Creating A Mobile Ecosystem — SCO Participant HENA
Introduction: At 8 p.m. on August 23, Staking2 conducted a community AMA with a SCO project HENA. CEO Mr. Jiang is invited to discuss the economic model of this project.
Du from Staking2: Hello, Mr. Jiang. After several AMA sessions we are familiar with Staking2, so could you give us a brief introduction about HENA first?
HENA CEO Jiang Wanxi: HENA is a project for mobile users around the world. It is a smart advertising solution based on blockchain technology, or a decentralized advertising dividend-sharing system using smart contracts. HENA’s smart advertising solution can eliminate the limitations of current mobile advertising. We have been finding new ways to change mobile advertising since 2017 by developing solutions for problem such as inefficient, opaque advertising reports, fraudulent advertising and indiscriminate exposure of personal information. HENA smart advertising solution aims to solve these problems by using blockchain technology. We will reshape the existing mobile advertising industry through blockchain and smart contracts and implement HENA’s advertising solutions based on the NULS main network. With HENA’s solutions, we can determine the level of privacy provided by users to match actual advertisers with users. The aim is to place the right advertisements to the right users for any project’s growth. Advertisers, publishers (developers, media companies) and can use HENA’s solutions to build a brand new advertising ecosystem that benefits everyone.
Q1 Du: Thank you for your introduction. Users are curious about your opinion on SCOs with HENA being the first SCO project. Can you touch on that?
Mr. Jiang: It takes a certain amount of funds to create a basic version of HENA’s smart advertising solution. For now, the most common way to raise funds is IC0 or IE0. However, with the increase of projects involved in IC0s and IE0s, investment losses occur frequently in the market. For the sake of investors, Vitalik, the founder of Ethereum, proposed a solution of DAICO (ICO + decentralization and autonomy), but it is short of universality. It means that some projects cannot raise funds in this way, which is contrary to the original intention of Vitalik, and has caused too much risk to investors.
The SCO is a truly innovative model, which can minimize the risk of investors, and the fact that investors can make decisions throughout development also pushes the project towards their mission and goals. For a project participating in SCO, if progress is being made, users will certainly support the project. Otherwise, investors can withdraw their funds at any time without losing their principal. SCO can be a positive driver of the relationship between investors and project teams and is expected to be a trend in the future.
Q2 Du: So, since the decision-making is in the hands of investors, it must be more passive for the project developers. In this case, why do you choose to participate in SCO?
Mr. Jiang: As I told you before, SCO has many advantages and the following three are just off the top of my head. First of all, it is to provide funds for the project. The traditional way of financing brings almost definite risks to investors, while SCO as a breakthrough, can not only provide funds for project teams, but also minimize the risks. This seems to be the best choice for project teams and investors, since they must do the best for each other.
Investors can quit at any time when they feel it is risky to invest in the project. The initiative is in the hands of investors, so the project side has no choice but to get things done well.
SCO can enhance communication. In my opinion, SCO is more than just a pattern for raising funds. SCO creates interaction between project sides and investors. In other words, if the project side does not work or has problems, the investor can withdraw their funds at any time. Since the project team will have to communicate with these SCO participants continuously, it brings new motivation to the project team and acts as a catalyst for further development. Furthermore, it also encourages SCO participants to be more involved in the project. Once SCO participants trust the project, they will voluntarily help to promote the project, forming a relationship of mutual stimulation.
If a project is appealing to NULS holders, I believe it will encourage more NULS holders to participate in SCO. If this happens, more and more NULS will be staked, leading to the gradual decrease of the circulation of NULS, which makes SCO an accelerator for raising the price of NULS. If so, the SCO project side will also get more benefits. This cycle will lead to an increase of SCO projects. I am pretty optimistic about these advantages of SCO, so I participate in SCO with my project, and I am very honored that our project can be the first SCO participant.
Q3 Du: So, how is it going with HENA? What’s the future plan?
Mr. Jiang: I would like to share with you our progress and plans. Blockchain project is not a single project, we must continuously embrace more and more participants and expand the ecosystem. If there are enough participants and developers, our project will be successful, and we all know this well. HENA is “Smart Advertising Based on BlockChain”.
