Following the Korean government’s pledge made at Copenhagen Accord in 2009, the country aims to reduce GHG emission by 37% by 2030.
The Korean government selected W-Foundation to lead the “Nation-wide Public Movement to Reduce GHG Emission (HOOXI Campaign)”.
To support the government’s GHG emission reduction efforts, W-Foundation will launch a mobile application called HOOXI App that monitors and rewards the effort of individuals and the public to reduce GHG emissions.
The most innovative social carbon credit platform to be launched.
W Green Pay (WGP), the blockchain from HOOXI, Korea's government-backed Greenhouse Gas (GHG) reduction campaign, is issued to reward general public's contribution to reducing GHG emissions under Korea's KETS (Korea's Emissions Trading Scheme) market.
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 WGP.
HOOXI App will track and aggregate individuals’ GHG reduction data, based on which W-Foundation will be allocated KOC (Korean Offset Credit) - carbon emission units traded in the Korean market. Through HOOXI campaign, financial incentives of KOC-based carbon trading will no longer remain as the sole domain of corporations and institutions and will be open to individuals.
W Exchange, under the Korea Electric Power Corporation (KEPCO) approval, will be launched in March 2019. W Exchange is expected to be a KETS-eligible business entity. The allocated KOCs of HOOXI App are expected to trade at KRX using W Exchange.
YG Entertainment, Hotel Lotte DFS Co., Ltd., Lotte Homeshopping, Philip Morris Korea Ltd., Korea Management Association, Wumart Stores, Inc. (China), Hansol Chemical, Hansol Oak Valley, Borim CS, FnGuide Inc., Sungdo Engineering & Construction, Korea Business News Co., Ltd., YJM Games Co., Ltd., Cleantopia, NET TV Co., Ltd.
Infinite, Lydia Ko, Ailee, Jang Hyuk, Kim Tae-Woo, IOI, Eddy Kim, Shim Hyung-Tak, Max Changmin, Choi Si-Won, Donghae, Kim Yu Jung and Alberto are several of the major ambassadors. There are many more Korean celebrities working with W-Foundation as honorary ambassadors.
In 2009, Korea made a pledge at the Copenhagen Accord to participate in the global movement to reduce GHG. By 2030, the Korean government aims to reduce GHG emissions by 37% from its business-as-usual scenario. In 2015, Korea launched its Emission Trading Scheme (KETS), which is the second largest in scale after the European Union Emission Trading Scheme at the point of writing.
Korea’s Cap-and-Trade system mitigates GHG emissions through market mechanisms. It applies to approximately 600 companies that account for over 68% of Korea’s GHG output (Korea Carbon, 2018). A cap that determines the maximum emission level that companies are permitted was set by the government. When a company exceeds the cap, the company has to purchase additional carbon credit from the market at market price or has to pay a penalty to the government.
The penalty for non-compliance with the KETS is three times the average market price per unit of tCO2e. The maximum penalty is capped at KRW 100,000 per tCO2e (approximately US $93/tCO2e equivalent).
Source: CARBON CREDIT OF KOREA
The Ministry of Environment validates Korea’s carbon credit, and the carbon credit (KOC, KAU, KCU) is exchanged at the prevailing market price. Despite the increasing demand for carbon credit in the market, the allocation of carbon credit by the Ministry of Environment is limited. The price of carbon credit per ton is high at approximately KRW 22,000 (US $20) as of April 14, 2018. This is higher than EU’s CER that is priced at approximately Euro 13.84 (approximately KRW 17,700) as of April 16, 2018.
Approximately 600 companies participate in carbon emission trading in Korea. The market size of carbon credits rapidly increased from a baseline of KRW 57.3 billion in 2015 when KETS started to KRW 194.6 billion in 2016 and KRW 438.5 billion in 2017 (validated data from January to October, 2017) (The Ministry of Strategy and Finance of Korea, 2017). The Korean government expects the carbon credit market to continue to grow in the coming years.
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.
The total number of W Green Pay issued will remain constant at 1 billion tokens.
Of the total 1 billion WGP, only 200 million WGP (20%) will be open for private and public sale, and 800 million (80%) WGP will remain without sale at this ICO event. The use of the 800million unsold WGP is as following:
|Token Name||W Green Pay|
|Token Supply||Fixed supply of 1 billion, 200 million for sale|
|Currency Accepted||XLM / ETH / BTC / USD|
|Token Price||US$2 per token|
|Private Sale Date||May to September, 2018|
|Public Sale Date||1st ~ 14th October 2018|
|Soft Cap||US$25 million|
|Hard Cap||200 million WGP|
|Lock-up Period||W Green Pay held by the Team shall be subjected to a lock-up period of six (6) months from the end of public sale (14th of October, 2018)|
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Founder and Chairman of W-Foundation, philanthropist, and entrepreneur. Built global network to enable public-private partnerships with governments, corporations, and institutions. Established Global Climate Refugee Fund with global donors and grew W- Foundation into influential Global Nature Conservation Organization. Bachelor of Law from Hanyang University.
