Korea's Government-backed HOOXI Campaign Issues W Green Pay (WGP), First Blockchain Enabled Reward System For GHG Reduction by Individuals
W Green Pay (WGP), the blockchain from HOOXI, Korea's government-backed Greenhouse Gas (GHG) reduction campaign, is taking a different tack at encouraging individuals to reduce GHG.
- HOOXI campaign, backed by the Korean government and endorsed by Korean superstars, ventures into blockchain
- Anticipated HOOXI mobile application to be launched later this year; a solution to reward individuals contributing to Greenhouse Gas (GHG) reduction
- Globally first to incentivize individuals contributing to GHG reduction using blockchain technology
Singapore, May 22, 2018 -- W Green Pay (WGP), the blockchain from HOOXI, Korea's government-backed Greenhouse Gas (GHG) reduction campaign, is taking a different tack at encouraging individuals to reduce GHG. While GHG reduction initiatives have been around, HOOXI is the first to directly reward individuals for reducing GHG. HOOXI is now venturing into adopting blockchain technology to help enable the reward system and facilitate the on-going reward distribution to individuals.
Youree Lee (third from left), CEO of W-Foundation, along with campaign ambassadors Korean idol group INFINITE members and Korean government officials, during the HOOXI Campaign Committee Inauguration Ceremony at The National Assembly of Republic of Korea on 26th April 2018. PHOTO: W-FOUNDATION
W-Foundation, an international non-profit organization established in 2012 and a designated donation organization entitled by the Ministry of Strategy and Finance of Korea, is the philanthropic foundation behind the HOOXI campaign. Using the anticipated HOOXI mobile application, individuals can perform GHG reduction missions to collect mission points, which can be exchanged for WGPs.
HOOXI application will track and aggregate individuals’ GHG reduction data, based on which W-Foundation will be allocated National Emission Permits (NEPs) - carbon emission units traded in the Korean market. Through HOOXI campaign, financial incentives of NEP-based carbon trading will no longer remain as the sole domain of corporations and institutions and will be open to individuals.
To contribute to GHG reduction and collect WGPs, individuals can easily set up user accounts on the HOOXI application. As application users, individuals can select among many simple predefined missions such as taking the public transport, reducing electricity usage or purchasing identified eco-products. HOOXI application monitors the status of selected missions and tallies the user’s earned points for subsequent exchange for WGPs.
WGPs can be used on online retail stores partnering W-Foundation, such as Lotte Homeshopping. The utility of the WGPs extends beyond online shopping - WGPs will be introduced to a credit card payback system with major commercial banks in Korea. Credit card users will be able to earn WGPs by using the selected credit card at WGP-partnered businesses. For the first time, individuals will be directly incentivized and rewarded for adjusting their daily routine to reduce GHG emissions.
Statista estimates that by 2020, 70 percent of the global population will be smartphone users. With smartphones becoming more accessible to individuals and the increased use of social media among global smartphone users, the HOOXI application’s value proposition as a global tool for GHG reduction and environmental conservation is significant and compelling.
"By first targeting individuals in the Korean market where people are social media savvy and familiar with the HOOXI campaign, we will be able to work on the features of HOOXI application for broader global usage and look for ways to motivate diverse groups of people to make changes that reduce greenhouse gases," explains Youree Lee, CEO of W-Foundation. "As the HOOXI application is rolled out globally, we as individuals will have the opportunity to become real stakeholders in making this a better world. Together as one through HOOXI, each of us can collectively make an outsized impact on the outcome of our future, as relevant and tangible as big corporations and institutions."
The private sale for WGP tokens is ongoing while the public will be able to purchase WGP tokens in Q4 2018 through their official website.
About W Green Pay (WGP)
W Green Pay is issued to reward general public's contribution to reducing GHG (Greenhouse Gas) emissions under Korea's Emissions Trading Scheme market. W Green Pay will be the reward method of HOOXI mobile application for its users' GHG reduction efforts.
W-Foundation is an international non-profit organization that promotes environmental sustainability. W-Foundation supports the Korean government’s goal to significantly reduce GHG emission. W-Foundation runs nature conservation projects and relief works for climate refugees. W-Foundation cooperates with worldwide governments, organizations, and corporates in areas of research, field investigation, immediate relief, and education.
Media Enquiries: Coco Ong
This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do t