1. What is your responsibility at Cosmochain?
I took charge of the project and led the planning / development / operation from the capturing the needs of the beauty consumers to the making of the current FitsMe app through closed beta test.
Currently, I’m working on planning and building ‘Comsmochain Ecosystem’ together with our engineers.
2. How would you evaluate FitsMe?
The ultimate goal of Cosmochain is ‘to build an ecosystem where a variety of subjects in cosmetics industry are connected to one another and enjoy mutual benefit.’ The main subjects of this ecosystem are ‘beauty customers’ and ‘beauty brands,’ and FitsMe is expected to play a key role as a bridge between these customers and companies. A necessary condition for this role is to actually create a value we can deliver to ‘beauty customers.’ From this perspective, I believe it was a good start to release FitsMe app in the second quarter that provides services like ‘Find,’ ‘Try,’ and ‘Use.’
3. What assignments are left for FitsMe?
We have divided our project into Workstreams that are based on two different goals.
The second Workstream is directly related to Cosmochain in that it connects customers and brands.
4. What is the core consideration in planning the token model?
We define areas where tokens can actually be used, and implement them one by one.
There are various cases and interpretations about the value / utilization of tokens, but “Utility Token” 1) can serve as a ‘goods’ for any particular ‘transaction (exchange of value),’ and 2) function only when a “money economy” is created where these transactions are gathered and the values flow smoothly among the subjects.
The above image is a diagram of where Cosmochain can play a role in the value and goods exchange among the different subjects in the beauty industry. Currently, we are concentrating on securing the utilization of Token (=creating a meaningful ‘transaction’) on Blockchain based on the platform called FITSME, by solving the problems that the existing marketing and distribution channels have not noticed or solved during the value exchange between the beauty consumers and brands.
In addition, by delivering the tokens to the meaningful users of the service, we seek to transfer the amount of circulation from the existing Exchange to Cosmochain Ecosystem.
5. Can you give a little more specific example?
Although it is still in its early stages, after the launch of the FITSME app, there have been contracts made with some beauty brands, and the marketing projects of the FITSME service are underway. We are currently planning and developing these marketing projects by utilizing Token on Cosmochain, and we can explain these projects with Token flow as an example. (The information below is currently being tested, and please be aware that the structure may change at a later date.)
> First of all, the brand that will carry out the project within FITSME will exchange the budget of the project (KRW) as Token at the Exchange (our corporation may work on this process instead) when launching projects.
(we transfer Token from Exchange to Cosmochain Ecosystem)
> Record relevant actions of users defined according to project type on Cosmochain. (There is no Token movement at this stage.)
At the end of the project, the budgets within the Project Wallet will be distributed to the Wallet of each target (User, Dapp operator, Chain operator, Burn) according to the predefined ratio.
> When the project is finished, the budgets within the Project Wallet will be distributed to the Wallet of each target (User, Dapp operator, Chain operator, Burn) according to the predefined ratio.
6. What is the most difficult part of the token model?
It is the most difficult to make ‘Token economy’ finely, and it requires a lot of care. This is the part that I mentioned in question number 4, ‘Token Economy.’ In a well-created ‘Token economy’, there must be a ‘stakeholder’ group, each of which has different needs and a substantial flow of funds (= transaction, value exchange) between these stakeholder groups.
For example, STEEMIT, which is a representative early Dapp project, had a ‘content providers’ that creates contents but relied on other means (Holder’s investment, staking of ‘contents provider’), due to it structure, which lacked ‘contents consumers’ with ‘willingness to pay. For this reason, it is known that it had difficulty operating the project.
There are ‘stakeholders’ like ‘Consumer,’ ‘Brand,’ ‘Holder,’ ‘Dapp operator,’ and ‘Chain operator’ in Cosmochain, and we’re trying our best to create a Token Model by considering the effect of ‘transaction’ on each ‘stakeholder.’
7. What is the value of data generated in Cosmochain?
Cosmochain aims to solve the problems of ‘consumers’ and ‘brands’ by reorganizing the beauty industry information from ‘channel centric’ to ‘consumer centric.’
