🇺🇲Token Economy(EN)

According to Bitcoin creator Satoshi, the biggest reason blockchain can differentiate it self from other technologies is because of the crypto economy. Only when cryptographic techniques, computer networks, and the economic cycle structure through incentives are effectively combined can we create a completely new type of innovation that has never existed before.

In general, when looking at payment services, it seems that the flow of funds moves only in one direction, that is, from the user to the merchant, but in fact, the generated income goes back to society in various ways, such as purchasing other goods or paying employees' salaries is returned.

In this way, all healthy economic structures are not stagnant, but are maintained in a constantly circulating structure, which is also true of the blockchain’s crypto economy. In other words, when the actors of the blockchain ecosystem balance economic and technological environments through interaction, the ecosystem cycle is maintained.

The advantage of a blockchain-based payment system is that the cost of processing payment data is reduced, and network participants get rewards and incentives for verification and network use.

In addition, various operators can promote payment business more easily and effectively through the blockchain payment platform.

The main body of KONPAY economy consists of KONPAY, platform providers, merchants, and users in total, and through interaction, the circulation of digital assets is made, and as a result, the safety and stability of the payment environment is guaranteed.

Among them, the KONPAY platform will be in charge of the payment part of the crypto economy to be implemented based on digital assets, and will play a pivotal role in the economic system that supports the smooth circulation of digital assets in the blockchain ecosystem.

KON COIN is a digital asset used as a transaction tool and reward to incentivize all network participants who participate and maintain the ecosystem.

■ KON PAY Blockchain Network

KONPAY's blockchain has a main chain and side chain structure using its own mainnet technology. Therefore, a large amount of continuous payment processing is performed on the side chain based on Ethereum, and various digital asset transactions are handled by the main chain for stability and security.

■ Platform Provider

The most important role of a platform provider in KONPAY is to provide a wallet service that supports payment and transactions like other blockchain systems, and a certain transaction fee is paid in return according to the user ratio. To become a platform provider, you must first comply with the KYC and AML regulations of the country where the service is provided, and build your own CA server. KONPAY will be responsible for verifying the selection method and qualification of the platform provider.

■ Merchant

Merchants communicate directly with users through the payment system in the KONPAY ecosystem, provide goods and services, and receive payments in KON COIN and various currencies from users. Merchants can promote with their own tokens such as loyalty points and coupons in return for user contributions. The KONPAY network provides merchants with less than 1% transaction fees and various marketing and promotion solutions, and provides KON COIN as a reward for using the platform according to the transaction ratio. In addition, when a user pays with KON COIN, the merchant is immediately settled in KRW value through the payment method, and the payment is immediately exchanged in KRW in KONPAY’s payment deposit pool to proceed with payment to the merchant. In addition, the affiliated store uses the terminal for on/offline payment, plays the role of a block verifier through the node peer software installed in the terminal, and receives additional compensation for this.

■ Consumer

Consumers use KON COIN and various currencies as a payment method to purchase goods and services in the KONPAY ecosystem. When a user holds a certain percentage of KON COIN, they are given a level of contribution according to the amount, and depending on the level, they participate as a node peer partner through a remittance fee discount, P2P transaction, KON COIN loan, and staking to compensate for block verification. can be distributed. In addition, by sharing the user's transaction information with trusted network participants, you can receive KON COIN or various merchant points as a reward for sharing transaction information. growth and a stable economic cycle.

■ Intrinsic value of KON COIN

The most notable thing about KON COIN is that even if the value of the KRW keeps changing, the coin is always applied with a 5% discount rate in the platform. Therefore, at any point in time, regardless of the price volatility of KON COIN itself compared to the won, it is more valuable to convert it to the amount corresponding to the won price at that time and use it.

For example, when platform “User A” wants to convert to KON COIN to purchase “Product Y” with a price of 1,000, (a) the conversion rate to KRW is 1:1, and (b) the conversion rate to KRW is different. There may be cases where it is 1:2.

In the above two cases, the quantity of KON COINs that “User A” can purchase for 1,000 won is as follows, respectively.

In case of (a), KRW 1,000 = 1KON

In case of (b), KRW 1,000 = 2KON

In this case, the KRW price of “Product Y” does not change and becomes 1,000 KRW as it is. However, if we view KON COIN as a process to go through as a means to purchase “Product Y”, if we think of it as an intermediate participant, the following situation can be considered.

(c) KRW 1,000 = 1KONPAY = “Product Y”

(d) KRW 1,000 = 2KONPAY = “Product Y”

In other words, regardless of the price generated in the trading market, KON COIN has the intrinsic value within the ecosystem.

• First, its role as a transaction validator replacing the role of an intermediary participant.

• Second, you can always receive a 5% discount when purchasing goods on the platform.

• Third, because a fee is paid with KON COIN to use the marketplace, it has a total of three intrinsic values, including the point that there is always demand.

■ Consumer purchase information management system

Customer information or consumer information is data used by marketing companies and departments to increase overall customer satisfaction by analyzing purchasing behaviors and patterns of customer groups. However, such customer data collection is sometimes collected while infringing on the protection of customers' personal information, so a management system that can accurately manage and regulate it is required. For us living in the Internet age, customer data is generally collected through invisible methods such as click-through rate or bounce rate, in addition to explicit online surveys or consent to the collection and use of personal information. In addition, third-party personal information In the case of provision, it is vulnerable to abuse and leakage due to the lack of information about exactly what purpose it is used and for what purpose.

KONPAY will provide a purchase information management function so that consumers using the platform can directly manage their purchase information and consumer information. Through this, consumers will have the freedom to provide only the customer information they want to provide to the organization of their choice among partners and franchisees registered in KONPAY. In addition, KON COIN will be provided to users as a reward according to the number, purpose, and importance of the provided information so that consumers can take the lead in managing their purchase information and consumer information while receiving compensation.