We are carrying out several projects while developing an “advertising protocol consensus”. First, in terms of development, AIC (Blockchain-Based Advertising Protocol Consensus) is equipped with practical advertising solutions. As a large-scale project with blockchain consensus, HENA defines itself as a long-term project to be developed. Right now you can check our development prototype at aic.hena.io. Our goal is to start beta testing in November 2019 and service the public in limited scope by December. In 2020, HENA will officially launch the advertising solution, and then you can see our product. To support the advertising ecosystem, we developed a wallet that can store HENA. HENA APP is registered and available on the Google Play store and you can view more information after installing the app.
In addition to the major project HENA, the ecosystem will also include a cold wallet, wallet APP, and a cryptocurrency ATM. At this moment, HENA has completed the development of a credit-card-style cold wallet. This is a product features high security and comes equipped with a fingerprint identification module.
So far, there’s been a lot of media coverage in South Korea about our credit-card cold wallet. Our cryptocurrency ATM is also in production, the system is developed based on Android. We have developed a full set of solutions and the physical ATMs are being produced. We have also developed a HENA IPTV home shopping payment system in cooperation with the Korean telecom company. Some payment channels will accept HENA to pay their fees, and ticket booking systems for concerts on board and overseas will be accepting HENA’s cryptocurrency as payment very soon. We discussed the various applications of HENA and its advantages on advertising platforma through kiosks and mobile devices. The above projects are currently in progress and will soon reach a strategic partnership. We are working hard to launch a complete HENA project and related solutions in 2019. If everything goes well, HENA coin will soon be listed on Exchanges.
Q4 Du: Now SCO is getting popular and involving more and more projects. What is the advantage of HENA and why should NULS users support your nodes?
Mr. Jiang: As you can see, projects featuring mobile advertising are fading out from our sights, mainly because they do not have clear advertising strategy and a target. HENA is building a new advertising delivery system for the world. Our solution will easily replace the existing mobile advertising system, because it is an innovative model. The mobile advertising market can be disrupted immediately with blockchain, which is a unique solution for mobile advertising, and the supreme advantage HENA has over legacy systems. Our solution requires a certain amount of time for development to provide the service. Soon, you will see that we use blockchain technology to disrupt the mobile advertising industry.
Q5 Du: What is the expected supply and price for HENA after conducting SCO on NULS? Are there any plans for being listed on exchanges after SCO?
Mr. Jiang: As mentioned in the white paper, there is a hard cap total of 1 billion tokens and the circulation will be controlled at 10%, namely, 100 million, which will be released through SCO. As for SCO pricing, please pay close attention to our news, and we will release it in time.
Q6 Du: What about community development? Besides SCO, is there any other cooperation with NULS community?
Mr. Jiang: As part of NULS, HENA is a project based on NULS modular mainnet. Cooperation with NULS is crucial to the success of HENA and we are preparing an airdrop bonus for NULS holders. We will implement the scheme as soon as possible to share profits with each NULS holder.
Q7 Du: Is the airdrop available for all NULS holders?
Mr. Jiang: The target users are those participating in SCO.
Q8 Du: What’s your layout for the Chinese market? Will there be any link with some domestic blockchain enterprises? What are the target types? Like the media? Game developers? How to link with them?
Mr. Jiang: Since our team is mainly based in Korea, we will first work in Korea’s leading industries. Later, we will expand our business in China by linking with Chinese blockchain enterprises. There is no special target type for cooperation as long as the conditions of product docking are met.
Q9 Audience: What are the advantages of HENA in the advertising industry? As we all know, advertising needs advertisers and various media for advertising display. What are the advantages and resources of HENA in these two aspects?
Mr. Jiang: Our project is an advertising solution based on blockchain technology, which can provide accurate data for advertising delivery. Our application is based on the traditional advertising platform. It is a business model that combines the latest technical operation with traditional platforms and does not require any work to be completed by the traditional platform.
Q10 Audience: Are you working with any traditional advertising platforms for now?
Mr. Jiang: The first industry we are cooperating in Korea is the gaming industry. So far, we have signed cooperation agreements with nearly 50 gaming companies in Korea. Gaming advertising will be the first application scenario for our project.
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