Blockchain Powered Payment Firm X-Widget Enters Token Economy Business
X-widget, a blockchain-based payment and business development firm, has announced its entry into a “token economy” market in which users are compensated with tokens for spending money. X-widget intends to attract 100 million users globally by 2024, including 10 million in South Korea, using a blockchain-based discount coupon system that enables users to accumulate 10 percent of their purchases and get a 10 percent discount.
SToken, X-blockchain-based widget’s mileage initiative meant to assist self-employed and small company owners, attracted over 800,000 users, with over 1,000 shops in Korea and Vietnam joining up for the service. The firm said that it intends to grow across Asia and attract more retailers and people in Southeast Asia.
To this purpose, X-widget has built the Web 3.0 global platform S-Members, complete a business framework that pays stakeholders depending on their degree of engagement, including suppliers, buyers, and the platform operator.
The S-Members platform is entirely incorporated in a mobile cold wallet called “Master Bank,” which acts as the platform’s gateway. The S-Members platform is based on the X-blockchain widget’s network, or a primary net termed MASnet. In addition, it includes a system for evaluating customer service, a messenger service, and a blockchain-based reservation system to avoid no-shows.
SToken is a discount mechanism for stores owned by S-Members. The currency option on SToken adjusts automatically based on the user’s location and language preference. Currently, the SToken service is offered in Korean, English, and Vietnamese. The business said that before the end of the year, customers would be able to register images of stores, “follow” shops, leave reviews, and utilize alert systems for hot offers.
Using the S-Members app for companies, member retailers may submit real-time information about their goods, services, and discount rates. They should be permitted to receive or collect up to 10 percent of SToken payments. By perusing information offered by shops in close proximity, users may get discounts or accrue points. The software sends alerts to users within a 10-kilometer radius about a “hot sale alarm system” that is meant to assist businesses clear their shelves.
Kimg Seong-un, the CEO of X-widget, said that it is a system in which the company’s Master Bank mobile cold wallet and non-fungible token platform enjoy a synergistic impact through SToken users and retailers.
“Beginning in Korea and Southeast Asian countries such as Vietnam, Thailand, Laos, Cambodia, Bangladesh, Indonesia, and the Philippines, we plan to globalize S-Members and aim to become a ‘decacorn’ project,” Kim said, referring to a startup valued at over $10 billion.
X-widget said that when STokens acquire a monetary exchange value as the number of S-Members grows and the number of STokens is used more often, the firm would sell all of its STokens on the crypto assets market and give the proceeds to nongovernmental organizations. On blockchain, the record of where each donor’s contributions went may be stored and openly retrieved.
The ultimate objective of S-Members, according to X-widget, is to “Save the Earth” via a Web 3.0 blockchain-based win-win initiative for customers and member shops. It intends to collaborate with a Korean shipbuilder and a global environmental NGO on a donation project called “Blockchain NGO Plastic Island,” in which special ships collect plastic waste at the mouths of rivers before it flows into the ocean, and cutting-edge technology is used to convert the plastic waste into petroleum.
According to the company, funds raised from the sale of petroleum products and donations will be used to construct more small vessels to be stationed at estuaries and larger ships to collect pollutants from 10 landfill islands in the Pacific, Atlantic, and Indian Oceans. X-widget is also comprised by a team of in-house blockchain consultants that provide enterprise-optimized services and solutions.
“The SToken initiative may retain platform members by distributing tokens that can be swapped for physical or intangible value as incentives,” Kim said. “By decreasing the barrier for enterprises to use blockchain networks, X-widget will significantly assist small-business owners throughout the globe and create an environment where digital assets are employed in the real world and contribute to society.”