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 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.
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 NEPs 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 National Emissions Permits (NEP) 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).
The Ministry of Environment validates Korea’s NEP, and the NEP is exchanged at the prevailing market price. Despite the increasing demand for NEP in the market, the allocation of NEP by the Ministry of Environment is limited. The price of NEP 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 NEP 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 NEP 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 October, 2018|
|Public Sale Date||Q4 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|
(Group Strategy & Corporate Affairs Manager at WWRC Holding Pte. Ltd. “WWRC Group”)
(Director of HOOXI Global and CEO of AZworth Trust)
(Group CEO iFashion Group, Crypto Fund Partner, Blockchain Entrepreneur)
(Venture Capital Partner, Crypto Fund Partner, Blockchain Consultant)
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In the event if you do not agree for W Green Pay to process your data, please notify W Green Pay via email at email@example.com.
This Terms of Service (“Terms”) serves as a legal contract between W GLOBAL INVESTMENT PTE. LTD. (“WGI”) and yourself (“You”). By accessing or using any of the services provided by WGI (“Service”) on our Website (“Site”), you agree that you accept to the terms and conditions contained within these Terms. If you do not agree to these Terms, do not use the Service.
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You understand that any purchase of WGP Tokens carries a high risk of losing the entire amount which you paid for the WGP Tokens. Hence, you shall waive all rights to seek any legal remedy on your own or through any class action litigation in order to recover the purchase amount from WGI. Nothing in this Agreement nor any conversation and communication made by WGI, verbal or non-verbal, shall imply a positive or punitive return on investment from the amount you paid for WGP Tokens or that the Tokens will carry forth its intended usage. You further warrants that by losing the entire purchase amount, it will not adversely affect your livelihood, obligations and dependents. For avoidance of doubt, WGI hereby expressedly states to you that the purchase of the WGP Tokens represents a financially high risk activity and that you shall fully bear all losses which maybe incurred from this purchase.
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In the event if you do not agree for W Green Pay to process your data, please notify W Green Pay via email at firstname.lastname@example.org.
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.
Co-Founder and CEO of W-Foundation, W-HY R&D, Hooxi Research Institute, and COO of Hooxi Foundation (USA). Extensive investment and corporate banking experience at Shinhan Macquarie Financial Advisory and Sumitomo Mitsui Banking Corporation, with Ph.D., M.A., and B.A. in International Business from Ewha Womans University. Currently lectures at Ewha and Hanyang Universities.
23 years’ experience in banking, consulting, and new business development at Bank of America Merrill Lynch, Citi, Oliver Wyman, and Samsung Corporation, with M.B.A. from Stern School of Business, New York University, and 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. 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.
Successful serial entrepreneur having built one of the largest social gaming site in Southeast Asia, called Viwawa. Co-founded SoftPay Mobile, the largest Mobile POS company in Vietnam. Graduated with a BSc. Merit in Computer Science from the National University of Singapore.
International business operator, founder and blockchain entrepreneur who has successfully exited 3 venture funded companies. Currently Group CEO of retail conglomerate iFashion Group and is co-leading MC Payment's public listing on the SGX. Jeremy is heavily involved in blockchain projects and has been instrumental in the sale of more than US$100M in tokens for 8 companies.
Lead Consultant at Novum Capital specialising in Blockchain Applications, ICO Consultancy and Investor Relations. To date, ICO projects that he has managed have sold tokens in excess of US$100M.
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.