News

TOOL Global’s first official launch in Hong Kong

The event took place on 9th March, a day after Hong Kong Blockchain Week 2019

 

HONG KONG, CHINA - Media OutReach - March 15, 2019 -
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.

A group photo of speakers and partners
celebrating the launch of TOOL Global in Hong Kong

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.

For more press release information on TOOL Global or the conference, visit www.WOLOT.io.

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