always a sensitive subject, but I think there are three reasons.
1) Along with sudden increase in BTC price, BTC dominance has sharply risen above 60%. Speaking from the past, during the period of sudden increase in BTC price, altcoins performances tend to be weak. Afterwards, during the period when BTC price plateaus, altcoin prices tend to increase. This has been the usual pattern. Unfortunately, I believe that Cosmochain needs to grow more quickly in order to join the mainstream society(?).
2) Klaytn was a sort of “themed stock”. There were a lot of expectations, but most projects were merely at the beginning stage. Nevertheless, this means that there is potential to be explored. In the stock market, there is a concept called “PER (Price Earnings Ratio)”. Sectors such as Bio or AI, with high expected future value gets considerably high PER. I think Klaytn-related projects are those stocks with high PER.
3) Project’s future will be determined by three major factors — business capacity to expand quickly, service, and token model. i. Business capacity Because blockchain is yet an early market, Cosmochain cannot do many things just on its own. Therefore, we have quickly acquired partners that will help us scale-up, and we are confident that we have enlarged our business ecosystem faster than any other projects. And I am sure our holders would agree. ii. Service Service is a platform at the core of token model. Currently, our main service FitsMe has achieved MAU of 10,000 users, and rank 6th within the Beauty category of the PlayStore. App services with higher ranks have all been verified by the market over more than 5 years of operation. With the capacity that Cosmochain team possesses, I believe that we can achieve great results within relatively short period of time. iii. Token model For a dApp project to grow, it needs a clear token model. Otherwise, it will not be able to attract the investments from influential institutional investors. In other words, they need a reason to “HODL”. Until now, Cosmochain team has attracted numerous influential investors, from both within and outside Korea. However, as the project’s volume has grown, with its service growing quickly, the need for a clear token model is imminent. We are expecting to share the initial stage of our token model through COSM purchase for data sales, rewards for long-term holders, etc. as early as next week.
What is most difficult thing about your work? There are people who sometimes write unmentionable comments within our community. I feel immensely sorry when my often-bright team members shed tears.
From the perpsective of CBO, do you think that the overall business, including FITSME service development, business partnerships and exchange listings are going smoothly? As is the case with anything in life, not everything can go as we want it to. However, I am confident that our team is making numerous achievements faster than any other team. In this journey, sometimes we slip, but we always strive hard to achieve new results. We are paying the so-called “tuition” to become a better team along the way.
Last words to our holders? We do not know everything about why Klaytn dApp prices are going down together, why COSM price goes up today and down tomorrow, etc. We just try to find the reason. We hope that COSM holders will become more interested in our service, business, and token model, rather than why price decreases, or when the good news will be. As always, our team will try to find the answer, and we will try to meet with our holders more than any other team.
▶ External News
1. Cosmochain Meet-up on June 21
Cosmochain’s 1st meet-up took place at Novotel Ambassador Seoul Gangnam on June 21. About 100 holders and Cosmochain partners attended the meet-up.
CEO Howon Song and Director Donghyun Kim visited Vietnam to sign a business agreement to expand into the global market, and they are working in a fast pace. We will share the progress through an official announcement in the near future.
▶ Ask Me Anything
(Answers to the most frequently asked questions within our community)
1. Why are you not utilizing information disclosure on exchanges? We want to see public disclosure even for small information.
Yesterday, one of the holders said, “Why are you not announcing KRC migration on Coinone through Upbit Disclosure? It’s the least you can do to raise the price.”
Not all information is suitable for disclosure system on exchanges, and only information that satisfies certain criteria will be uploaded on the disclosure system after the exchange’s verification process. Criteria for disclosure on exchange can be viewed within the exchange’s Disclosure menu.
2. The community is full of speculations, controversies and disputes. Aren’t you going to manage it?
We are already fully aware of this, and we are also aware that the community has significant impact on holders’ investment decision.
Currently, we are planning to reduce the community, and we plan to make up this gap in communication by sharing our business progress through various contents, or offline meeting with holders. We are still at the planning stage.
▶ Next This & That ( 07. 12 )
Please look forward to the next issue.
Cosmochain is a blockchain-based beauty project, that aims to build an ecosystem which enables the transfer of fair values between users and companies within the beauty industry. During its three-month pilot service from August to November, 2018, COSMEE recorded DAU of 30,000 and registered users of 150,000. Cosmochain’s official service FitsMe is scheduled to launch within first half of 2019. Cosmochain plans to expand to overall lifestyle industry in the future.