Friquently Asked Questions

Today we will try to answer questions which asked often.

Today's questions that we will deal with relating to the RING Platform,¹Hupay X and BOScoin.

Q1.
First of all, if you ask Hupay X, there are really many mileage projects. From the user's point of view, when you first distribute coins, you are happy to use them. But if there are no free coins, you can buy a card and cash, but I think there is no reason to buy through coins through the cumbersome process of buying coins. I have to constantly attract users and I'm curious how to do that.

A1.

Not only last year but also at this moment, there are many places that market with models similar to ours. We never started a project to sell tokens or raise funds. We started a project to fight credit cards in the payment market. Have you heard that you get a discount when you pay with coins? You will hear it soon. Coins are approached by the concept of prepaid cards. There is a good system called CODA in Korea, but few places abroad have this business model. Alliance groups aren't shown, but affiliates are actually providing these services. When users come in, they have a structure that allows them to sell things at an affordable price. We are a project to compete with credit cards rather than to sell coins and make money.

CEO of Boscoin has written a book, which shows that he seeks a privacy blockchain rather than a public blockchain. In fact, blockchain gives up efficiency and is inefficient, but I think it makes sense by making data available to everyone.

Q2.
By the way, you look around the industry with a focus on private blockchain. How did you come to this view?

A2.

First of all, I think both public and private blockchains are meaningful. Private blockchains have several advantages, and private blockchains can be completely private. Even with consensus, security is very high, which is a huge advantage because security is increased because agreements that manipulate data must be agreed. There is another advantage. Is that data can be shared in real-time.

The basic structure of the blockchain keeps in sync, so in the case of the Netherlands, if a mother gives birth to a child, a helper will come and take care of the mother without exception. In the past, you had to make paper appointments, but nowadays, you can make an app service and check it with your mother through touch. Previously, it took about a month to submit papers to government offices and process them at insurance companies. Applying such a system to the blockchain is being handled at once from the insurance company to the public office, so an immediate system is introduced where today's labour costs are deposited immediately tomorrow. Although blockchain is a private blockchain rather than a conventional server, it is applied to these fields because of its high security, and sharing data in real-time is a huge advantage. These parts seem to make things qualitatively different from existing systems.

Q3
In the case of the RING Platform, there were a lot of similar projects last year. The reason why the project failed is that it is so good and personal to use that the supplier, the company, is reluctant to become a supplier because the mileage is selected as a debt. The law has recently been amended. We've changed to provide mileage, but we've changed it so that companies don't have problems if they don't provide it through a change of terms. Recently, Koreana and Asiana have done so.
So I'm wondering how suppliers willingly offer miles when planning a mileage project.

A3.

I was very surprised that your question was based on a good understanding of the industry.
To answer the question, the original banking organization is quite conservative. But RING Platform² finance developer is currently working in finance. The bank paradigm is changing now. To tell you the truth, when we were young, we went to the bank when it was hot and air-conditioned. When something happened, we went to the bank and worked. That's why traditional banking companies and financial companies didn't need any marketing.

Now, Internet banks such as Kakao Bank and K Bank have come into the market, and existing bank customers are also moving to open an Internet bank account. As a result, banks are becoming an era in which marketing is needed. For financial companies, 'it doesn't matter if you don't spend your mileage. We've always worked like this, but since our customers with current accounts are moving to Internet banks, we need to collaborate with us rather than need to spend mileage. It is a situation that spreads a lot. There may be a number of reasons, but first I explained why I thought.

We hope, today, you can know more about RING Platform³ and hope it can help you to understand this platform and use for the good of your business.

For more information about RING Platform please check RING Platform