A philanthropist and an entrepreneur, she is the CEO of W-Foundation, W-HY R&D, Hooxi Research Institute, and COO of Hooxi Foundation (USA).
Dr. Lee is a pioneer in bringing blockchain to social finance. She led the launch of the blockchain W Green Pay (WGP) for ‘HOOXI’, a global nature conservation campaign organized by W-Foundation and the Korean government.
Dr. Lee has extensive investment and corporate banking experience at Macquarie and Sumitomo Mitsui Banking Corporation, covering infrastructure and renewable energy project financing and relationship management. Received Ph.D., M.A., and B.A. in International Business from Ewha Womans University. Teaches business, strategy and finance at Ewha Womans University and Hanyang University.
Before taking the role of CFO at W-Foundation, he was the Head of Corporate Sales at Bank of America Merrill Lynch's Transaction Banking division in Korea. Mr. Shim has over 23 years of experience in banking, consulting, and new business development. Mr. Shim has also worked at Citi, Oliver Wyman, and Samsung Corporation.
Mr. Shim holds an M.B.A. from Stern School of Business, New York University, and a B.A. in Economics and Political Science from The George Washington University.
25 years’ experience as a leading, influential journalist, Vice Chairman of the International Federation of Journalists, Chairman of Korea Press Photography Association. Adjunct Professor of Media & Communication at Hanyang University.
25 years’ experience in strategic planning, group management consulting, and marketing at Samsung Group, most recently as Vice President of Marketing Strategy Group at Samsung Electronics. Professor of Business Administration at Seokyung University.
20 years’ experience as a medical doctor, entrepreneur, and investor. As CEO of a major hospital, led high profile M&A and investments in the medical industry. Currently developing blockchain technology for the medical industry to securely store health records. Assistant Professor of Rehabilitation Medicine at Chungnam National University.
High-profile media mogul from China. The Founder, Co-Chairman and CEO of Sun Seven Stars Entertainment & Media Group Limited, one of the biggest private media and investment companies in China.
Mr. Wu is also the major shareholder of DBOT, The Delaware Board of Trade Holdings Inc., the first and only blockchain based Alternative Trading System fully licensed by the SEC.
Bruno is also the former Chairman of Sun Media Group and former Director of Shanda Group. Bruno and his wife (Yang Lan, one of the most popular celebrities in China) made the 2016 Forbes China Rich List with an estimated fortune worth $1 billion.
In charge of charting future growth through overseas expansion, JV/partnerships and M&A at WWRC Group, a Pan-Asian Chemical Distributor with the presence in 16 Asian Cities. Prior to joining WWRC Group, worked in banking with Citi and OCBC. Bachelor of Engineering (Materials Engineering) with First Class Honors Degree from Nanyang Technological University.
Mr. Teng received First Class Honors Degree from Nanyang Technological University
Mr. Low has been succesful technology entrepreneur for near 20 years. His first startup called Pendulab is a Software-as-a-Service offering web based collaboration solution, Pendulab was acquired by a leading US-based private equity firm.
Mr. Low founded Southeast Asia largest casual game platform, Viwawa, in 2008, SofrPay Mobile, and also SoftPay, the largest Mobile Point of Sale company in Vietnam with partnership with Indonesia’s largest bank, Bank Mandiri. Mr. Low graduated with a Merit in Computing from the National University of Singapore. Mr. Low has been passionate about blockchain technologies since 2012. He loves to read up on the latest blockchain technologies and does some coding in his spare time.
Jeremy Khoo is an international business operator, founder and blockchain entrepreneur who has successfully exited 3 venture funded companies. He is currently VP of MC Payment and Group CEO of iFashion - a leading regional retail enabler and conglomerate, Mr. Khoo successfuly raised Series B from VC funds. Later iFashion was acquired by MC Payment for $23 million and Jeremy is co-leading the combined push for a public listing on the SGX.
Jeremy is a Partner and Principal Consultant in Novum Capital and Enblockr, the blockchain accelerator corps. Jeremy is also Managing Partner in CRC Capital, crypto fund investing in early stage blockchain innovation.Jeremy co-founded retail blockchain MegaX as well as Crypto-E-Commerce store Megaxstore which is spearheading cryptocurrency mass adoption.
Jeremy obtained his Bachelor's Degree in Mechanical Engineering from the Nanyang Technological University of Singapore.
With over 15 years of experience in IT engineering, development and management of enterprise products Stas co-founded WINGS, a successful community-engagement and smart-contract facilitation platform as well as one of the few working DAPPS on the Ethereum blockchain. Stas is also CTO of eyecam, NeoCam, and NeoVSP. Stas brings extensive expertise in web-based platforms, streaming media, distributed storage, clustered solutions and networks.
Prior to current positions, Stas acted as the CTO of BeeCom Israel, where he led the companyâ€TMs strategic shift to open-source/Linux based platforms. He also participated in multiple high-profile software projects, consulting such organizations such as BeeContact, Dead Sea Labs, and Ministry of Defense, and was a co-founder of Comoona, the first Israeli online social network.
