The event took place on 9th March, a day after Hong Kong Blockchain Week 2019
HONG KONG, CHINA – The TOOL Global Ecosystem Alliance Conference in Hong Kong, organized by the WOLOT Foundation, successfully drew in over 600 industry professionals and executives hailing from Asia’s blockchain and fintech industry. The half-day conference, held at the Sheraton Hotel, Hong Kong, announced the official launch of TOOL Global and its respective offerings and programmes:
The TOOL ecosystem: An ecosystem for SMEs where businesses benefit from sharing user, data and big data technology that enable them to acquire users and data analysis in a cost-effective manner
TOOL Ecosystem Alliance (TEA): A non-profit autonomous organization formed to govern, develop and promote the TOOL Ecosystem, comprising merchant platforms, experts, and community leaders.
TOOL Ecosystem Management Committee (TEMC): A committee elected by the TEA, responsible for the management, maintenance, marketing and daily operation of the TOOL Ecosystem.
TOOL Commerce Nodes (TCN): TCNs together form an industry-grade high-performance technology platform that supports all global market development and technical operations of the TOOL Ecosystem.
Some speakers were there to express their views on these offerings, alongside TOOL’s newest members and partners, including…Annie Pang from UU Exchange, Li Li Zhong from Beidou Future Group, Cai Zhi Chuan, Chairman of the Hong Kong Eastern Association, Urs Bolt from Bolt.now, Director of TEROS and Intelliblock, Bernard Portelli, the Founder of Cynosure Sean Webster, and Chairman of Zhang Fei Mao, Liu Zhen Tao.
Introducing TOOL Global’s plans for 2019, Dr. Patrick Schueffel, Secretary-General of the WOLOT Foundation, explained how the creation of mini ecosystems across industries in the TOOL Ecosystem assures the OLO cryptocurrency value: “Our end is to onboard 100,000 SMEs into our ecosystem in the next 12 months. These mini ecosystems are non-profit oriented. These will make OLO rise in value overtime. However a ecosystem will not last long if there are no rules and regulations in place, which is why we’ve introduced the TEMC and TCN programmes.
The TCN programme was built to further reinforce the community co-building nature of the TOOL Ecosystem. Successful nodes are awarded with income via mining and service fees from each completed transaction, on top of other benefits related to hashing behaviours (BT/OLO conversion fee, BT issue service fees).
Sean Webster, Founder of Cynosure and Capital Markets Consultant to TOOL Global, continued, stating they’ve already identified many public companies that are interested in potential collaborations with TOOL Global and OLO in the capital market.
Chairman of Zhang Fei Mao (an artist-to-consumer platform for art trading, one of the first adopters of TOOL), Mr. Liu Zhen Tao explained how users act not only as end consumers in the ecosystem but also as creators and gainers: “Everyone’s afraid of fake/replica products, especially if they’re highly priced items. But through blockchain/detailed analytics, all buyers can acquire accurate information.”
Social E-commerce and community founder, Mr. Wang Zhi Hai, explained from a community management perspective on how Behavioural tokens (BT) in the TOOL Ecosystem encourages participation in a group since user activity usually dies down after a short period due to the lack of recognition and/or rewards from participation. “In order for businesses to build a loyal user base, staying connected is key. The issue comes when users refuse to engage due to a lack of incentives to do so.”
The event is the first of a series of global stops the WOLOT Foundation hopes to take its TOOL Global project to. By doing so, the foundation aims to establish connections and alliances with potential community leaders, businesses, and technology experts in hopes of achieving co-governance and transparency in its ecosystem.