The contact between ‘consumers’ and ‘suppliers’ (beauty brands) in the beauty industry are widely formed from traditional media to various SNS and on / off-line distribution channels. However, the information generated at each contact is scattered rather than connected because each ‘channel’ owns proprietary rights and doesn’t share them. Because of this, ‘consumers’ are difficult to find meaningful information among themselves, and ‘suppliers’ do not understand consumers as well.
The Cosmo Chain is working to build up the data with ‘consumer-centric’, and the value creation using this is in line with our document for internal use of the project. We will send out some excerpts.
I think that you can guess to some extent through the functions implemented in FITSME. Cosmochain is working on building up the data in a ‘consumer centric’ way. Following is an excerpt from our internal document, explaining the values derived from this process.
[Solution for Consumers’ Problems]
In order to ‘Find matching products for each consumer’, data must be collected through the perspectives of ‘users’ instead of ‘products’. ‘User’ data includes 1) demographics such as sex and age, 2) skin information such as skin oiliness, sensitivity, skin tone and color, 3) preference and interests, 4) satisfaction for previously purchased products, and can be collected through user input or previous app usage or purchase records.
When this data is accumulated for each user, we can identify a common group for questions users face during their decision-making process, and derive appropriate answers through the experience of those groups.
For example, if a user who has the experience of ‘failure in using makeup remover product “A” due to her sensitive skin’ wants to find a better makeup remover product, there’s high probability that a product that’s been rated high by users who gave low ratings to product “A” will be appropriate for the user.
[Solution for Brands’ Problems]
Through utilization of ‘User-centric’ customer data, the following actions are possible.
- Advertisement: Specifically targeted advertisements are possible. Conversion rate can be enhanced through creative usage of targeting. (i.e. targeting users who have purchase history of rival products, users who are interested in acne treatment with low satisfaction for previous purchases in a specific product category, users without purchase history within a specific product category but have recently ‘wish list-ed’ products, etc.)
- Sales: If brands sell products within FitsMe, products are automatically recommended to users who have higher possibilities of purchase based on users’ purchase history, interests, etc.
- Product trials: Specific targeting is possible. (Refer to ‘Advertisement’ section above)
- Survey: Survey can be conducted for a specific group of users (i.e. customers who have previously used a specific brand, customers who use products from a rival brand).
- Data Analysis: Optimization of product planinng, marketing, and distribution channels
8. What changes can be made when the token model is introduced?
> The fact that the token model is implemented one by one on the Cosmochain ecosystem means that the COSM begins to be used as a Utility Token. In other words, part of the total issued COSM that is currently residing in the Exchange is gradually moving to the ecosystem.
9. Do you have a schedule for your goal?
> The short-term plan is to launch the Cosmochain ecosystem as brands actually use the COSM to promote the ‘FitsMe Marketing Project’ mentioned above within the third quarter. Currently, we are experimenting with Testnet, and if the structure / policy are stabilized through test operation to some extent, we plan to use actual COSM in Klaytn mainnet.
In the future, we plan to add 1) use case of COSM other than ‘marketing project’ of FitsMe, and 2) add another Dapp on Cosmochain in addition to FITSME, and as soon as a visible progress is made, I will share it through our official channels.
10. Any last words to COSM holders?
Mostly, I want to express my appreciation for sincere advice, encouragement and criticisms that holders have given through community over the course of COSMEE pilot and FitsMe service.
I didn’t have the opportunity to directly read all opinions, but looking at the comments on essential elements that we had not considered, pinpointing at side-effects that we couldn’t think of during planning stages, I really felt the holders’ affection and interests for the project.
As a team member, I think the best thing I can do is to have the determination to make a good project, and to actually show my determination realized as solid achievements. Thank you.
(Answers to the most frequently asked questions within our community)
1. Have you hired a new community manager?
> Yes, we have selected an employee suitable for community management, and new CM will start working from next Monday (July 19th). From now on, we will try to create a more friendly atmosphere, and enable smooth communication during work hours.
2. Aren’t there plans to apply for Binance DEX?
> As we have said before, we will only share plans that have been finalized. At the moment, we do not have plans to apply for Binance DEX. Nevertheless, our team is collecting information about Binance DEX with our partners, in order to avoid making a hasty decision.
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.
● 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
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