Sebastian co-founded WINGS, a successful community-engagement and smart-contract facilitation platform as well as one of the few working DAPPS on the Ethereum blockchain. Sebastian has gained vast experience in decentralised solutions and blockchain technology since 2013.
Sebastian was also CEO of ChainLab, CIO and Product & Project Manager at eyecam. Sebastian received BA in Information Systems Management from The Academic College of Tel-Aviv, Yaffo.
CEO of FactBlock, blockchain advisory services platform, CEO of The Blockpost, blockchain focused media, and CSO of The Financial News. Worked also as the Bureau Chief of The Financial News, LA correspondent of The Financial News, and VP of MPIO. Received EMBA from Korea University, and BA in Business and Information Systems from California State University, Long Beach.
Sonic Zhang is an entrepreneur and investor. Founder of LedgerZ Capital (ledgerz.capital) and ValueNet Capital (valuenet.capital), focusing on investing in blockchain startup, security token offerings (STO) and cryptos， portfolio include OmiseGo, Binance, PowerLedger, WAX, CoinPoker, Lympo, Bankorus, RobotCache, Celsius Network, tZERO, Tenzorum, etc. He is the Co-founder and Global Director of 20 Nations League of Blockchain (B20), an international NGO focused on bridging blockchain and crypto communities worldwide. And the co-founder of ValueBank Group, a global network of fiat-crypto/crypto-crypto (Cointobe.com) exchanges, with a crypto wallet (Coinwall.io / Coinwallpro.com), and ICO services. Co-founder of Murint Capital, a VC Fund for tech and entertainment industries. Founder of SoRelax, a global platform for cross border marketing and services. Sonic has a MPM and a BE in Mechatronics from University of Sydney.
KJ Lee is the Council Member of ICON Foundation. ICON is a major global blockchain project based in Korea. ICON successfully raised 150,000 ETH in September 2017 and maintains a market capitalization of approximately USD 291 million (equivalent to approximiately KRW 326.64 billion). ICON's native coin ICX has consistently been part of the top 30s (by market capitalization), the only Korea-based coin to do so.
KJ is Founder of Nomad Connection and CEO at DAYLI Intelligence. Nomad Connection is the company behind Zimly, a P2P media service with over 3 million users worldwide. KJ was previously software engineer at the SecureSoft team which developed South Korea's first firewall 'Suhoshin' in 1996. KJ holds a BS in Computer Science from from the Pohang University of Science and Technology (POSTECH).
Starting his career in product development and marketing, Irwin was at i-Sprint Innovations, a security tech firm. He was Co-founder at Rimu Group, a venture capital fund which invests across SEA, led rounds and co-invested along side other VCs such as Wavemaker Partners, Ardent Capital, SMDV, SPH, Fenox and DeNA. With a portfolio of 4 acquisitions and 2 exits.
Irwin was an early investor in ICOs notable ones include NXT, AntShares (now NEO), Stratis and Status. Irwin is now the Managing Consultant of Novum Capital, blockchain consultancy.
Irwin is also the Writer at www.cryptofinn.net that covers opinion pieces on cryptocurrency and reviews ICOS whenever he can.
Guy is a product strategist and relentless entrepreneur. He has already contributed to the success of GreenRoad, a major player in commercial fleets and connected cars, as its CPO and Head of Strategic Partnerships. He also founded Toontok, an engaging animated-messaging startup, which he led as CEO. As VP of Product and Solutions Design at Ginger Software and Time to Know, a provider of learning materials for the digital classroom, Guy further deepened his expertise in these dynamic fields. Guy holds an MA in Communications from the University of Amsterdam.
Mr. Hong is an experienced entrepreneur, investor and blockchain adviser. He is a co-founder and CEO of Chain Cabinet, a multi-dimensional blockchain company, based in Seoul and Singapore, that both builds and invests in a variety of ICO projects. Mr. Hong is also a partner at Kstartup, a startup accelerator who helped over 50 startups to build their business. As a former Microsoft Office Product Manager at Microsoft and management consultant at Monitor Group, he brings more than 20 years of technology and business management experience to the team.
President of W-Foundation, Chairman of Hooxi Global and Chairman of Truben Investment Group. Truben Investment Group manages one of the biggest investment funds in Korea, with focus on infrastructure and long term capital projects. One of the businesses Truben Investment Group owns is the National Sports Lottery of Korea called K-toto, which is operated under an exclusive license agreement with the Korean government. Annual sale of the K-toto is approximately 5 billion USD.
With 10 years experiences in private equity fund and strategic consulting specializing as a science/technology expert as well as being a famed motivational speaker. Alex holds master's degrees in theoretical physics from Imperial College London and in history and philosophy of natural sciences from UCL. Currently serves as CEO of AZworth Trust, the parent company for Truben Investment and shareholder of HOOXI Global, managing various portfolio and business.